Federal Law Flashcards
“ECOA”
A: Environmental Cooperation Opportunity Act
B: The Equal Credit Opportunity Act
C: Environmental Code Occupational Act
D: The Equal Cooperation Occupational Act
B: The Equal Credit Opportunity Act
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
B: ECOA
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
B: ECOA
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: ECOA
Equal Credit Opportunity Act
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).
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: Americans With Disabilities Act
Americans with Disabilities Act
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.
ADA standards
A published list of standards for accessibility, buses, rail stations, housing, education, lodging, medical care facilities, and other places of public accommodation.
Sherman Anti-Trust Act
An act protecting consumers against anti- competitive behavior. The law attempts to prevent the artificial raising of prices by restriction of trade or supply.
Sherman Act in real estate
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.
MLS anti-trust policies
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.
showing buyers properties
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!
standard commission
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.
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
D: A Violation Of The Sherman Anti-Trust Act
This is not federal law, but it governs sales agreements.
A: ECOA
B: ADA
C: The Sherman Anti-Trust Act
D: UCC
D: UCC
“UCC” stands for:
A: Utah Credit Union
B: Uniform Commercial Code
C: Utah Commercial Code
D: Uniform Commercial Collaboration
B: Uniform Commercial Code
Uniform Commercial Code
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.
The penalty for violating the Do Not Call Registry Act is:
A: 16000
B: 24000
C: 30000
D: 36000
A: 16000
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
D: All Of The Above
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
D: All Of The Above
National Do Not Call Registry
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.
National Do Not Call Laws
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.
safe harbor
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.
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
B: ADA
