Federal Laws Governing Real Estate Activities Flashcards
What is it called when someone is induced to enter a real estate listing contract by representing a change due to the entry of a protected class?
Blockbusting
If you own your personal residence, what may be deducted from your income taxes owed to the IRS?
Mortgage interest
You do not have to pay some capital gains taxes on the sale of your personal residence if you own for how long?
At least 2 out of the last 5 years
In a 1031 tax-deferred exchange, what must be done?
You must buy the replacement property within 180 days of the sale of the relinquished property
Federal Fair Housing Laws prohibit discrimination based on these 7 protected classes
Familial status, race, sex, handicap, color, religion, National origin (fresh corn)
Channeling home seekers to particular areas is called
Steering
Restricting the number of loans or Loan to Value in an area usually because of the high percentage of protected classes is
Redlining
Is this true regarding a broker’s commission policy?
They can set a minimum commission the firm charges sellers/buyers
True
Which is not a violation of Anti-trust laws?
Price fixing, variable rate commission, allocation of customers and markets or group boycotting
Variable rate commissions
Who became a protected class in 1866?
Race
Meeting with other brokers in your area to discuss commission rates is an example of
Price fixing
HUD or their representatives may file a federal fair housing discrimination claim within how long after the alleged incident?
1 year
Which applicant circumstances or income source is NOT protected by Equal Opportunity Credit Laws?
A minor
Is suggesting a listing to a buyer in a neighborhood with lots of kids discriminatory?
Yes, if that was the reason for the suggestion
Per the Federal “Do not call” Registry which registered party may a licensee call
A FABO you may have a buyer for
A landlord must allow a tenant to remodel a unit with reasonable accommodation, is an example in f which act?
Americans with Disabilities (ADA)
Which advertisement would he allowed under Federal Housing Laws?
Male seeks roommate, $300 per person per month, Able-bodied, perfect for the empty-nester
Male seeks roommate
Are current drug abusers protected from employment discrimination regarding ADA
No they are not protected
RESPA’s loan application requirements DO NOT include
An informed booklet regarding real estate settlement services, A good faith estimate of settlement costs, A mortgage servicing disclosure statement, HUD-1 settlement statement
HUD-1 Settlement Statement
When must a borrower receive a good faith estimate from the lender
Within 3 days of loan application
Under the equal credit opportunity act of a lender denies an applicant a loan, the lender must
Notify the applicant in writing within 30 days
