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AZ Real Estate Agent License 2020 > Government Regs, Fair Housing and Credit 8 > Flashcards

Government Regs, Fair Housing and Credit 8 Flashcards

1
Q

(CFPB) Cons_____ Fin______ Prot_______ Bur______ -

Federal Agency that Administers and Enforces many Federal Laws and Rules to Financing

A

(CFPB) Consumer Financial Protection Bureau -

Federal Agency that Administers and Enforces many Federal Laws and Rules to Financing

Chap 8

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2
Q

T____ In L_____ (Regulation Z) -

Federal Law that Requires Lenders to Disclose All T___ and Cost to obtain Consumer Loan.

Has to do with APR, F_______ Charges, Tr_____ Terms, and Adv______, and Ref______.

A

Truth in Lending (Regulation Z) -

Federal Law that Requires Lenders to Disclose All Terms and Cost to obtain Consumer Loan.

Has to do with APR, Finance Charges, Trigger Terms, and Advertising, and Refinances.

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3
Q

An_____ P______ R___ (APR) -

Interest, Discount Points and Loan Costs are expressed as This Type of Rate.

A

Annual Percentage Rate (APR) -

Interest**, **Discount Points** and **Loan Costs are expressed as the Annual Percentage Rate.

Chap 8

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4
Q

When Trigger Terms are used, Full Disclosure of Financing Must be Used. Note: These Do Not Apply to Loan Assumptions.

Trigger Terms:

  1. D___ Payment,
  2. Nu____ of Payments,
  3. Am____ of Payments,
  4. Per____ of Payment (Mo),
  5. Fin____ Ch_____
A

When Trigger Terms are used, Full Disclosure of Financing Must be Used. Note: These Do Not Apply to Loan Assumptions.

Trigger Terms:

  1. Down Payment,
  2. Number of Payments,
  3. Amount of Payments,
  4. Period of Payment (Mo),
  5. Finance Charges

Chap 8

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5
Q

Reg Z Truth in Lending - Full Disclosure Contains All Trigger Terms as Follows But Also Last Three Items?

  1. D___ Payment,
  2. N_____ of Payments,
  3. A___ of Payments,
  4. Per__ of Pymts (Mo, etc),
  5. Fin____ C____, and also…..
  6. Loan Amount
  7. Total of All Payments
  8. APR
A

Reg Z Truth in Lending - Full Disclosure Contains All Trigger Terms as Follows But Also Last Three Items?

  1. Down Payment,
  2. Number of Payments,
  3. Amount of Payments,
  4. Period of Pymts (Mo, etc),
  5. Finance Charge, and also…..
  6. Loan Amount
  7. Total of All Payments,
  8. APR

Chap 8

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6
Q

Truth in Lending (Reg Z)

Federal Law that Requires Lenders to Disclose All Terms and Cost in Obtaining Consumer Loan Includes:

  1. Disclosing APR (Int____, Dis_____, L___ Costs)
  2. Applies to Institutional Lenders Only - Regulated by Feds and State (not Private)

Banks, Ins_____ Companies, Commer______ Banks, Cred___ Un____, T____ Companies, Br____ F____

  1. Trigger Terms (D___ Pmt, N____ of Pmts, A___ of Pmt, P____ of Pmts, and Fin____ Charges
  2. Full Disclose (7): Trigger Terms plus L__ Amt, T___ of All Pmts, and APR
  3. Refinances: __ Day Right to Recind
A

Truth in Lending (Reg Z) -

Federal Law that Requires Lenders to Disclose All Terms and Cost in Bbtaining Consumer Loan Includes:

  1. Disclosing APR (Interest, Discounts, Loan Costs)
  2. Applies to Institutional Lenders Only - Regulated by Feds and State (not Private)

Banks, Insurance Companies, Commerical Banks, Credit Unions, Trust Companies, Broker Firms

  1. Trigger Terms (Down Pmt, # of Pmts, Amount of Pmt, Period of Pmts, and Finance Charges
  2. Full Disclose (7): Trigger Terms, plus Loan Amount*, *Total of All Pmts*, and *APR
  3. Refinances: 3 Day Right to Recind
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7
Q

Full Disclosure - Under Reg Z (Truth In Lending) includes -

Trigger Terms: Down, Number, Amount, and Period of Pmts, and F____ Charges.(5)

For Full Disclosure Add:

  1. L___ Amount
  2. APR
  3. Total of A__ Payments
A

Full Disclosure - Under Reg Z (Truth In Lending) includes -

Trigger Terms: Down, Number, Amount, and Period of Pmts, and Finance Charges. (5)

For Full Disclosure Add:

  1. Loan Amount
  2. APR
  3. Total of All Payments

Chap 8

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8
Q

(RESPA) Real Estate Settlement and Procedure Act - Requirements

This Act Requires: (Disclosure of Settlement Cost)

  1. Loan Estimate - __ days of Loan App,
  2. Trid-Closing Cost Disclosure -__ days of Closing.
  3. Federal Loans Only - (FHA, VA, USDA)
  4. Prohibits Excess Money in Im_______
  5. Disclosure of Affiliated Business
  6. Prohibits K____ and Unearned Fees from Settlement Services.
  7. Title Company - Buyer’s Choice
A

