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Real Estate > Federal Law > Flashcards

Federal Law Flashcards

1
Q

“ECOA”
A: Environmental Cooperation Opportunity Act
B: The Equal Credit Opportunity Act
C: Environmental Code Occupational Act
D: The Equal Cooperation Occupational Act

A

B: The Equal Credit Opportunity Act

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2
Q

This law made it illegal for a lender to discriminate on the basis of marital status:
A: ADA
B: ECOA
C: UCC
D: The Sherman Anti-Trust Act

A

B: ECOA

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3
Q

This law made it illegal for a lender to discriminate on the basis of age
A: ADA
B: ECOA
C: UCC
D: The Sherman Anti-Trust Act

A

B: ECOA

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4
Q

The federal law that requires that credit decisions be based on the amount and stability of income is:
A: ECOA
B: ADA
C: The Sherman Anti-Trust Act
D: UCC

A

A: ECOA

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5
Q

Equal Credit Opportunity Act

A

A United States law making it unlawful for creditors to discriminate against applicants on the basis of race, color, religion, national origin, sex, marital status, receiving public assistance, or age (provided
the applicant has the capacity to contract).

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6
Q

The ________________ is a civil rights law that prohibits discrimination based on disability.
A: Americans With Disabilities Act
B: Americans With Injury Act
C: Americans With Disable Act
D: None Of The Above

A

A: Americans With Disabilities Act

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7
Q

Americans with Disabilities Act

A

A United States act addressing the needs of people with disabilities (physical or mental impairments substantially limiting one or more life activities). For newly constructed or altered places of public accommodation built after 1990, people with disabilities must be able to access the building as
outlines in the ADA standards.

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8
Q

ADA standards

A

A published list of standards for accessibility, buses, rail stations, housing, education, lodging, medical care facilities, and other places of public accommodation.

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9
Q

Sherman Anti-Trust Act

A

An act protecting consumers against anti- competitive behavior. The law attempts to prevent the artificial raising of prices by restriction of trade or supply.

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10
Q

Sherman Act in real estate

A

The National Association of Realtors works to ensure that realtor associations and brokerages do not engage in unlawful tying arrangements or boycotts to prevent a competitive marketplace. This includes open criticism of another company’s business or. business model, thus potentially hurting them.

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11
Q

MLS anti-trust policies

A

Boards and associations cannot try to control the real estate market by working across brokerages to exclude other brokerages from real estate business or fix prices. Once you choose which brokerage you will work with, you cannot discuss your brokerage’s policies with any other brokerage.

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12
Q

showing buyers properties

A

It is an ethics violation to avoid showing a buyer properties because they may not favor you. For example, talling to mention properties because they do not allow for the full commission amount you and the buyer originally agreed upon. There are other ways to get around this without getting into legal trouble!

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13
Q

standard commission

A

There is no such thing as a “standard commission”, as different brokerages have different commission structures and different ways of doing business. Trying to force another brokerage to do business in the same way that you do is an ethics violation.

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14
Q

Bill and Ted walk into a restaurant together to have dinner. They are both real estate licensees. They work for different brokerages. They start comparing notes about brokerage policies regarding commission and transaction fees each brokerage charges. This is:
A: Completely Legal
B: Allowed, As Long As They Are Not Overheard
C: Allowed, As Long As They Don’t Alter The Way They Are Conducting Business
D: A Violation Of The Sherman Anti-Trust Act

A

D: A Violation Of The Sherman Anti-Trust Act

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15
Q

This is not federal law, but it governs sales agreements.
A: ECOA
B: ADA
C: The Sherman Anti-Trust Act
D: UCC

A

D: UCC

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16
Q

“UCC” stands for:
A: Utah Credit Union
B: Uniform Commercial Code
C: Utah Commercial Code
D: Uniform Commercial Collaboration

A

B: Uniform Commercial Code

17
Q

Uniform Commercial Code

A

A standardized set of laws adopted to address the transter and sale of personal property (through bills of sale). This has nothing to do with real property, which uses deeds instead. If a seller wants to sell furniture or other personal property along with a home, both a bill of sale and a deed must be used.

