Federal Laws Flashcards
The civil rights and fair housing act passed in 1968 identified five protected classes of people. You could no longer discriminate according to:
Race, Color, Sex, Religion, National Origin
When developers and others create panic in a neighborhood in order to drive down prices, they are guilty of ___________.
blockbusting
According to Fair Housing laws, a landlord can restrict a project to adults only if __% of the units have at least one individual 55 years or older living in them. However, if it falls below __% the exemption is lost.
80%, 80%
According to Fair Housing laws, landlords can limit occupancy based on the number and size of sleeping areas.
True
According to Fair Housing laws, landlords must make modifications to apartments rented by the handicapped.
False
According to Fair Housing laws, if an apartment complex has a “no pets allowed” policy, the landlord must modify the rules and allow a blind person to have a seeing eye dog.
True
According to Fair Housing laws, if a tenant made modifications to accommodate a wheelchair, when he/she left, it must be restored to the original condition, if reasonable.
True
Which of the following apply to multiple family housing as relates to Fair Housing laws and the handicapped?
a. They must have elevators.
b. All units must be adapted (meaning all doorways must accommodate a wheelchair) for the handicapped whether the building has an elevator or not.
c. Only ground floor units must be accessible if there is no elevator.
C
AMERICANS WITH DISABILITIES ACT
Under Title III, which of the following would NOT exempt a company from compliance?
a. It would alter the nature of the goods provided.
b. It would result in an undue hardship.
c. It would pose a safety hazard to others.
d. It would mean major modifications to the building.
D
The body of law that governs the transfer of personal property is the ________ _________ ____.
uniform commercial code
The Federal Consumer Credit Protection Act is about truth in buying, not truth in lending
False- Regarding LENDING
The first civil rights act was passed in:
1866
The 1866 law stated that one could not discriminate according to ______ and there were to be no exceptions.
Race
If a real estate agent directs people to or away from certain areas when showing property he/she becomes guilty of steering.
True
When lenders refuse to give loans in certain geographical areas because of unlawful discrimination, they are guilty of:
Redlining
In 1974, the Equal Credit Opportunity Act added two more protected classes. They were:
Age and marital status
The following is an exception under the 1968 fair housing law:
A private owner of ______ or fewer units, who does not use the services of a ______________ and who does not discriminate in his advertising.
3, brokerage
The following is an exception under the 1968 fair housing law:
So long as they rent only to their members and do not unlawfully discriminate as to who can be a member, churches and private clubs can discriminate as to who they will rent to.
True
The Fair Housing Amendments Act added two more protected classes. They are: ________________ and familial status.
Handicapped
The purpose of the Americans with Disabilities Act is to eliminate discrimination against those with:
Mental or Physical Disabilities
AMERICANS WITH DISABILITIES ACT
Title III of the Americans with Disabilities Act calls for full and equal access to _______________ and _____________ facilities of private entities serving the public.
Money , Laundry
The Sherman Antitrust Act aims to promote competition by prohibiting:
Price Fixing
The Environmental Protection Agency may require a study of environmental issues on a property, which is called an ____________ ______ _____.
environmental impact study.
TRUTH IN LENDING (The Federal Consumer Credit Protection Act) It is administered by the Federal ____________ _____________ .
Federal Trade Commission (FTC)
RUTH IN LENDING (The Federal Consumer Credit Protection Act) Its purpose is to protect the ____________/borrower.
Consumer
TRUTH IN LENDING
Its legal name is the Federal Consumer Credit Protection Act, or Regulation _____
Z
TRUTH IN LENDING (The Federal Consumer Credit Protection Act)
It provides for a right of rescission of _______ business days (_____ hours), but does not pertain to 1st mortgages in purchasing a home. However, this right can be waived.
3 days, 72 Hrs
The relative cost of credit expressed as a percentage is known as the Annual Percentage Rate or APR.
True
In advertising, the advertiser can freely use these two items in ads without being required to give additional information: APR and
Purchase Price
HE REAL ESTATE SETTLEMENT PROCEDURES ACT
When an application is made for a loan, the lender must give the good faith estimate to the buyer within ______ day(s) of the application:
3
THE REAL ESTATE SETTLEMENT PROCEDURES ACT
The borrower is allowed to see the Closing Disclosure at least _______ day(s) before closing.
3
THE REAL ESTATE SETTLEMENT PROCEDURES ACT
An agent may receive a fee for selling a homeowner warranty insurance policy if it is properly:
Disclosed
Which broker action is an example of blockbusting?
Soliciting listings based on a fear of racial change in an area
In real estate, the term steering refers to
directing people to or away from areas based on race, religion or national origin.