(RESPA) Real Estate Settlement and Procedure Act - Requirements

This Act Requires: (Disclosure of Settlement Cost)

  1. Loan Estimate - 3 days of Loan App
  2. Trid-Closing Cost Disclosure - 3 days of Closing.
  3. Federal Loans Only - (FHA, VA, USDA)
  4. Prohibits Excess Money In Impounds
  5. Disclosure of Affiliated Business -
  6. Prohibits Kickbacks and Unearned Fees from Settlement Services.
  7. Title Company - Buyer’s Choice
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9
Q

RESPA Does Not Cover - (If Not Federal Loans)

  1. Cash Deals,
  2. Seller Ca______,
  3. Pur_____ Money Loans
  4. H___ Money Loans
A

RESPA Does Not Cover - (If Not Federal Loans)

  1. Cash Deals,
  2. Seller Carrybacks,
  3. Purchase Money Loans
  4. Hard Money Loans

Chap 8

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10
Q

Loan Estimate given-

Within __ Days of Loan App

A

Loan Estimate given-

Within 3 Days of Loan App

Chap 8

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11
Q

TRID Closing Disclosure -

Given __ Days Prior to Closing Date

A

TRID Closing Disclosure -

Given 3 Days Prior to Closing Date

Chap 8

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12
Q

(FCRA) Fair Credit Reporting Act -

Act Created to Protect from Inac_____ Reporting to Cr___ Bureaus - Includes:

  1. Consumer has Right to Insp____ Information,
  2. Correct any Inac______ Info.
  3. If “Den___ Cr____” the Identity of Credit Bureau has to be Disclosed.
A

(FCRA) Fair Credit Reporting Act -

Act created to Protect from Inaccurate Reporting to Credit Bureaus - Includes:

  1. Consumer has Right to Inspect Information,
  2. Correct any Inaccurate Info.
  3. If “Denied Credit” the Identity of Credit Bureau has to be Disclosed.

Chap 8

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13
Q

(ECOA) Equal Credit Opportunity Act -

Act Prohibits Discrimination in Extension of Credit based on (Race, Color, Religion, National Origin, and Sex),

ECOA Also Prohibits:

  1. M_____ Status,
  2. A__, or
  3. P____ Ass_____ Income

Race and Color Religiously Never Opposes the Sexes. Mariage has an Ageless Power to Assist

A

(ECOA) Equal Credit Opportunity Act -

Act Prohibits Discrimination in Extension of Credit based on (Race, Color, Religion, National Origin, and Sex),

ECOA Also Prohibits:

  1. Marital Status,
  2. Age, or
  3. Public Assistance Income

Race and Color Religiously Never Opposes Sex. Marriage has Ageless Power to Assist

Chap 8

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14
Q

(ADA) American Disability Act - Req’s Equal Access to Public Accommodations.

Commercial Properties are Required to Provide:

  1. Handicapped P_____ Sp____
  2. Wheelchair Ra____
  3. Handicapped Res_____
A

(ADA) American Disability Act - Requires Equal Access to Public Accommodations.

Commercial Properties are Required to Provide:

  1. Handicapped Parking Spaces
  2. Wheelchair Ramps
  3. Handicapped Restrooms

Chap 8

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15
Q

The Interstate Land Sales Full Disclosure Act regulates and requires:

  1. Regulates: Int____ L___ S___,
  2. Property Report with F__ Dis_____ of M_____ Info. Required and Given to B____
A

The Interstate Land Sales Full Disclosure Act regulates and requires:

  1. Regulates: Interstate Land Sales,
  2. Property Report with Full Disclosure of Material Info. Required and Given to Buyer

Chap 8

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16
Q

Consumer Protection Act

  1. Regulated By the Federal Trade Commission
  2. Established and Regulates the “National Do Not C___ Re_____.” www.donotcall.gov
A

Consumer Protection Act

  1. Regulated By the Federal Trade Commission
  2. Established and Regulates the “National Do Not Call Registry.” www.donotcall.gov

Chap 8

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17
Q

Federal Fair Housing Laws - 7

Laws that Prohibit Discrimination in the S__, R____, Adv_______, and Fin______ of Housing, support for the following Protected Classes:

Hint: Race and Color Religiously Never Opposes the Sexes PLUS Handicapped and Familial Status

  1. Race (Race)
  2. Color (Color)
  3. Religion (Religiously)
  4. Natural Origin (Never Opposes)
  5. Sex (Sexes)
  6. H_____ (Hope)
  7. F_____ (Faith)
A

Federal Fair Housing Laws - 7

Laws that Prohibit Discrimination in the Sale, Rental, Advertising, and Financing of Housing, support the following Protected Classes:

Hint: Race and Color Religiously Never Opposes the Sexes PLUS Handicapped and Familial Status

  1. Race (Race)
  2. Color (Color)
  3. Religion (Religiously)
  4. Natural Origin (Never Opposes)
  5. Sex (Sex)
  6. Handicap (Hope)
  7. Familial (Faith)

Chap 8

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18
Q

Do Not Call Registry -

Registrated Phone Number Last How Long?

