chapter 5 quiz

Question 1

the federal Lead-Based Paint Act requires the owners of the property with improvements built prior to 1978 to:

Answer 1

disclose any known lead-based paint.
give buyers copies of any reports dealing with the presence of lead-based paint.
give buyers a federally approved lead-based paint pamphlet

***CAN NOT D: remove all lead-based paint from the property

Question 2

what is true regarding building permits?

Answer 2

before a new building can be occupied, one must have a certificate of occupancy

authorized from a building inspector that construction has been completed in compliance with building codes and is ready for occupancy

Question 3

A white family is looking at homes and happens to notice some black children playing in a nearby park. they ask you what percentage of the people in the neighborhood are black. your best response might be:

Answer 3

the local public school system could probably give you that information.

Question 4

the law requiring business locations to reserve a certain number of convenient parking spaces for the handicapped is:
ADA

Answer 4

the Americans with Disabilities Act.

Question 5

which of the following would provide the most desirable buffer zone between a single family residential community and an industrial land use zone?

Answer 5

A well-landscaped public park.

Question 6

The Fair Housing Law of 1968 does which of the following?

Answer 6

provides fair housing opportunity for everyone in the USA

Question 7

in developing a master plan for a community, which of the following might be “land use districts” ?

Answer 7

industrial
multi-family
conservation
historic
mixed-use
recreational
commercial
residential

They also creat the buffer zones

not education

Question 8

in making a listing presentation, the salesperson is advised by the owner that the property is not to be shown to minorities. The licensees should:

Answer 8

advise the seller that marketing in this fashion would be a violation of law.

Question 9

recent changes in Fair Housing Laws add protection for people who are discriminated against because of:

Answer 9

handicap or familial status.

Question 10

Ad valorem taxes are:

Answer 10

based on the value of property

Question 11

Floor area ratios are used:

Answer 11

to determine building density.

Question 12

A licensee is acting as a rental agent for a broker who has a contract with the owner to manage an apartment complex. Which of the following would represent an illegal basis for refusing to rent an apartment?

Answer 12

the prospect has a two-year old child.

Question 13

The Interstate Land Sales Full Disclosure Act requires:

Answer 13

7 business days after receipt of the report.

***applies to subdivisions of 100 or more unimproved lots or condo units.
**requirements: subdivision must be registered with HUD.
buyer must receive a factual report prior to signing an agreement
7 days cooling period

Question 14

a special assessment is:

Answer 14

a tax based upon benefit received.

**A tax levied against all the properties receiving benefit from the improvements paid for by the tax. The neighborhood is designated an improvement zone. Since a special assessment is a property tax, failure to pay the tax can result in a voluntary (statutory) specific lien being placed against the property

Question 15

Zoning designed to control population growth in a particular area is called:

Answer 15

bulk zoning

Question 16

a salesperson might be in violation of Fair Housing Laws in all of the following circumstances EXCEPT:

Answer 16

WHEN ASKED TO LIST A HOUSE BELONGING TO A MINORITY OWNER, THE SALEPERSON REFUSES ON THE GROUNDS THAT IT IS OUTSIDE OF THE AREA WITH WHICH HE/SHE IS FAMILIAR.

Question 17

Which of the following permits land use because zoning is not retroactive?

Answer 17

Nonconforming use.

Question 18

when a licensee is making a listing presentation and the seller is questioning the rate of commission he wants to charge, federal Anti-Trust law indicates that the best reply would be:

Answer 18

“This is my company’s policy”

Question 19

if deed restrictions prohibit a use permitted by zoning, then:

Answer 19

the deed restrictions control.

Question 20

the tax rate of 34.7mills is equivalent to:

Answer 20

$03.4700 per $100 of assessed value.

Question 21

a home having a market value of 230,000 is assessed at 30% of such value. Of the total general real estate taxes on the property, the school tax represents $4.70 per $100 of assessed value. What is the dollar amount allotted school taxes?

Answer 21

$3,243.00

Question 22

a married couple filling a joint tax return may be exempt from paying capital gains on the sale of their home under what conditions?

Answer 22

they have lived in and owned the homes as their primary residence for any 2 of the last 5 years and the amount of the gain does not exceed $500,000

Question 23

the Whitacres sold their house for $184,000 and paid a commission of $11,000. they had owned and occupied the home since it was built 3 years ago. it had originally cost $155,000. which statement is true?

Answer 23

the gain is excluded from their taxes

Question 24

A property owner who feels the amount of an ad valorem tax is unfair should appeal to:

Answer 24

the board of arbitration.

Question 25

a licensee would be in violation the Fair Housing Laws if he/she refused to show property to a family because of:

Answer 25

the fact they have 7 children