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17 Cards in this Set

  • Front
  • Back

Americans with Disabilities Act (ADA)

Federal act implementing regulations that protect citizens with mental or physical disabilities. Does not apply to residential housing but to commercial facilities and places of public accommodation.

Civil Rights Act of 1866

A federal act that prohibits racial discrimination in the sale and rental of all real and personal property.

Conner Act

A NC law that requires many types of real estate documents to be recorded for protection against claims of third parties. These documents include deeds, mortgages, purchase contracts, installments land contracts, assingments, options, leases exceeding 3 years, easements, restrictive covenants; a pure race statute.

Equal Credit Opportunity Act (ECOA)

The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national origin, sex, age, or marital status.

Housing and Community Development Act of 1974

An act that added gender as a protected class under the Federal Fair Housing Act.

Interstate Land Sales Full Disclosure Act

A federal law regulating the interstate advertising and sale or lease of lots in subdivisions with 25 or more lots. Developer must provide a property report and register the subdivision with HUD.

Lead-Based Paint Hazard Reduction Act

A federal law that requires sellers/landlords to disclose the known presence of lead-based paint in residential property to potential buyers/tenants via a required disclosure addendum to sales contract or leases; delivery of mandatory EPA pamphlet about lead poisoning is also required. Buyer/tenant allows 10 day assessment period.

Machinery Act

The NC General Statutes that govern the ad valorem taxation of property.

Marketable Title Act

The act is designed to eliminate obsolete defects in a chain of title. If a chain of title can be traced back for 30 years without a problem, it becomes a marketable title.

North Carolina Condominium Act of 1986

Specifies that a condominium is created and established when the developer of the property executes and records a declaration of its creation in the county where the property is located. The declaration must include any covenants, conditions, or restrictions on the use of property. Other requirements include disclosure and other consumer protection measures in connection with new residential condominium unit sales.

NC Fair Housing Act of 1983

State Fair housing law containing similar prohibitions to those of the federal fair housing law. Unlike the federal law, however, the North Carolina law does not exempt owners who are selling there own property, and it does exempt the rental of a unit in a one-unit to four-unit residential building if the owner or one of the owners family members lives in one of the units.

NC Intestate Succession Act

NC Law of descent that dictates distribution of the real and personal property of the deceased that died without a will (intestate).

NC Timeshare Act

The portion of NC Real Estate law that defines time-shares and regulates their development and sales.

Real Estate Settlement Procedures Act (RESPA)

Federal law that ensures that residential buyers and sellers receive full disclosure of all settlement charges when a 1-4 family unit residence is fiance by federally - related first mortgage loans. The Act mandates a HUD booklet about closing cost, good-faith estimate of closing costs, and a standardized HUD-1 closing statement. The Act, also known as Regulation X, also prohibits kickbacks from lenders

Residential Rental Agreement Act

NC law that mandates delivery of habitable residential rental units; obligations of the landlord and the tenant are mutually dependent. Provides tent with rights and remedies such as the Retaliatory Eviction Doctrine.

Tenant Security Deposit Act

NC act the regulates the amount and use of money that can be required as a security deposit and how the landlord holds that deposit. The maximum amount of the deposit depends on the term of tenancy

Uniform Electronic Transaction Act (UETA)

NC version of the federal E-sign legislation that validates electronic contracts, documents, and signatures.