A

Do Not Call Registry -

Registration phone number last for how long?

Indefinitely

Chap 8

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19
Q

Do Not Call Registry - Call Limitations

  1. Business Relationships - (Upto __ Months),
  2. Political Organizations and Charities - (____).
A

Do Not Call Registry - Call Limitations

  1. Business Relationships - (Upto 18 months),
  2. Political Organizations and Charities - (None).

Chap 8

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20
Q

Consumer Privacy Act of 1974

  1. Act Governs Col_____, Use, Main_____, and Dissemination of Info About Individuals
  2. Must have Consent of Ind______ (To Disclose Info).
A

Consumer Privacy Act of 1974 -

  1. Act Governs Collection, Use, Maintenance, and Dissemination of Info About Individuals.
  2. Must have Consent of Individuals (To Disclose Info).

Chap 8

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21
Q

Federal Fair Housing Act of 1968 and 1988 - Fair Housing Laws that Prohibits Discrimination in the S___, R____, Adv_____, and Fin_____ of a House and on Basis:

  1. Race (Race and)
  2. Color (Color)
  3. Religion (Religiously)
  4. National Origin (Never Opposes)
  5. Sex (Sex)
  6. Handicap,
  7. Familial

(Hint: Race and Color Religously Never Opposes Sex)

A

Federal Fair Housing Act of 1968 and 1988 - Fair Housing Laws that Prohibits Discrimination in the Sale, Rental, Advertising, and Financing of a House and on Basis:

  1. Race,
  2. Color,
  3. Religion,
  4. National Origin
  5. Sex,
  6. Handicap,
  7. Familial

(Hint: Race and Color Religously Never Opposes Sex)

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22
Q

Federal Fair Housing Act 1968 - Prohibits Discrimination for Leasing or Selling Property. It is part of Civil Rights Act of 1866 and Prohibits (FFHA):

  1. Refusing S__/R___/Neg_____ with Any Persons
  2. Quo____ Different - T____ and Cond______ for Buying/Renting to Different Races.
  3. Advertising Properties - Available Only to Certain P_____.
  4. Steering - Den___ Availability and Chanelling People Towards and Aw___ from Area
  5. Blockbusting - Encouraging to Sell/Rent because Min_____ Mov___ into Area.
  6. Redlining - Lenders Alt_____ T____ based on Homes in Specific Areas. Also Insurance Co Refusing Insurance
  7. Denying Membership: MLS, Bkr Orgs, etc
A

Federal Fair Housing Act 1968 - Prohibits Discrimination for Leasing or Selling Property. It is part of Civil Rights Act oof 1866 and Prohibits (FFHA):

  1. Refusing Sell/Rent/Negotiate with Any Persons
  2. Quoting Different Terms and Conditions for Buying/Renting to Different Races.
  3. Advertising Properties available to Certain People.
  4. Steering - Denying Availabiity and Chanelling People Towards and Away from Area
  5. Blockbusting - Encouraging to Sell/Rent because Minorities Moving into Area.
  6. Redlining - Lenders Altering Terms based on Homes in Speific Areas. Also Insurance Co Refusing Insurance
  7. Denying Membership: MLS, Bkr Orgs, etc

Chap 8

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23
Q

Federal Fair Housing 1968 Exemptions (4)

  1. FSBO: No Broker Used, Adv________ Not Discriminating, Only 3 SFR Max Owned.
  2. Room Rentals: Owner Occupied (__ Units)
  3. Religious Orgs: Restrict to S____ Religion Okay (No Restriction by Race, Color or National Origin)
  4. Private Clubs: Restrict to Members Only (If Not Commercial Operated)
A

Federal Fair Housing 1968 Exemptions (4)

  1. FSBO: No Broker Used, Advertising Not Discriminating, Only 3 SFR Max Owned.
  2. Room Rentals: Owner Occupied (1-4 Units)
  3. Religious Orgs: Restrict to Same Religion Okay (No Restriction by Race, Color or National Origin)
  4. Private Clubs: Restrict to Members Only (If Not Commercial Operated)

Chap 8

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24
Q

What is Considered Handicapped:

  1. Visual, Hearing, Speech,
  2. Heart,
  3. Can_____,
  4. Alc_______, Mental Illness, HIV
A

What is Considered Handicapped:

  1. Visual, Hearing, Speech,
  2. Heart,
  3. Cancer,
  4. Alcoholics, Mental Illness, HIV

Chap 8

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25
Q

Handicap Must be allowed to do what?

  1. Modifications: Tenant May Do Modifications, But They Must Be Res_____.
  2. Deposits: Must be Customary, unless Poor Credit then Int_____ Bearing Escrow Account
  3. Reasonable Accomodations: In Rules and Policies such as Parking and Ramps and Restrooms
  4. Group Homes: Zo____/De____ Restrictions Cannot Prevent being Created in Neighborhood.
A

Handicap Must be allowed to do what?

