Chapter 2 Flashcards
Civil Rights Act of 1866
A federal law that prohibits all discrimination on
the basis of race
Civil Rights Act of 1964
A law that prohibited discrimination on the basis
of race, color, national origin, or gender in any housing program receiving
federal money.
Department of Housing and Urban Development (HUD)
A federal agency
that administers funding for projects related to housing.
Blockbusting
The use of prejudice to instill fear, or panic (also known as
panic selling), in order to motivate individuals in a particular area or
neighborhood to sell or dispose of their property because of the entrance,
or potential entry, of a protected class.
Redlining
The refusal to lend money within a specific area for various
reasons.
Steering
Using racial, ethnic, or religious criteria in suggesting,
recommending, and/or influencing individuals regarding locations for the
purchase or rental of a single family residence or rental dwelling.
Americans with Disabilities Act (ADA)
A federal law protecting the rights
of individuals with physical or mental impairments.
Fraud
The intentional and successful employment of any cunning ,
deception, collusion, or artifice, used to circumvent, cheat or deceive
another person whereby that person acts upon it to the loss of property and
to legal injury.
Deceit
Making a statement of fact that you know not to be true. Making a
statement of fact in which no one has the grounds to believe it is true, or
failing to disclose a “material fact”.
Material Fact
Any fact that would influence the decision of a reasonably
prudent person.
Trust Funds
Funds held by a real estate broker, in trust, for clients and/or
customers.
Commingling
To mingle or mix, for example, a client’s funds in the
broker’s personal or general account.
Blind Advertising
An ad that remains anonymous as to who is advertising.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection
statute, first passed in 1974. The purpose of RESPA are:
1) To help consumers become better shoppers for settlement services and
2) To eliminate kickbacks and referral fees that unnecessarily increase the
costs of certain settlement services.
Creditor
A person who regularly extends consumer credit that is subject to
a finance charge, or is payable by a written agreement in more than four
installments, not including the down payment, and to whom the obligation
is initially payable, either on the face value of the note or contract, or by
agreement where there is no note or contract.
Good Faith Estimate
The lender’s estimate of the borrower’s settlement
costs; RESPA is required to furnish it to the borrower at the time of loan
application.
Regulation Z
The Truth in Lending Act of 1968 is United States federal law
designated to promote the informed use of consumer credit, by requiring
disclosures about its terms and cost to standardize the manner in which
costs associated with borrowing are calculated and disclosed.
Annual Percentage Rate (APR)
The relative cost of credit as determined in
accordance with Regulation Z of the Board of Governors of the Federal
Reserve System for implementing the Federal Truth in Lending Act.
Generally speaking, which law prevails over State law…?
Federal Law
This states that the stricter law (Federal vs. State) will prevail and take precedent…?
Strictest Standard Rule
This states that the stricter law (Federal vs. State) will prevail and take precedent…?
Health, Safety, and Welfare of the Public
This Civil Rights Act prohibited discrimination on the basis of race only…?
Civil Rights Act of 1866
This Civil Rights Act expanded the protected classes beyond race to include color, religion, sex, and national origin…?
Civil Rights Act of 1964
The HUD Fair Housing Equal Opportunity poster is required to be posted in a prominent position in any business that is related to housing…?
True