18
Q

The penalty for violating the Do Not Call Registry Act is:
A: 16000
B: 24000
C: 30000
D: 36000

A

A: 16000

19
Q

Which of the following is TRUE about the Do Not Call Registry Act?
A: All Real Estate Professionals Must Comply
B: Caller ID Information Must Be Transmitted
C: You Must Allow The Phone To Ring At Least 4 Times
D: All Of The Above

A

D: All Of The Above

20
Q

In order to protect a client’s privacy, which of the following must be protected?
A: All Paper Files
B: All Electronic Files
C: All Information An Agent Has About Their Client Stored In Their Phone Or Tablet
D: All Of The Above

A

D: All Of The Above

21
Q

National Do Not Call Registry

A

A list of phone numbers from customers who have
indicated their preference to limit the telemarketing calls they receive. It was created in 2003 to offer consumers a choice regarding telemarketing calls. This is important legal information for real estate professionals, who may
make calls as a method of gaining business.

22
Q

National Do Not Call Laws

A

It is against the law for a seller to call (or cause a telemarketer to call) any person whose number is within a given area code unless the seller first has subscribed to and accessed the portion of the Do Not Call Registry that includes numbers within that area code. It is against the law to call any number
on the registry as a seller.

23
Q

safe harbor

A

If a number on the registry is mistakenly called, eligible sellers can meet safe harbor requirements to avoid penalty. The seller must demonstrate that efforts have been made to only call numbers not on the registry.

24
Q

Which federal law would apply when a person bound to a wheelchair is attempting to gain access to a real estate office?
A: ECOA
B: ADA
C: UCC
D: The Sherman Anti-Trust Act

A

B: ADA

25
Q

Which of the following would NOT be a violation of the Sherman Anti-Trust Act?
A: Two Brokers Engaged In Price Fixing
B: A Broker Imposing Standard Commission Rate For All Agents In Her Office
C: A Listing Agent Telling Their Seller That There Is A “Standard Commission Rate” In The Real Estate Industry
D: Agents Bashing A Local Discount Brokerage’s Policies On A Facebook Pages For Agents Only

A

B: A Broker Imposing Standard Commission Rate For All Agents In Her Office

26
Q

The Uniform Commercial Code governs:
A: Television Commercials
B: The Sale Of Personal Property And Businesses
C: The Sale Of Real Property
D: The Bar Code On Items For Sale

A

B: The Sale Of Personal Property And Businesses

27
Q

The federal law that prohibits employers from discrimination is the:
A: ECOA
B: ADA
C: UCC
D: The Sherman Anti-Trust Act

A

B: ADA

28
Q

When two or more businesses conspire against another business, this is a violation of federal law under:
A: ECOA
B: ADA
C: The Sherman Anti-Trust Act
D: UCC

A

C: The Sherman Anti-Trust Act

29
Q

Ranch Realty is sick and tired of losing listings to Cheapskate Realty, the new discount broker in town. The broker at Ranch Realty instructs all of his agents to stop showing any of Cheapskate Realty’s listings. This is:
A: Perfectly Acceptable
B: An Example Of A Group Boycott
C: A Violation Of The Sherman Anti-Trust Act
D: Both B & C

A

D: Both B & C

30
Q

Susan applies for a mortgage loan. She has a good job & income. Her loan officer is flirtatious with her and acts weird after realizing she is married. Eventually, the loan officer stops returning her calls and never provides her with the pre-approval letter she repeatedly asked him for. Susan could be experiencing discrimination under:
A: ECOA
B: ADA
C: The Sherman Anti-Trust Act
D: UCC

A

A: ECOA

31
Q

Which of the following are violations of the Sherman Anti-Trust Act?
A: Price Fixing
B: Group Boycotts
C: Tie-In Agreements
D: All Of The Above

A

D: All Of The Above

32
Q

Randy Realtor has come up with an exciting new marketing strategy. When he goes on listing appointments, he tells his sellers they can list with him only if they agree to use him to purchase their new home as well. This strategy is:
A: Perfectly Acceptable
B: An Example Of A Group Boycott
C: An Example Of A Tie-In Agreement
D: Both B & C

A

C: An Example Of A Tie-In Agreement

33
Q

The penalty for price fixing under The Sherman Anti-Trust Act is:
A: A Maximum $10,000 Fine
B: A Maximum $100,000 Fine
C: A Maximum $1 Million Fine
D: A Maximum $1 Million Fine And 10 Years In Prison

A

D: A Maximum $1 Million Fine And 10 Years In Prison

Real Estate (52 decks)

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