  1. Modifications: Tenant May Do Modifications, But They Must Be Restored.
  2. Deposits: Must be Customary, unless Poor Credit then Interest Bearing Escrow Account
  3. Reasonable Accomodations: In Rules and Policies such as Parking and Ramps and Restrooms
  4. Group Homes: Zone/Deed Restrictions Cannot Prevent being Created in Neighborhood

Chap 8

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26
Q

Int______ L___ S___ F__ Dis______ Act - Regulates and Requires:

  1. Regulates: Interstate Land Sales,
  2. Property Report To Buyers with Full Disclosure of Material Info.
A

Interstate Land Sales Full Disclosure Act Regulates and Requires:

  1. Regulates: Interstate Land Sales,
  2. Property Report To Buyers with Full Disclosure of Material Info

Chap 8

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27
Q

Federal Fair Housing 1988 (Familial Status) - Amendment Prohibits Discrimination on the Basis of Familial Status such as Refu____ to Rent/Sell Home to Families with Children under __ years old.

FFHA Exemptions (Housing Occupied):

  1. 62 or Older Only Occupied
  2. 55 or Older at Least One Per Unit (__% Occupancy)
A

Federal Fair Housing 1988 (Familial Status) -Amendment Prohibits Discrimination on the Basis of Familial Status such as Refusing to Rent/Sell Home to Families with Children under 18 years old.

FFHA Exemptions (Housing Occupied):

  1. 62 or Older Only Occupied
  2. 55 or Older at Least One Per Unit (80% Occupancy)

Chap 8

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28
Q

Discriminating Advertising -

Examples:

  1. No Wheelchairs
  2. Able Bodied Only
  3. Christian Handyman
  4. Close to Catholic School
  5. White Neighborhood
A

Discriminating Advertising -

Examples:

  1. No Wheelchairs
  2. Able Bodied Only
  3. Christian Handyman
  4. Close to Catholic School
  5. White Neighborhood

Chap 8

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29
Q

(RESPA) Real Estate Settlement and Procedure Act Requirement (7 Items)

  1. Loan Estimate - __ Days of Loan App, and Your Home Loan Tool Kit (CFPB Closing Cost Booklet)
  2. Trid-Closing Cost Disclosure - __ Days Prior to Closing.
  3. F_____ Loans Only (FHA,VA,USDA)
  4. Prohibits Ex____ M____ held in Impounds
  5. Disclosure of Aff______ Business Required
  6. Prohibits Ki_____ and Unearned Fees from Settlement Services
  7. Specific Title Company - Seller Cannot Require Buyer Use
A

(RESPA) Real Estate Settlement and Procedure Act - Requirements

This Act requires: (Disclosure of Settlement Cost)

  1. Loan Estimate - 3 days of Loan App, and Your Home Loan Tool Kit (closing cost booklet)
  2. Trid-Closing Cost Disclosure - 3 days Prior to Closing.
  3. Federal Loans Only - (FHA, VA, USDA)
  4. Prohibits Excess Money held in Impounds
  5. Disclosure of Affiliated Business - Required
  6. Prohibits Kickbacks and Unearned Fees from Settlement Services.
  7. Specific Title Company - Seller cannot require buyer use

Chap 8

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30
Q

Fair Housing Acts 1968 and 1988 - Complaint Procedures

  1. __ Year File Complaint - In Writing
  2. HUD Must Inv_______
  3. HUD Must Conc_____ Problem - In Investigation -
  4. HUD Prepares Report - After Investigation. Decides as Follows
    1. Dismiss or Award Damages;
    2. Send Attorney (General Findings); and Recommend “Suspend” or “Revocation“
A

Fair Housing Acts 1968 and 1988 - Complaint Procedures

  1. 1 Year File Complaint - In Writing
  2. Hud Must Investigate
  3. Conciliate Problem - In Investigation -
  4. Hud Prepares Report - After Investigation, Decides as Follows
    1. Dismiss or Award Damages;
    2. Send Attorney (General Findings); and Recommend “Suspension” or “Revocation“

Chap 8

31
Q

(RESPA) Real Estate Settlement and Procedure Act Requirement (7 Items)

  1. Loan Estimate - __ Days of Loan App, and Your H___ L___ Tool Kit (CFPB Closing Cost Booklet)
  2. Trid-Closing Cost Disclosure - __ Days Prior to Closing.
  3. F_____ Loans Only (FHA,VA,USDA)
  4. Prohibits Ex____ M____ held in Impounds
  5. Disclosure of Aff______ Business Required
  6. Prohibits Ki_____ and Unearned Fees from Settlement Services
  7. Title Company - Buyer’s Choice
A

(RESPA) Real Estate Settlement and Procedure Act - Requirements

This Act requires: (Disclosure of Settlement Cost)

  1. Loan Estimate - 3 days of Loan App, and Your Home Loan Tool Kit (closing cost booklet)
  2. Trid-Closing Cost Disclosure - 3 days Prior to Closing.
  3. Federal Loans Only - (FHA, VA, USDA)
  4. Prohibits Excess Money held in Impounds
  5. Disclosure of Affiliated Business - Required
  6. Prohibits Kickbacks and Unearned Fees from Settlement Services.
  7. Title Company - Buyer’s Choice

