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30 Cards in this Set
- Front
- Back
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As a condition of selling a property, a seller may require a buyer using a federally related mortgage to buy title insurance from a particular company. |
False |
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The Americans with Disabilities Act (ADA) of 1990 requires that multifamily dwellings be designed and constructed so that the public and common-use portions of the dwellings are readily accessible to and usable by all persons with disabilities. |
True |
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Religious organizations may restrict dwelling units they own or operate to members of their religion. |
True |
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Lenders are required to give borrowers a HUD information booklet concerning closing costs at the time or loan application or within three business days. |
True |
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Age is a protected class under the Fair Housing Act. |
False |
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At the time of application for a loan or within three business days thereafter, the lender is required to provide the borrower with a good-faith estimate of probable closing costs related to those items for which information is available from past experience or from knowledge of current costs. |
True |
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The Fair Housing Act recommends the use of an equal opportunity poster that features the equal housing logo and a statement that pledges adherence to the Fair Housing Act. |
False |
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Land developers are NOT permitted to sell or lease lots in subdivisions of 100 or more lots unless they have registered the subdivision with the U.S. Department of Housing and Urban Development (HUD). |
True |
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The Civil Rights Act of 1866 was overturned by the U.S. Supreme Court in the Jones v. Mayer case. |
False |
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The Florida Residential Landlord and Tenant Act mandates that landlords pay tenants interest on their security deposits. |
False |
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A tenant notifies the landlord that she will not be renewing the lease. The tenant leaves the unit in excellent condition. After inspection of the premises, the landlord decides that the tenant is eligible to receive a full refund of the damage deposit. Within how many days must the landlord return the deposit? |
15 |
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A borrower does NOT have the right to cancel which loan contract within three business days? |
15 year mortgage to purchase a home |
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Which term describes the discriminatory practice whereby one person induces another person to enter into a real estate transaction by suggesting that the first person may benefit financially from a potential change in the neighborhood with respect to race, sex, religion, color, handicap, or familial status, and that the change may result in the lowering of property values? |
Blockbusting |
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Which phrase may legally be included in an advertisement to sell real estate? |
Condominium complex features new children's playground |
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Which information in the advertisement presented below is considered to be a triggering term? |
New waterfront town homes are nearing completion. These gorgeous homes would make a perfect second home or vacation property. Financing is available at competitive mortgage rates. Fixed rate mortgages are available with as little as 10 percent down. Jumbo mortgages are also available. Sale prices begin in the low $700,000s. Fixed rate mortgages are available with as little as 10 percent down |
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Which Florida law prohibits a lender from refinancing a loan to the same borrower within the first 18 months of making a loan, if doing so does NOT reasonably benefit the borrower? |
Florida Fair Lending Act |
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Which regulation requires lenders to disclose the annual percentage rate of interest and finance charges? |
Z |
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Which law protects applicants from discrimination based on whether they receive income from public assistance programs? |
Equal Credit Opportunity Act |
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From which source can a broker obtain a copy of the equal housing opportunity poster for a new real estate office? |
Department of Housing and Urban Development |
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Which disclosure statement informs a prospective borrower that a lender intends to transfer the mortgage loan to another lender once the loan is made? |
Servicing disclosure |
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A tenant of a rental apartment has given notice to vacate at the end of the lease. Is the tenant required to allow the management company to show the premises to a prospective tenant? |
Yes, the tenant must allow the management company to show the property to a prospective tenant, provided reasonable notice is given |
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Which information must be given to a prospective borrower within three business days of making application for a mortgage loan? |
Servicing disclosure statement |
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Which document must be given to the borrower at LEAST one day before the title closing if requested by the borrower? |
HUD-1 settlement statement |
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Which law prohibits a mortgage lender from paying a real estate broker an unearned referral fee? |
Real Estate Settlement Procedures Act |
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Which statement is TRUE regarding a racial discrimination case involving commercial real estate? |
The Civil Rights Act of 1866, which is enforceable today, makes racial discrimination illegal in residential and nonresidential transactions. |
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Title VIII of the Civil Rights Act of 1968 does NOT apply to which type of property? |
Three-unit dwelling in which the owner resides in one of the units |
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A purchaser of subdivided lands of 25 or more lots has the right to cancel the purchase agreement within how many days? |
7 |
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Under which circumstance is a landlord relieved from the requirement to place security deposits into a special rental account? |
Landlord posts a surety bond with the clerk of the circuit court |
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Which housing is exempt from the familial status protection under the Fair Housing Act? |
At least 80 percent of the units are occupied by one or more persons 55 years of age or older |
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An insurance company imposes different insurance tems and conditions on homeowners located in certain neighborhoods. Which discriminatory practice is being committed by the insurance company? |
Redlining |
