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Real Estate National Key Facts > N8 Federal Regulations & Fair Housing > Flashcards

N8 Federal Regulations & Fair Housing Flashcards

1
Q

The federal agency that administers and enforces many laws relating to financing.

A

Consumer Financial Protection Bureau, abbreviated CFPB

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2
Q

The federal law that requires lenders to disclose all the terms of obtaining a consumer loan is known as ____ and it’s abbreviation is ____ AKA ____

A

Truth In Lending Act, TILA, Regulation Z

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3
Q

The Truth in Lending Act requires disclosure of the interest rate and financing costs in the form of an _________, abbreviated as ___.

A

Annual Percentage Rate, APR

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4
Q

If _____ terms are used in advertising a loan, full disclosure of all terms must be made.

A

Trigger

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5
Q

Advertising the _____ AKA ___ is not considered to be a trigger term.

A

APR, Annual Percentage Rate

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6
Q

On what type of loan does a borrower have a 3 day right to rescind?

A

Refinance of a Personal Residence

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7
Q

The federal law that requires disclosure of closing costs on a real estate loan.

A

RESPA or Real Estate Settlement & Procedures Act

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8
Q

Under RESPA, a Loan Estimate must be given to the borrower within _______.

A

3 business days of loan application

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9
Q

RESPA requires that a borrower be given a publication that explains ___________.

A

Closing Costs

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10
Q

Under RESPA, a borrower must be given a final accounting of the transaction through the document known as CFPB’s ________________, formerly known as the __________________.

A

Closing Disclosure, HUD 1 Statement

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11
Q

A borrower has the right to inspect the Closing Disclosure at least ______ prior to closing.

A

3 days

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12
Q

RESPA applies to 1-4 family properties financed with a _____ related loan.

A

Federally

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13
Q

The Real Estate Settlement & Procedures Act or RESPA does not apply to __________ loans.

A

Seller Carry-Back AKA Purchase-Money Mortgage

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14
Q

The Real Estate Settlement & Procedures Act or RESPA prohibits loan servicers to hold excess monies in _____.

A

Escrow Accounts (Impound Accounts)

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15
Q

RESPA requires disclosure of all AfBA’s or _____.

A

Affiliated Business Agreements

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16
Q

RESPA prohibits kick backs or unearned fees from ____.

A

Settlement Service Providers

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17
Q

Under RESPA a seller cannot require a buyer to use a specific _____.

A

Title Insurance Company

18
Q

Under the ____________ consumers have the right to review their credit reports and correct inaccurate information.

A

Fair Credit Reporting Act

19
Q

The federal law that protects the public from the reporting of inaccurate credit information is the________________.

A

Fair Credit Reporting Act (FRCA)

20
Q

The Equal Credit Opportunity Act (ECOA)

A

The federal law that prohibits discrimination in the extension of credit.

21
Q

Americans with Disabilities Act (ADA)

A

The federal law that prohibits discrimination against disabled persons by requiring equal access to public accommodations such as parking spaces and restrooms in commercial buildings.

22
Q

The federal law that regulates the sale of land across state lines is _______________________________.

A

the Interstate Land Sales Full Disclosure Act

23
Q

Do Not Call Registry

A

The federal registry that prohibits telemarketers from making certain types of phone calls.

24
Q

Registration of a phone number in the Do Not Call Registry lasts ___________.

A

Indefinitely

25
Q

The penalty for violating the Do Not Call laws can be as high as _________ dollars per call.

A

$16,000

26
Q

Fair Housing Act of 1968 & Fair Housing Amendments Act of 1988

A

The federal laws that prohibit discrimination in the sale, rental, advertising and financing of housing.

27
Q

The seven classes of people protected by the Federal Fair Housing Laws are:

a. __________________
b. __________________
c. __________________
d. __________________
e. __________________
f. __________________
g. __________________

A

a. Race
b. Color
c. Religion (Creed)
d. Sex (Gender)
e. Handicapped Status (Disability)
f. Familial Status
g. National Origin

28
Q

Civil Rights Act of 1866

A

The law created in the 1800’s that prohibits discrimination based on race or color.

29
Q

Steering

A

Denying that housing is available for sale or rent or channeling prospects to or away from certain areas.

30
Q

Blockbusting aka Panic Pedaling

A

Encouraging owners to sell their homes because minorities are moving into the neighborhood.

31
Q

Discriminating by altering the terms of a loan or insurance policy because the property is located in a certain area.

A

Redlining

32
Q

Although there are four exemptions in the 1968 law, fair housing laws always apply in the sale or rental of a home if a _________ is involved in the transaction.

A

Real Estate Agent

33
Q

There are NO EXEMPTIONS in the Civil Rights Act of ____.

A

1866

34
Q

Under the Familial Status provisions the two exemptions for older persons include:

  1. A property in which all residents are at least ___ years old.
  2. At least ____ % of the households has one person who is a minimum age of ___ years.
A
  1. 62,

2. 80, 55

35
Q

Every residential real estate office must display the _____.

A

Fair Housing Poster

36
Q

In advertising residential property for sale or rent, photos or illustrations should represent ___________.

A

a cross section of the entire population

37
Q

A person who experiences discrimination may file a complaint with HUD within ________.

A

one year

38
Q

HUD must attempt to ____________ the dispute.

A

conciliate or reconcile

39
Q

A person who experiences discrimination may take action in federal court within _________.

A

two years

40
Q

The maximum penalty for violating the Federal Fair Housing Laws are ______________ Dollars for the first violation. All subsequent violations can be ________________ Dollars.

A

$50,000,

$100,000

41
Q

Complaints under the Civil Rights of 1866 must be resolved in ____________.

A

Federal Court

Real Estate National Key Facts (14 decks)

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