Government Regs, Fair Housing and Credit 8 Flashcards Preview

AZ Real Estate Agent License 2020 > Government Regs, Fair Housing and Credit 8 > Flashcards

Flashcards in Government Regs, Fair Housing and Credit 8 Deck (74)
Loading flashcards...
1

(CFPB) Cons_____ Fin______ Prot_______ Bur______ -

Federal Agency that Administers and Enforces many Federal Laws and Rules to Financing

(CFPB) Consumer Financial Protection Bureau -

Federal Agency that Administers and Enforces many Federal Laws and Rules to Financing

Chap 8

2

T____ In L_____ (Regulation Z) -

Federal Law that Requires Lenders to Disclose All T___ and Cost to obtain Consumer Loan.

Has to do with APR, F_______ Charges, Tr_____ Terms, and Adv______, and Ref______.

Truth in Lending (Regulation Z) -

Federal Law that Requires Lenders to Disclose All Terms and Cost to obtain Consumer Loan.

Has to do with APR, Finance Charges, Trigger Terms, and Advertising, and Refinances.

Chap 8

3

An_____ P______ R___ (APR) -

Interest, Discount Points and Loan Costs are expressed as This Type of Rate.

Annual Percentage Rate (APR) -

Interest, Discount Points and Loan Costs are expressed as the Annual Percentage Rate.

Chap 8

4

When Trigger Terms are used, Full Disclosure of Financing Must be Used.  Note: These Do Not Apply to Loan Assumptions.

Trigger Terms:

  1. D___ Payment,
  2. Nu____ of Payments,
  3. Am____ of Payments,
  4. Per____ of Payment (Mo),
  5. Fin____ Ch_____

When Trigger Terms are used, Full Disclosure of Financing Must be Used.  Note: These Do Not Apply to Loan Assumptions.

Trigger Terms:

  1. Down Payment,
  2. Number of Payments,
  3. Amount of Payments,
  4. Period of Payment (Mo),
  5. Finance Charges

Chap 8

5

Reg Z Truth in Lending - Full Disclosure Contains All Trigger Terms as Follows But Also Last Three Items?

  1. D___ Payment,
  2. N_____ of Payments,
  3. A___ of Payments,
  4. Per__ of Pymts (Mo, etc),
  5. Fin____ C____, and also.....
  6. Loan Amount
  7. Total of All Payments
  8. APR

 

Reg Z Truth in Lending - Full Disclosure Contains All Trigger Terms as Follows But Also Last Three Items?

  1. Down Payment,
  2. Number of Payments,
  3. Amount of Payments,
  4. Period of Pymts (Mo, etc),
  5. Finance Charge, and also.....
  6. Loan Amount
  7. Total of All Payments,
  8. APR

Chap 8

6

Truth in Lending (Reg Z)

Federal Law that Requires Lenders to Disclose All Terms and Cost in Obtaining Consumer Loan Includes:

  1. Disclosing APR (Int____, Dis_____, L___ Costs)
  2. Applies to Institutional Lenders Only - Regulated by Feds and State (not Private)

Banks, Ins_____ Companies, Commer______ Banks, Cred___ Un____, T____ Companies, Br____ F____

  1. Trigger Terms (D___ Pmt, N____ of Pmts, A___ of Pmt, P____ of Pmts, and Fin____ Charges
  2. Full Disclose (7): Trigger Terms plus L__ Amt, T___ of All Pmts, and APR
  3. Refinances: __ Day Right to Recind

Truth in Lending (Reg Z) -

Federal Law that Requires Lenders to Disclose All Terms and Cost in Bbtaining Consumer Loan Includes:

  1. Disclosing APR (Interest, Discounts, Loan Costs)
  2. Applies to Institutional Lenders Only - Regulated by Feds and State (not Private)

Banks, Insurance Companies, Commerical Banks, Credit Unions, Trust Companies, Broker Firms

  1. Trigger Terms (Down Pmt, # of Pmts, Amount of Pmt, Period of Pmts, and Finance Charges
  2. Full Disclose (7): Trigger Terms, plus Loan Amount, Total of All Pmts, and APR
  3. Refinances:  3 Day Right to Recind

7

Full Disclosure - Under Reg Z (Truth In Lending) includes -

Trigger Terms: Down, Number, Amount, and Period of Pmts, and F____ Charges.(5)

For Full Disclosure Add:

