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20 Cards in this Set
- Front
- Back
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1. The federal statute that prohibits a private homeowner from discriminating strictly on the basis of race if selling, renting, or leasing is the
a. 1968 Fair Housing Act b. 1866 Civil Rights Act c. 1934 National Housing Act d. 1968 Interstate Land Sales Full Disclosure Act |
b. 1866 Civil Rights Act
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2. The law requiring lenders to disclose the annual percentage rate (APR) of interest is the
a. Real Estate Settlement Procedures Act (RESPA) b. Federal Housing Act (FHA) c. Florida Deceptive and Unfair Trade Practices Act (“Little FTC Act”) d. Regulation Z (Truth in Lending Act) |
d. Regulation Z (Truth in Lending Act)
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3. The federal 1968 Fair Housing Act prohibits discrimination based on
a. Race, color, religion, sex, national origin, familial status, or handicap status b. Race or age c. Religion, age, race, familial status, or handicap status d. Race, color, religion, age, or national origin |
a. Race, color, religion, sex, national origin, familial status, or handicap status
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4. The Truth in Lending Act (TILA)
a. Does not affect real estate financing credit b. Attempts to regulate maximum interest rates charged consumers c. Requires disclosure of finance charges, as well as annual percentage rates of interest d. Accomplishes all of these. |
c. Requires disclosure of finance charges, as well as annual percentage rates of interest
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5. The real Estate Settlement Procedures Act (RESPA) was enacted to
a. Establish a maximum cost for all closing items b. Ensure that sellers are informed regarding the amount and types of expenses expected at closing c. Ensure that buyers are informed regarding the amount and types of expenses to be expected at closing d. Establish a minimum cost for all closing items. |
c. Ensure that buyers are informed regarding the amount and types of expenses to be expected at closing
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6. If requested by the borrower, and to the extent that information is available to the closing agent, the borrower must be provided with which item at least one business day before closing?
a. Settlement Statement (HUD‐1) b. Borrower’s special information booklet c. Guaranteed amount of settlement costs d. Notice of title‐Closing‐agent selection |
a. Settlement Statement (HUD‐1)
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7. As part of the preparation for the closing, a listing broker referred a property owner to an appraiser. The appraiser completed the appraisal and charged the owner $250, which was entered on the RESPA settlement statement. The appraiser gave the listing broker $50 for the referral, which the broker accepted. According to RESPA,
a. The listing broker also must be licensed as an appraiser b. The appraiser has not violated the law as long as the appraiser is state certified c. Both the broker and the appraiser have violated the law d. The arrangement is entirely legal |
c. Both the broker and the appraiser have violated the law
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8. Which transaction is exempt from RESPA requirements?
a. The sale of a house where only financing is assumption of an existing loan b. A construction loan that will become a permanent loan only after the building is completed c. A loan to purchase a new house in a new subdivision d. An adjustable‐rate mortgage loan to purchase a five‐year‐old residence |
a. The sale of a house where only financing is assumption of an existing loan
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9. The intent of the Florida Landlord and Tenant Act is to
a. Give the tenant a legal advantage in a relationship with the landlord b. Make the landlord‐tenant relationship more equitable c. Provide landlords the legal assistance needed to create an advantageous relationship d. Regulate residential and commercial rental property |
b. Make the landlord‐tenant relationship more equitable
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10. When security deposits or advance rents are required by a landlord in Florida, such funds
a. Must always be kept in a separate account b. May be deposited in the landlord’s account if a sufficient surety bond has been posted c. Must always be placed in an interest‐bearing account d. Must bear interest at the rate of 7% |
b. May be deposited in the landlord’s account if a sufficient surety bond has been posted
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11. The sales associates in real estate office have been instructed to send all their Spanish‐speaking prospects to a new subdivision “beautifully designed with a Spanish flavor.” This is an example of
a. Steering b. Subordination c. Alienation d. Blockbusting |
a. Steering
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12. A landlord who rents a duplex to two tenants is obligated to provide
a. Working equipment for air‐conditioning b. An operable washer and dryer c. A designated parking space d. Working smoke detectors |
d. Working smoke detectors
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13. Which disclosure is required to be given to tenants in multifamily buildings of five or more units?
a. No brokerage relationship notice b. Notice of where deposit is held within 30 days c. 15‐day cancellation privilege d. Transaction broker notice |
b. Notice of where deposit is held within 30 days
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14. If a tenant vacates rented premises promptly when a lease or tenancy expires, the landlord must
a. Inform the tenant within 45 days if the landlord claims part of the security deposit. b. Return the tenant’s security deposit within 30 days or explain any exception c. Inform the tenant within 25 days if part of the tenant’s deposit will be claim d. Inform the tenant within 30 days if part of the tenant’s deposit will be claim |
d. Inform the tenant within 30 days if part of the tenant’s deposit will be claim
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15. The Fair Housing Act does NOT apply to which category listed below?
a. A property owner of a single‐family home who owns two residential properties and is selling the single‐family property as For Sale by Owner b. Residential property owned by the county government c. Single‐family home listed by a real estate sales associate d. 20‐unit multifamily apartment building |
a. A property owner of a single‐family home who owns two residential properties and is selling the single‐family property as For Sale by Owner
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16. If a tenant’s rent is current and the tenant notifies the landlord of an intended absence, the landlord may
a. Not enter the tenant’s rented premises without the tenant’s consent except in an emergency b. Enter only if accompanied by a second party c. Enter without any restriction d. No enter the tenant’s rented premises without first obtaining a sheriff’s affidavit. |
a. Not enter the tenant’s rented premises without the tenant’s consent except in an emergency
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17. How long does a landlord have to correct a noncompliance after receiving written notice form a tenant?
a. 7 days b. 10 days c. 2 weeks d. 30 days |
a. 7 days
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18. A landlord must follow designated procedures in evicting a tenant. The first step in a legal eviction is to
a. Personally deliver a written notice demanding possession b. Notify the tenant by mail of the landlord’s demand for possession c. Attach a notice to the door of the premises that possession of the premises is demanded d. Do any of these |
d. Do any of these
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19. The law requiring lenders to furnish borrowers with a good‐faith estimate of closing costs is the
a. Truth in Lending Act b. Real Estate Settlement Procedures Act c. Consumer Credit Protection Act d. Fair Housing and Lending Act |
b. Real Estate Settlement Procedures Act
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20. Which phrase may legally be included in an advertisement to sell real estate?
a. “Cute cottage home, perfect for first‐time buyer” b. “Beautiful neighborhood rich in ethnic heritage” c. “Spanish‐speaking community” d. “Quiet neighborhood, no young children please” |
a. “Cute cottage home, perfect for first‐time buyer”
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