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Real Estate > Laws > Flashcards

Laws Flashcards

1
Q

Superfund Amendments & Reauthorization Act (SARA)

A

Amended CERCLA; more money to superfund; new environmental laws/regulations

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2
Q

Sherman Antitrust Act

A

1890 - prohibits trusts/monopolies in market; regulates anti-competition conduct to promote fair competition

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3
Q

Regulation Z

A

TILA that seeks to protect consumers - proper disclosure, fair lending practice

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4
Q

Real Estate Settlement Procedures Act (RESPA)

A

Eliminates kickbacks; disclose costs of closing a loan

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5
Q

Real Estate Owned (REO)

A

Bank owned properties from foreclosures

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6
Q

Real Estate Investment Trust (REIT)

A

Trust owned by investors who share profits according to shares

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7
Q

Real Estate Commissioner

A

Head of ADRE appointed by governor for indefinite term

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8
Q

Real Estate Advisory Board

A

Advises commissioner (10 members, 6 year term limit)

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9
Q

Homestead Laws

A

Protect homeowners from loss of primary residence from creditors

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10
Q

Government National Mortgage Association (Ginnie Mae)

A

1968 - buys loans to help housing assistance and support programs

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11
Q

Federal National Mortgage Association (Fannie Mae)

A

1938 - buys loans from large, commercial banks

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12
Q

Federal Housing Administration (FHA)

A

Insures mortgages

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13
Q

Federal Home Loan Mortgage Corporation (Freddie Mac)

A

1970 - support smaller thrift banks

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14
Q

Fair Housing Act of 1968

A

Prohibits discrimination (rale, color, religion, national origin) amended to include (sex, disability, familial status)

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15
Q

Estate at Will

A

Landlords consent

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16
Q

Estate at Sufferance

A

Tenant occupies beyond consent or lease terms

17
Q

Escheat

A

Descendants property to state if no will/descendants

18
Q

Equal Credit Opportunity Act (ECOA)

A

Bar discriminatory lending practices

19
Q

Environmental Protection Agency (EPA)

A

Enforcing federal environmental laws

20
Q

Dodd-Frank Act

A

Response to subprime mortgage crisis; created CFPB

21
Q

Doctrine of Prior Appropriation

A

State has power to control and regulate all water resources

22
Q

Doctrine of Laches

A

Bar dated claims; unreasonable delay or negligence in asserting or defending one’s rights

23
Q

Department of Housing & Urban Development (HUD)

A

Enforces federal fair housing laws

24
Q

Consent Order

A

Settlement that ADRE uses to resolve case against licensee

25
Q

Comprehensive Environmental Response Compensation Liability Act (CERCLA)

A

Broad authority to respond to hazardous substances that may endanger public health or environment

26
Q

Civil Rights Act of 1866

A

First law to promise equal rights

27
Q

Arizona Department of Real Estate (ADRE)

A

Regulates & oversees licenses in AZ

Real Estate (9 decks)

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