  1. L___ Amount
  2. APR
  3. Total of A__ Payments

Full Disclosure - Under Reg Z (Truth In Lending) includes -

Trigger Terms: Down, Number, Amount, and Period of Pmts, and Finance Charges. (5)

For Full Disclosure Add:

  1. Loan Amount
  2. APR
  3. Total of All Payments

Chap 8

8

(RESPA) Real Estate Settlement and Procedure Act - Requirements

This Act Requires: (Disclosure of Settlement Cost)

  1. Loan Estimate - __ days of Loan App,
  2. Trid-Closing Cost Disclosure -__ days of Closing.
  3. Federal Loans Only - (FHA, VA, USDA)
  4. Prohibits Excess Money in Im_______
  5. Disclosure of Affiliated Business
  6. Prohibits K____ and Unearned Fees from Settlement Services.
  7. Title Company - Buyer's Choice

(RESPA) Real Estate Settlement and Procedure Act - Requirements

This Act Requires: (Disclosure of Settlement Cost)

  1. Loan Estimate - 3 days of Loan App
  2. Trid-Closing Cost Disclosure - 3 days of Closing.
  3. Federal Loans Only - (FHA, VA, USDA)
  4. Prohibits Excess Money In Impounds
  5. Disclosure of Affiliated Business -
  6. Prohibits Kickbacks and Unearned Fees from Settlement Services.
  7. Title Company - Buyer's Choice

9

RESPA Does Not Cover - (If Not Federal Loans)

  1. Cash Deals,
  2. Seller Ca______,
  3. Pur_____ Money Loans
  4. H___ Money Loans

RESPA Does Not Cover - (If Not Federal Loans)

  1. Cash Deals,
  2. Seller Carrybacks,
  3. Purchase Money Loans
  4. Hard Money Loans

Chap 8

 

10

Loan Estimate given-

Within __ Days of Loan App

Loan Estimate given-

Within 3 Days of Loan App

Chap 8

11

TRID Closing Disclosure -

Given __ Days Prior to Closing Date

TRID Closing Disclosure -

Given 3 Days Prior to Closing Date

Chap 8

12

(FCRA) Fair Credit Reporting Act -

Act Created to Protect from Inac_____ Reporting to Cr___ Bureaus - Includes:

  1. Consumer has Right to Insp____ Information,
  2. Correct any Inac______ Info.
  3. If "Den___ Cr____" the Identity of Credit Bureau has to be Disclosed.

(FCRA) Fair Credit Reporting Act -

Act created to Protect from Inaccurate Reporting to Credit Bureaus - Includes:

  1. Consumer has Right to Inspect Information,
  2. Correct any Inaccurate Info.
  3. If "Denied Credit" the Identity of Credit Bureau has to be Disclosed.

Chap 8

13

(ECOA) Equal Credit Opportunity Act -

Act Prohibits Discrimination in Extension of Credit based on (Race, Color, Religion, National Origin, and Sex),

ECOA Also Prohibits:

  1. M_____ Status,
  2. A__, or
  3. P____ Ass_____ Income

Race and Color Religiously Never Opposes the Sexes.    Mariage has an Ageless Power to Assist

(ECOA) Equal Credit Opportunity Act -

Act Prohibits Discrimination in Extension of Credit based on (Race, Color, Religion, National Origin, and Sex),

ECOA Also Prohibits:

  1. Marital Status,
  2. Age, or
  3. Public Assistance Income

Race and Color Religiously Never Opposes Sex.  Marriage has Ageless Power to Assist

Chap 8

14

(ADA) American Disability Act - Req's Equal Access to Public Accommodations.

Commercial Properties are Required to Provide:

  1. Handicapped P_____ Sp____
  2. Wheelchair Ra____
  3. Handicapped Res_____

(ADA) American Disability Act - Requires Equal Access to Public Accommodations.

