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21 Cards in this Set
- Front
- Back
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Annual percentage rate (APR)
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Total yearly cost of credit.
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Blockbusting
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The illegal practice of inducing homeowners to sell their property by making misrepresentations regarding the entry or prospective entry of minority persons in order to cause a turnover of properties in the neighborhood; discriminatory acts against sellers.
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Civil Rights Act of 1866
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A federal act that prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception.
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Fair Housing Act
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"An act contained in Title VIII of the Civil Rights Act of 1968 that created protected classes of people and prohibits discrimination when selling or renting residential property when based on race, color, religion, sex, national origin, familial status, or handicap status."
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Familial status
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"As defined in the Fair Housing Act, a situation in which one or more individuals younger than 18 live with a parent or legal guardian. Pregnant women are also specifically covered under the Act."
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Handicap status
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"As defined in the Fair Housing Act, a physical or mental impairment that substantially limits one or more major life activities."
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property report
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A disclosure document required under the federal Interstate Land Sales Full Disclosure Act.
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public accommodations
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"Private entities that own, lease, lease to, or operate facilities such as restaurants, retail stores, hotels, movie theaters, private schools, convention centers, doctor's offices, homeless shelters, etc."
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Redlining
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Discriminatory financing by a lending institution.
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servicing disclosure statement
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A disclosure statement given to borrowers that discloses whether the lender intends to service the loan or transfer it to another lender or servicing company. Given at the time of the time of the mortgage application or three business days thereafter.
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special information booklet
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A booklet containing consumer information regarding closing costs the borrower may incur at closing. RESPA requires lenders to give the booklet to loan applicants at the time of the time of the mortgage application or three business days thereafter.
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Steering
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Channel homebuyers to or away from particular neighborhoods because they are members of a protected class.
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Triggering terms
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"The Truth-in-Lending Act requires creditors to disclose certain information if certain credit terms, are included in the advertisement. They include the amount or percentage of down payment, number of payments, period (term) of repayment, amount of any payment, and the amount of any finance charges."
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Truth in Lending Act
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Part of the Consumer Protection Act. Its main purpose is to ensure that borrowers are given meaningful information with respect to the cost of credit so that consumers can compare the various credit terms available.
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Equal Credit Opportunity Act (ECOA)
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This act ensures that financial institutions make credit available without discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or receipt of income from public assistance programs.
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RESPA
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This act requires disclosures at the time of a mortgage loan application or within three business days. Disclosures include APR, finance charges, amount financed, and total payments.
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Americans with Disabilities Act
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This act prohibits discrimination in places of public accommodation and commercial facilities such as hotels, and real estate offices.
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Coastal Zone Management Act
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A federal law designed to protect and preserve coastal areas.
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Jones vs. Mayer
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The case that upheld the Civil Rights act of 1866.
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Bait and switch
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Truth in lending makes this type advertising a Federal offense.
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Good Faith Estimate
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Settlement of closing costs listing the charges the buyer is likely to pay at closing. Given at the time of the time of the mortgage application or three business days thereafter.
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