Real Estate

Question 1

Regulation Z applies to:

Answer 1

all real estate loans; responsible for implementation of TILA and administered by the CFPB

Question 2

TILA

Answer 2

Truth in Lending Act

Question 3

CERCLA

Answer 3

Comprehensive Environmental Response, Compensation, and Liability Act of 1980 under EPA

Question 4

CPFB

Answer 4

Consumer Financial Protection Bureau

Question 5

RESPA

Answer 5

Real Estate Settlement and Procedures Act (regulates closing on 1-4 family residential properties)

Question 6

What is a requirement of the CFPB?

Answer 6

The Loan Estimate (LE) form must be provided by the RMLO to the consumer upon receipt of or within 3 business days of making loan application; The Closing Disclosure (CD) form must be received by the consumer at least 3 business days before closing with proof of receipt.

Question 7

RMLO

Answer 7

Residential Mortgage Loan Originator

Question 8

How many square feet are in an acre?

Answer 8

43,560 square ft

Question 9

How many feet are in a mile?

Answer 9

5,280 feet

Question 10

The Civil Rights Act of 1866 prohibits discrimination based on:

Question 11

Federal Fair Housing Act of 1968 (amended in 1988)

Question 12

How long does a seller have to keep a copy of the lead paint disclosure?

Question 13

What happens when a property has an easement appurtenant?

Answer 13

The easement limits the servient state

Question 14

What would be a sufficient cause for escheat?

Answer 14

a property owner abandons the property