Chap 8

32
Q

Civil Rights Act of 1866 (Discrimination) -

__ years to File Complaints in Federal Court

A

Civil Rights Act of 1866 (Discrimination) -

2 years to File Complaints in Federal Court

Chap 8

33
Q

(RESPA) Real Estate Settlement Procedure Act - Booklet,

Your H___ Loan T____ Kit - CFPBs Settlement Cost Booklet Must be Given to Borrower Under This Law. Along with “Loan Estimate” Given __ Business Days of Loan Application

Note CFPB - Consumer Financial Protection Bureau

A

(RESPA) Real Estate Settlement Procedure Act - Booklet,

Your Home-Loan Tool Kit CFPBs Settlement Cost Booklet Must be Given to Borrower Under This Law. Along with “Loan Estimate” Given 3 Business Days of Loan Application

Note CFPB - Consumer Financial Protection Bureau

Chap 8

34
Q

(RESPA) Real Estate Settlement Procedure Act -

CFPB Cl______ Disclosure is same as the TRID Dis______

A

(RESPA) Real Estate Settlement Procedure Act -

CFPB Closing Disclosure is same as the TRID Disclosure

Chap 8

35
Q

(RESPA) Real Estate Settlement Procedure Act -

Law that Prohibits “K_______” and Un______ Fees from Set________ Service Providers. Prohibits E_____ M_____ in Impounds

A

(RESPA) Real Estate Settlement Procedure Act -

Law that prohibits “Kickbacks” and Unearned Fees from Settlement Service Providers. Prohibits Excess Money in Impounds.

Chap 8

36
Q

LOAN ESTIMATE (RESPA) required -

Give To Borrower in__ Business days of Loan Application

A

LOAN ESTIMATE (RESPA) required -

Give To Borrower in 3 Business days of Loan Application

Chap 8

37
Q

(ECOA) Equal Credit Opportunity Act -

Prohibits Discrimination in Extension of Credit on Basis of Race, Color, Religion, National Origin, Sex, but also M____ Status, A__ and P____ Assistance Income

Race and Color Religiously Never Opposes Sex. Mariage has Ageless Power to Assist

A

(ECOA) Equal Credit Opportunity Act -

Prohibits Discrimination in Extension of Credit on Basis of Race, Color, Religion, National Origin, Sex, but also Marital Status, Age** and **Public Assistance Income.

Race and Color Religiously Never Opposes Sex. Marriage has Ageless Power to Assit

Chap 8

38
Q

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wheelchair R_____ to Public Bu_____ is required under this law.
  2. Handicapped P_____ Spaces
  3. Handicapped R_______
A

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wheelchair Ramps to Public Buildings is required under this law.
  2. Handicapped Parking Spaces
  3. Handicapped Restrooms

Chap 8

39
Q

RESPA Loans Covered:

F_______ Loans Only: (FHA, VA, USDA)

A

RESPA Loans Covered:

Federal Loans Only: (FHA, VA, USDA)

Chap 8

40
Q

Federal Fair Housing Act of 1968

Bl________ -

Minorities Moving in Area, Encouraging Owners to Sell

A

Federal Fair Housing Act of 1968

Blockbusting -

Minorities Moving in Area, Encouraging Owners to Sell

Chap 8

41
Q

The Int_____ L___ S___ F___ Disclosure Act regulates and requires:

  1. Regulates: Int____ L___ S___,
  2. Property Report with Full Disclosure of Material Info. Required and Given to Buyer
A

The Interstate Land Sales Full Disclosure Act regulates and requires:

  1. Regulates: Interstate Land Sales,
  2. Property Report with Full Disclosure of Material Info. Required and Given to Buyer

Chap 8

42
Q

In______ L___ S___ F___ Disclosure Act -

  1. Regulates - In______ L___ S____
  2. Requires Property Report - Full Disclosure of Material Info to Buyers
A

Interstate Land Sales Full Disclosure Act -

  1. Regulates - Interstate land sales
  2. Requires Property Report - Full Disclosure of Material Info to Buyers

Chap 8

43
Q

Con_______ Priv___ Act of 1974 -

  1. Act Governs Collection, Use, Maintenance**, and **Dissemination of Info About Individuals.
  2. Must have Consent of Individuals (To Disclose Info).
A

Consumer Privacy Act of 1974 -

  1. Act Governs Collection, Use, Maintenance, and Dissemination of Info About Individuals.
  2. Must have Consent of Individuals (To Disclose Info).

