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Question 1

Title VIII of the Civil Rights Act of 1968

Answer 1

is also referred to as the Fair Housing Act of 1968, prohibits discrimination in the sale, rental, or financing of housing based on race, color, national origin, and religion.

Question 2

Fair Housing Amendments Act of 1988

Answer 2

provided consumers with remedies if they became victims of discrimination in housing and also added familial status and disability to the list of protected classes.

Question 3

Which agency enforces Title II under the Americans with Disabilities Act of 1990, when it relates to state and local public housing, housing assistance, and housing referrals?

Answer 3

Department of Housing and Urban Development

Question 4

Prior to a certain act’s existence, there was no legal protection for women who endured sexual harassment from landlords and sellers when they attempted to obtain housing.

Answer 4

Housing and Community Development Act of 1974

Question 5

Federal Trade Commission Act

Answer 5

created the FTC. This agency investigates practices and will stop companies and individuals from committing antitrust violations

Question 6

GNMA

Answer 6

A governmental part of the secondary market that deals primarily in recycling VA and
FHA mortgages.

Question 7

FNMA

Answer 7

federally sponsored private corporation which provides a secondary market for
housing mortgages

Question 8

leverge

Answer 8

borrowed capital to increase the potential return of an investment

Question 9

essential Elements of Value

Answer 9

STUD - Scarcity Transferability, Utility, Demand

Question 10

Protection Period Clause

Safety Clause

Answer 10

Compensated after listing expires if you can prove your are the procuring cause

Question 11

net listing

Answer 11

Money received above and beyond a designated amount

Question 12

actual authority

Answer 12

Expressly conferred by a principal to an agent to act on the principal’s behalf.

Question 13

codicil

Answer 13

A written supplement or amendment to an existing will such as one affecting the transfer of real estate upon death.

Question 14

Essentials of a Valid Contract

Answer 14

Mutual consent, lawful object, consideration, capable parties

Question 15

sherman Anti-Trust Act

Answer 15

bans anti competitive behavior such as price fixing

Question 16

Jones vs. Mayer 1968

Answer 16

court case that bared all racial discrimination, private as well as public, in the
sale or rental of property based on the thirteenth amendment

Question 17

Fair Housing Act 1968 act

Answer 17

banning refusal to sell or rent a dwelling to any person because of race,
color, religion, sex, or national origin.

Question 18

TILA

Answer 18

• Inform use of consumer credit
• Require disclosures about its terms and cost to standardize the manner in which
  costs associated with borrowing are calculated and disclosed

Question 19

RESPA

Answer 19

Eliminating kickbacks and referral fees which add unnecessary costs to settlement
services.

Question 20

to rescind a contract you have about …. days

Answer 20

5 days to do so

Question 21

a home inspection contingency is one of the best ways to ….

Answer 21

protect the buyer’s earnest money

Question 22

buyers who learn about undisclosed adverse issues prior to closing may….

Answer 22

terminate the agreement and try to get their earnest money back

Question 23

if fully disclosure states the …… has the responsibility to notify the seller of the duty all known material facts

Answer 23

the seller’s agent

Question 24

trade fixture

Answer 24

a trade fixture is anything attract to the property while conducting business. business may remove this when the lease terminates. they must repair any damaged created by removing the fixture

Question 25

real property is conveyed from one owner to another using a ____

Answer 25

deed

Question 26

personal property is transfer using a _______ or ____

Answer 26

bill of sale or receipt

Question 27

an easement is a _____ right acquire by one party to use another’s party land for a special use

Answer 27

nonpossessory

Question 28

a plat maps

Answer 28

known as simply as a “plat”, is a map drawn to scale by a civil engineer and shows the divisions of a piece of land - and in your case, your new property! Your plat map is often given to you from your title company and is a guide of important information for you to look over.

Question 29

some duties with a client terminate of the agency relationship, except for the duties of

Answer 29

confidentiality and accounting

Question 30

a listing agreement

Answer 30

is an employment contract between a property owner and a real estate broker. It allows the broker to act as a listing agent and find a buyer for the property on the seller’s terms.

Question 31

listing agreements documents the ____ and ____ suties

Answer 31

licenses and seller

Question 32

once sign the sales contract is a binding, written agreement between the ____ and ____

Answer 32

buyer and seller

Question 33

the sales contract

Answer 33

identifies the parties and establishes the transaction terms and conditions. It laso documents the Ernest money amount, which the buyer and seller negotiates. licenses may filled in the blanks of a sales contract

Question 34

a valuation is another term for a ____

Answer 34

fromal appraiser

Question 35

Mortgage value

Answer 35

The price a lender believes a property will bring at a foreclosure sale

Question 36

Investment value

Answer 36

Expected rate of return on an investment property

Question 37

Insured value

Answer 37

The cost to replace a destroyed building

Question 38

Value in use

Answer 38

What a property is worth to the person using it

Question 39

Assessed value

Answer 39

What the local taxing authority thinks it’s worth

Question 40

Gross rent multiplier (GRM)

Answer 40

A rough estimate of how income relates to value and is best used for one-to-four-family
units where the primary use is as a rental property.
Sales price ÷ monthly or annual gross rent

Question 41

Gross income multiplier (GIM):

Answer 41

Essentially the same as GRM, but it uses all sources of income from the property
rather than only rent.
Sales price ÷ annual gross income from all sources

Question 42

who precise over a hearing?

Answer 42

and administrative law judge

Question 43

members of the maryand real estate commission (MREC) serve terms for how many years

Answer 43

4 years

Question 44

licenses suspensions are ___. License revocations are ____

Answer 44

temporary, permanent