N8 Federal Regulations & Fair Housing Flashcards
The federal agency that administers and enforces many laws relating to financing.
Consumer Financial Protection Bureau, abbreviated CFPB
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 ____
Truth In Lending Act, TILA, Regulation Z
The Truth in Lending Act requires disclosure of the interest rate and financing costs in the form of an _________, abbreviated as ___.
Annual Percentage Rate, APR
If _____ terms are used in advertising a loan, full disclosure of all terms must be made.
Trigger
Advertising the _____ AKA ___ is not considered to be a trigger term.
APR, Annual Percentage Rate
On what type of loan does a borrower have a 3 day right to rescind?
Refinance of a Personal Residence
The federal law that requires disclosure of closing costs on a real estate loan.
RESPA or Real Estate Settlement & Procedures Act
Under RESPA, a Loan Estimate must be given to the borrower within _______.
3 business days of loan application
RESPA requires that a borrower be given a publication that explains ___________.
Closing Costs
Under RESPA, a borrower must be given a final accounting of the transaction through the document known as CFPB’s ________________, formerly known as the __________________.
Closing Disclosure, HUD 1 Statement
A borrower has the right to inspect the Closing Disclosure at least ______ prior to closing.
3 days
RESPA applies to 1-4 family properties financed with a _____ related loan.
Federally
The Real Estate Settlement & Procedures Act or RESPA does not apply to __________ loans.
Seller Carry-Back AKA Purchase-Money Mortgage
The Real Estate Settlement & Procedures Act or RESPA prohibits loan servicers to hold excess monies in _____.
Escrow Accounts (Impound Accounts)
RESPA requires disclosure of all AfBA’s or _____.
Affiliated Business Agreements
RESPA prohibits kick backs or unearned fees from ____.
Settlement Service Providers
Under RESPA a seller cannot require a buyer to use a specific _____.
Title Insurance Company
Under the ____________ consumers have the right to review their credit reports and correct inaccurate information.
Fair Credit Reporting Act
The federal law that protects the public from the reporting of inaccurate credit information is the________________.
Fair Credit Reporting Act (FRCA)
The Equal Credit Opportunity Act (ECOA)
The federal law that prohibits discrimination in the extension of credit.
Americans with Disabilities Act (ADA)
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.
The federal law that regulates the sale of land across state lines is _______________________________.
the Interstate Land Sales Full Disclosure Act
Do Not Call Registry
The federal registry that prohibits telemarketers from making certain types of phone calls.
Registration of a phone number in the Do Not Call Registry lasts ___________.
Indefinitely
The penalty for violating the Do Not Call laws can be as high as _________ dollars per call.
$16,000
Fair Housing Act of 1968 & Fair Housing Amendments Act of 1988
The federal laws that prohibit discrimination in the sale, rental, advertising and financing of housing.
The seven classes of people protected by the Federal Fair Housing Laws are:
a. __________________
b. __________________
c. __________________
d. __________________
e. __________________
f. __________________
g. __________________
a. Race
b. Color
c. Religion (Creed)
d. Sex (Gender)
e. Handicapped Status (Disability)
f. Familial Status
g. National Origin
Civil Rights Act of 1866
The law created in the 1800’s that prohibits discrimination based on race or color.
Steering
Denying that housing is available for sale or rent or channeling prospects to or away from certain areas.
Blockbusting aka Panic Pedaling
Encouraging owners to sell their homes because minorities are moving into the neighborhood.
Discriminating by altering the terms of a loan or insurance policy because the property is located in a certain area.
Redlining
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.
Real Estate Agent
There are NO EXEMPTIONS in the Civil Rights Act of ____.
1866
Under the Familial Status provisions the two exemptions for older persons include:
- A property in which all residents are at least ___ years old.
- At least ____ % of the households has one person who is a minimum age of ___ years.
- 62,
2. 80, 55
Every residential real estate office must display the _____.
Fair Housing Poster
In advertising residential property for sale or rent, photos or illustrations should represent ___________.
a cross section of the entire population
A person who experiences discrimination may file a complaint with HUD within ________.
one year
HUD must attempt to ____________ the dispute.
conciliate or reconcile
A person who experiences discrimination may take action in federal court within _________.
two years
The maximum penalty for violating the Federal Fair Housing Laws are ______________ Dollars for the first violation. All subsequent violations can be ________________ Dollars.
$50,000,
$100,000
Complaints under the Civil Rights of 1866 must be resolved in ____________.
Federal Court