Chap 8

44
Q

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act of 1866 and Prohibits (FFHA):

  1. Refu___ - Sell/Rent/Negotiate
  2. Qu_____ - Different Terms and Conditions
  3. Adv____ - Properties to Certain People.
  4. Ste____ - People Towards/Away from Area
  5. Blo_____ - Encouraging to Sell/Rent because Minorities Moving into Area.
  6. Redl____ - Lenders Altering Terms and Insurance Co Refusing Insurance in GEO Areas
  7. Denying Mem____: MLS, Bkr Orgs, etc
A

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act oof 1866 and Prohibits (FFHA):

  1. Refusing Sell/Rent/Negotiate with Any Persons -
  2. Quoting Different Terms and Conditions to Different Races.
  3. Advertising Properties to Certain People.
  4. Steering - People Towards/Away from Area
  5. Blockbusting - Encouraging to Sell/Rent because Minorities Moving into Area.
  6. Redlining - Lenders Altering Terms and Insurance Co Refusing Insurance in GEO Areas
  7. Denying Membership: MLS, Bkr Orgs, etc

Chap 8

45
Q

(FCRA) Fair Credit Reporting Act -

Allows Consumers to Cor____ Inac_____ Cre____

A

(FCRA) Fair Credit Reporting Act -

Allows Consumers to Correct Inaccurate Credit

Chap 8

46
Q

(RESPA) Real Estate Settllement Procedure Act -

Prohibits Lenders from Keeping To Much M____ in Im____ Accounts.

A

(RESPA) Real Estate Settllement Procedure Act -

Prohibits Lenders from Keeping To Much Money in Impound Accounts.

Chap 8

47
Q

Federal Fair Housing Act of 1968

Bl________ -

Minorities Moving in Area, Encouraging Owners to Sell

A

Federal Fair Housing Act of 1968

Blockbusting -

Minorities Moving in Area, Encouraging Owners to Sell

Chap 8

48
Q

(ADA) Americans with Disabilities Act -

Prohibits Discrimination against the Handicapped and requires Equal Access to All P____ Accommodations

A

(ADA) Americans with Disabilities Act -

Prohibits Discrimination against the Handicapped and requires Equal Access to All Public Accommodations

Chap 8

49
Q

(FCRA) F__ Cre___ Rep_____ Act -

Allows Consumers to Correct Inaccurate Credit to be FAIR

A

(FCRA) Fair Credit Reporting Act -

Allows Consumers to Correct Inaccurate Credit to be FAIR

Chap 8

50
Q

Con_____ Pri____ Act 1974

Law Prohibits Disclosure of Personal Information Without Consent. Federaly Established Code of Fair Practices Governing Collection, Use, Maintenance, and Dissemination of Information

A

Consumer Privacy Act 1974

Law Prohibits Disclosure of Personal Information Without Consent. Federaly Established Code of Fair Practices Governing Collection, Use, Maintenance, and Dissemination of Information

Chap 8

51
Q

Federal Fair Housing Acts 1968 and 1988 (7 Classes)

(Hint: Race and Color Religiously Never Opposes Sex)

  1. Race
  2. Color,
  3. Religion,
  4. National Origin
  5. Sex,
  6. H_______
  7. F________
A

Federal Fair Housing Acts 1968 and 1988 (7 Classes)

(Hint: Race and Color Religiously Never Opposes Sex)

  1. Race
  2. Color,
  3. Religion,
  4. National Origin
  5. Sex,
  6. Handicap
  7. Familial

Chap 8

52
Q

ECOA - Equal Credit Opportunity Act (Protected Classes) -

(Hint: Marriage has Ageless Power to Assist)

Race, Color, Religion, National Origin, and Sex,

ECOA

  1. M_____ Status
  2. A__,
  3. P_____ Assistance Income
A

ECOA - Equal Credit Opportunity Act (Protected Classes) -

(Hint: Marriage has Ageless Power to Assist)

Race, Color, Religion, National Origin, and Sex,

ECOA

  1. Marital Status
  2. Age,
  3. Public Assistance Income

Chap 8

53
Q

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wh_______ Ramps
  2. Handicapped P_____ Spaces
  3. Handicapped R_______
A

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wheelchair Ramps
  2. Handicapped Parking Spaces
  3. Handicapped Restrooms

Chap 8

54
Q

(ECOA) Eq___ Credit Opp______ Act -

Prohibits Discrimination in Ext_______ of Credit.

Basis of Race, Color, Religion, National Origin, Sexes,

(ECOA) But Also…..

Marital Status, Age** and **Public Assistance Income

Race and Color Religiosly Never Opposes Sex. Marriage has Ageless Power to Assist

A

(ECOA) Equal Credit Opportunity Act -

Prohibits Discrimination in Extension of Credit.

Basis of Race, Color, Religion, National Origin, Sex,

(ECOA) But Also ………

Marital Status, Age** and **Public Assistance Income

Race and Color Religiosly Never Opposes Sexes. Marriage has Ageless Power of Assist.

Chap 8

55
Q

(APR) Annual Percentage Rate -

Interest Rate Computed to Include

  1. An_____ Interest
  2. Upfront One-Time L___ C____,
  3. Discount Points;

Apple to Apple Comparisons of Loans.

A

(APR) Annual Percentage Rate -

Interest Rate Computed to Include

  1. Annual Interest
  2. Upfront One-Time Loan Costs,
  3. Discount Points.

Apple to Apple Comparisons of Loans.

