Unit 7

Question 1

Steering

Answer 1

Channeling homeseekers to or away from particular neighborhoods because they are members of a protected class

Question 2

Blockbusting

Answer 2

Use the entry or rumor of the entry of a protected class into a neighborhood to persuade owners to sell

Question 3

Redlining

Answer 3

Deny loans or insurance coverage by a lender or an insurer that present different terms or conditions for homes in certain neighborhoods

Question 4

Requirements for brokers handling deposit and advance rents for owners?

Answer 4

Brokers must abide by Chapter 475 with regard to handling deposits and advance rent. The deposits and advance rents are trust funds and as such must be deposited into the broker’s escrow account by the end of the 3rd business day after receipt of trust funds.

Question 5

Timeline for landlords making claim against security deposits?

Answer 5

Landlord must mail a notice within 30days of tenant moving out of intent to claim. If tenant doesn’t respond in 15 days of receipt of letter landlord claims funds and mail remaining

Question 6

Protected class under Fair Housing Act of 1968?

Answer 6

Race, color,religion, sex, national origin, familial status, and disability

Question 7

Special exceptions under Fair housing Act

Answer 7

Housing operated by religious organizations and private clubs are exempt from Fair Housing Act provided its not operated for commercial purposes.

Question 8

Developers must provide a property report under ILSA Act when?

Answer 8

They have 25 or more lots.

Question 9

Three ways landlords handle deposits and advance rents

Answer 9

1. Hold separate in a non interest bearing Florida bank account.
2. Hold seperate in a interest bearing account giving tenant least 75% of annualized average or 5% per year of interest.
3. Post a surety bond with the clerk of the circuit court in the country the property is in amount of security deposit, advance rents or $50,000 which is lesser.