Definitions Flashcards
What is the Fair Housing Act -
The Fair Housing Act is the most important and far-reaching law addressing the issue of fair housing. It was originally passed in 1968 and was significantly amended in 1988. This law prohibits discrimination in housing because of:
Race or color National origin Religion Sex Familial status Handicap
Fair Lending -
The essence of fair lending laws and regulations is that everyone should have equal access to credit, based only on their financial characteristics.
Which companies are directly involved in fair lending?
Fair Lending - Federal Institutions
The federal financial institutions regulatory agencies that are directly involved in fair lending include:
- Department of the TreasuryOffice of the Comptroller of the Currency (OCC) - national banks
Federal Deposit Insurance Corp (FDIC) - insurance for bank deposits & examinations of state chartered banks
Federal Reserve System (FRB) - making and administering policy for credit and monetary affairs
National Credit Union Administration (NCUA)- chartering, insuring, supervising, and examining credit unions - Department of Housing and Urban Development (HUD)
- Consumer Financial Protection Bureau (CFPB)
What is ECOA (The Equal Credit Opportunity Act)
the Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act.
What do you do if you can’t avoid taking pictures with a family portrait or religious symbol while taking pictures of the house?
Blur the symbols out of the photos transmitted to the client
Subjective terms that may seem discriminatory as an appraiser:
Fannie Mae, in its Selling Guide, provides a list of words and phrases that may indicate bias or discrimination by an appraiser. These include “subjective” terminology such as:
“Pride of ownership” “No pride of ownership” “Lack of pride of ownership” “Poor neighborhood” “Good neighborhood” “Crime-ridden area” “Desirable neighborhood or location” “Undesirable neighborhood or location” “exclusive neighborhood” or “white-collar neighborhood
The first universally accepted Appraisal report was accepted in
In thee elate 1970s, the first universally acceepted appraisal form appeared for home equity leending, the 704 form.
The fair housing act of 1968 AS AMENDED does NOT prohibit discrimination based on
Age
The Appraisal foundation has three boards, the ______, the _____, and the ____
BOT, AQB, ASB
The _______ exercises all authority and power over the subject, style, content, and substance of USPAP
ASB
The appraisal foundation is a _________ entity and has ____ legal enforcement
private. no
Thee largest professional appraisal society in the U.S is the
Appraisal Institute
In a residential appraisal, Fannie Mae requires the appraiser to
Perform an objectivee neighborhood analysis
_____ has regulatory authority in enforcing the ehousing requirements in most civil rights legistlation
HUD
Which of the ageencies or institutions are not directly involved in fair lending
- VA
- The Federal Reserve
- FDIC
- OCC
VA
Which is considered to be “other communications” provided by the ASB?
- advisory opinions
- index
- Q & As
- All of the above
All of the above
The AQB & ASB were created for the express purpose of promoting and maintaining a high level of
- public conciousness
- education for appraisers
- public trust
- appraiser independence
Public trust
Mortgage intereest rates peaked in the U.S in the
- Late 1960s
Early 1980s
early 1990s
late 2000s
Early 1980s
Which entity is responsible for appointing members to the ASB and AQB?
- The U.S congress
- HUD
Fannie Mae & Freddie Mac
The board of trustees of the appraisal foundation
The eboard of trustees of the appraisal foundation
The savings and loan crisis happeneed in the
- Great Depression
Early 1960s
Late 1970s
Late 1980s
:ate 1980s
The fair housing act of 1968 prohibits discrimination in all of these except for
- home sales
- commercial leasing
- home financing
- hhomee rentals
commercial leasing
the appraisal standards and qualification criteria issued by the appraiser foundations boards achieeve legal authority bby adoption citation or implementation by
- government agencies
- individual appraisers
- AMCS
- clietnts
Government agencies
The ____ maintains a national registry of licensed and certified appraisers
ASC
The appraisal foundation was established in
1987
ECOA applies to all the following types of loans except
- Condos
Manufactured homes
Junior Liens
Vacant land
Vacant land
A legal description is defined as
A description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and identified.”
the three most common systems of legal descriptions are:
Lot and block
Metes and bounds
Rectangular survey
The lot and block system is defined as
A system for the legal description of land that refers to parcels’ lot and block numbers, which appear on recorded maps and plats of subdivided land; may also be used for assessment maps.” - most recent system (1950s)
Metes and bounds is defined as
“A system for the legal description of land that refers to the parcel’s boundaries, which are formed by the point of beginning (POB) and all intermediate points (bounds) and the courses or angular direction of each point (metes).”