CHAP 8

56
Q

Fair Housing Act (1968) -

Prohibits Discrimination based on Five Classes, when S_____ or L_____ Homes, As Follows:

Race, Color, Religion, National Origin, and Sex

Hint: Race and Color Religiously Never Opposes Sexes

A

Fair Housing Act (1968) -

Prohibits Discrimination based on Five Classes, when Selling or Leasing Homes, As Follows:

Race, Color, Religion, National Origin, and Sex

Hint: Race and Color Religiously Never Opposes Sexes

Chap 8

57
Q

Federal Fair Housing Amendments of (1988) -

Hand_____ Status or Fa______ Status where added to Federal Fair Housing Act of 1968 Discrimination Classes:

Race, Color, Religion, Nat Origin, and Sex

A

Federal Fair Housing Amendments of (1988) -

Handicapped Status or Familial Status where added to Federal Fair Housing Act of 1968 Discrimination Classes:

Race, Color, Religion, Nat Origin, and Sex

Chap 8

58
Q

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act of 1968 and Prohibits:

  1. Refusing Sell/Rent/Neg____
  2. Quoting Different T____ and Conditions
  3. Advertising Prop____ to Certain People.
  4. Steering - People Tow___ and Away from Area
  5. Blockbusting - Encouraging to Sell/Rent because Min____ Moving into Area.
  6. Redlining - Lenders Altering T___ and Insurance Co Refusing Insurance in GEO Areas
  7. Denying Members: MLS, Bkr Orgs, etc
A

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act oof 1968 and Prohibits:

  1. Refusing Sell/Rent/Negotiate with Any Persons -
  2. Quoting Different Terms and Conditions to Different Races.
  3. Advertising Properties to Certain People.
  4. Steering - People Towards and Away from Area
  5. Blockbusting - Encouraging to Sell/Rent because Minorities Moving into Area.
  6. Redlining - Lenders Altering Terms and Insurance Co refusing Insurance in GEO Areas
  7. Denying Membership: MLS, Bkr Orgs, etc

Chap 8

59
Q

Truth in Lending - Trigger Terms - Trigger Terms Require Full Disclosure in Advertising:

  1. D____ Payment
  2. Num____ of Payments
  3. Am____ of Payments
  4. Per____ of Payments
  5. Fin____ Charge Amounts
A

Truth in Lending - Trigger Terms - Trigger Terms Require Full Disclosure in Advertising:

  1. Down Payment
  2. Number of Payments
  3. Amount of Payments
  4. Period of Payments
  5. Finance Charge Amounts

Does Not Include Loan Assumptions

Chap 8

60
Q

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wheelchair R____ to Public Buildings is Required Under This Law.
  2. Handicapped P_____ Spaces
  3. Handicapped R_______
A

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wheelchair Ramps to Public Buildings is Required Under This Law.
  2. Handicapped Parking Spaces
  3. Handicapped Restrooms

Chap 8

61
Q

C___ R____ Act 1866 -

Act that Prohibits Discrimination based on Race or Color (No Exemptions)

A

Civil Rights Act 1866 -

Act that Prohibits Discrimination based on Race or Color (No Exemptions)

Chap 8

62
Q

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act oof 1968 and Prohibits:

  1. Refusing Sell/Rent/Negotiate with Any P______
  2. Quoting Different T___ and Conditions
  3. Advertising Prop____ to Certain People.
  4. Steering - Chanelling People Towards/Away from A___
  5. Blockbusting - Encouraging to Sell because Minorities M____ into Area.
  6. Redlining - Lenders Altering T____ and Insurance Co refusing Insurance
  7. Denying Membership: MLS, Bkr Orgs, etc
A

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act oof 1968 and Prohibits:

  1. Refusing Sell/Rent/Negotiate with Any Persons
  2. Quoting Different Terms and Conditions
  3. Advertising Properties to Certain People.
  4. Steering - Chanelling People Towards/Away from Area
  5. Blockbusting - Encouraging to Sell because Minorities Moving into Area.
  6. Redlining - Lenders Altering Terms and Insurance Co refusing Insurance
  7. Denying Membership: MLS, Bkr Orgs, etc

Chap 8

63
Q

Con_______ Priv___ Act of 1974 -

  1. Federally Governed Act** governs **Collection, Use, Maintenance**, and **Dissemination of Info About Individuals.
  2. Must have Consent of Consumer Individuals (To Disclose Info).
A

Consumer Privacy Act of 1974 -

  1. Federally Governed Act governs Collection, Use, Maintenance**, and **Dissemination of Info About Individuals.
  2. Must have Consent of Consumer Individuals (To Disclose Info).

Chap 8

64
Q

Steering -

Denying that Housing is Available for Sale/Rent or Channeling Prospects T____/A____ from Certain A____.

A

Steering -

Denying that Housing is Available for Sale/Rent or Channeling Prospects Towards/Away from Certain Areas.

Chap 8

65
Q

Redlining -

A Lender Altering the T___ or Con_____ for Home Loans in Specific Geographic Areas as a means of Discrimination.

Also when Insurance Companies Refuses to Ins___ Homes due to the Home’s Geographic Location.

A

Redlining -

A Lender Altering the Terms or Conditions for Home Loans in Specific Geographic Areas as a means of Discrimination.

Also when Insurance Companies Refuses to Insure Homes due to the Home’s Geographic Location.

Chap 8

66
Q

Group Home -

Home where a Number of Unrelated People Live Together, in need of C___, Sup_____ or Super_______.

These Types of Homes May Not be Discrimnated by Using “Zoning or “D___ Restrictions’ to Prevent One from Being Built.

A

Group Home -

Home where a Number of Unrelated People Live Together, in need of Care, Support or Supervision.

These Types of Homes May Not be Discrimnated by Using “Zoning Laws” or “Deed Restrictions’ to Prevent One from Being Built.

Chap 8

67
Q

Familial Status -

  1. Refusing to “Rent” or “Sell” Apt/Home to “Families with Children under 18”
  2. Properties Occupied- Only People 62 or Older
  3. Properties Occupied - ___ Person 55 or Older each unit - Occupying ___% of Units.
A

Familial Status -

  1. Refusing to “Rent” or “Sell” Apt/Home to “Families with Children under 18”
  2. Properties Occupied- Only People 62 or Older
  3. Properties Occupied - 1 Person 55-Older each unit - Occupying 80% of Units.

Chap 8

68
Q

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act oof 1968 and Prohibits:

  1. Ref_____ Sell/Rent/Negotiate - with Any Persons - Making House Unavailable.
  2. Qu____ Different Terms and Conditions
  3. Adv_____ Properties to Certain People.
  4. Ste_____ - Chanelling People Towards/Away from Area
  5. Bloc______ - Encouraging to Sell because Minorities Moving into Area.
  6. Red_____ - Lenders Altering Terms and Insurance Co refusing Insurance
  7. Denying Mem______: MLS, Bkr Orgs, etc
A

Federal Fair Housing Act of 1968 - Prohibits Discrimination when Leasing or Selling Property. It is part of Civil Rights Act oof 1968 and Prohibits:

  1. Refusing Sell/Rent/Negotiate with Any Persons - Making House Unavailable.
  2. Quoting Different Terms and Conditions
  3. Advertising Properties to Certain People.
  4. Steering - Chanelling People Towards/Away from Area
  5. Blockbusting - Encouraging to Sell because Minorities Moving into Area.
  6. Redlining - Lenders Altering Terms and Insurance Co refusing Insurance
  7. Denying Membership: MLS, Bkr Orgs, etc

Chap 8

69
Q

Do Not Call Registry (www.donotcall.gov)

Con_____ Pro______ Act regulates “Do Not Call Registry.” Regulated by Federal Trade Commission

A

Do Not Call Registry (www.donotcall.gov)

Consumer Protection Act regulates “Do Not Call Registry.” Regulated by Federal Trade Commission

Chap 8

70
Q

Eq____ H_____ P_____ -

As Per HUD this Must be Displayed in the Broker’s Office.

A

Equal Housing Poster -

As Per HUD this Must be Displayed in the Broker’s Office.

Chap 8

71
Q

(FCRA) F___ C______ Repor____ Act -

Act Created to Protect from Inaccurate Reporting to Credit Bureaus - Includes:

  1. Consumer has Right to Inspect Information,
  2. Correct any Inaccurate Info.
  3. If “Denied Credit” the Identity of Credit Bureau has to be Disclosed.
A

(FCRA) Fair Credit Reporting Act -

Act Created to Protect from Inaccurate Reporting to Credit Bureaus - Includes:

  1. Consumer has Right to Inspect Information,
  2. Correct any Inaccurate Info.
  3. If “Denied Credit” the Identity of Credit Bureau has to be Disclosed.

Chap 8

72
Q

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wheelchair R____ to Public Building
  2. Handicapped - P_____ Spaces
  3. Handicapped - Res_______
A

(ADA) Americans with Disability Act -

Requires Commerical Properties to have:

  1. Wheelchair Ramps to Public Buildings
  2. Handicapped Parking Spaces
  3. Handicapped Restrooms

Chap 8

73
Q

RESPA’S Main Purpose is - Disclosures of S_______ Costs.

A

RESPA’S Main Purpose is - Disclosures of Settlement Costs.

74
Q

Advertising (Part of What Act?)

  1. Ads Cannot Contain Wording (No Matter How Subtle) Indicating a Disc________ Preference.
  2. Discriminatory Wording: No Wheellchairs, Able Bodied Persons Only; Christian Handyman; Close to Catholic School, White Neighborhood.
  3. Photos Should Represent Entire P__________
  4. Advertising Should be Broad Based and Not Focus on Any One Group
A

Advertising - Fair Housing Act of 1968

  1. Ads Cannot Contain Wording (No Matter How Subtle) Indicating a Discriminatory Preference.
  2. Discriminatory Wording: No Wheellchairs, Able Bodied Persons Only; Christian Handyman; Close to Catholic School, White Neighborhood.
  3. Photos Should Represent Entire Population
  4. Advertising Should be Broad Based and Not Focus on Any One Group or Groups.

Chap 8

AZ Real Estate Agent License 2020 (23 decks)

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