Commercial Properties are Required to Provide:

  1. Handicapped Parking Spaces
  2. Wheelchair Ramps
  3. Handicapped Restrooms

Chap 8

15

The Interstate Land Sales Full Disclosure Act regulates and requires:

  1. Regulates: Int____ L___ S___,
  2. Property Report with F__ Dis_____ of M_____ Info. Required and Given to B____

The Interstate Land Sales Full Disclosure Act regulates and requires:

  1. Regulates: Interstate Land Sales,
  2. Property Report with Full Disclosure of Material Info. Required and Given to Buyer

Chap 8

16

Consumer Protection Act

  1. Regulated By the Federal Trade Commission
  2. Established and Regulates the "National Do Not C___ Re_____."  www.donotcall.gov

Consumer Protection Act

  1. Regulated By the Federal Trade Commission
  2. Established and Regulates the "National Do Not Call Registry."   www.donotcall.gov

Chap 8

17

Federal Fair Housing Laws - 7

Laws that Prohibit Discrimination in the S__, R____, Adv_______, and Fin______ of Housing, support for the following Protected Classes:

Hint: Race and Color Religiously Never Opposes the Sexes PLUS Handicapped and Familial Status

  1. Race (Race)
  2. Color (Color)
  3. Religion (Religiously)
  4. Natural Origin (Never Opposes)
  5. Sex (Sexes)
  6. H_____ (Hope)
  7. F_____ (Faith)

Federal Fair Housing Laws - 7

Laws that Prohibit Discrimination in the Sale, Rental, Advertising, and Financing of Housing, support the following Protected Classes:

Hint: Race and Color Religiously Never Opposes the Sexes PLUS Handicapped and Familial Status

  1. Race (Race)
  2. Color (Color)
  3. Religion (Religiously)
  4. Natural Origin (Never Opposes)
  5. Sex (Sex)
  6. Handicap (Hope)
  7. Familial (Faith)

Chap 8

18

Do Not Call Registry -

Registrated Phone Number Last How Long?

 

Do Not Call Registry -

Registration phone number last for how long?

Indefinitely

Chap 8

19

Do Not Call Registry - Call Limitations

  1. Business Relationships - (Upto __ Months),
  2. Political Organizations and Charities  - (____).

Do Not Call Registry - Call Limitations

  1. Business Relationships - (Upto 18 months),
  2. Political Organizations and Charities  - (None).

Chap 8

20

Consumer Privacy Act of 1974

  1. Act Governs Col_____, Use, Main_____, and Dissemination of Info About Individuals
  2. Must have Consent of Ind______ (To Disclose Info).

Consumer Privacy Act of 1974 -

  1. Act Governs Collection, Use, Maintenance, and Dissemination of Info About Individuals.
  2. Must have Consent of Individuals (To Disclose Info).

Chap 8

21

Federal Fair Housing Act of 1968 and 1988 - Fair Housing Laws that Prohibits Discrimination in the S___, R____, Adv_____, and Fin_____ of a House and on Basis:

  1. Race (Race and)
  2. Color (Color)
  3. Religion (Religiously)
  4. National Origin (Never Opposes)
  5. Sex (Sex)
  6. Handicap,
  7. Familial

(Hint: Race and Color Religously Never Opposes Sex)

Federal Fair Housing Act of 1968 and 1988 - Fair Housing Laws that Prohibits Discrimination in the Sale, Rental, Advertising, and Financing of a House and on Basis:

  1. Race,
  2. Color,
  3. Religion,
  4. National Origin
  5. Sex,
  6. Handicap,
  7. Familial

(Hint: Race and Color Religously Never Opposes Sex)

22

Federal Fair Housing Act 1968  - Prohibits Discrimination for Leasing or Selling Property. It is part of Civil Rights Act of 1866 and Prohibits (FFHA):

  1. Refusing S__/R___/Neg_____ with Any Persons
  2. Quo____ Different - T____ and Cond______ for Buying/Renting to Different Races.
  3. Advertising Properties - Available Only to Certain P_____.
  4. Steering - Den___ Availability and Chanelling People Towards and Aw___ from Area
  5. Blockbusting - Encouraging to Sell/Rent because Min_____ Mov___ into Area.
  6. Redlining - Lenders Alt_____ T____ based on Homes in Specific Areas. Also Insurance Co Refusing Insurance
  7. Denying Membership: MLS, Bkr Orgs, etc

Federal Fair Housing Act 1968  - Prohibits Discrimination for Leasing or Selling Property. It is part of Civil Rights Act oof 1866 and Prohibits (FFHA):

  1. Refusing Sell/Rent/Negotiate with Any Persons
  2. Quoting Different Terms and Conditions for Buying/Renting to Different Races.
  3. Advertising Properties available to Certain People.
  4. Steering - Denying Availabiity and Chanelling People Towards and Away from Area
  5. Blockbusting - Encouraging to Sell/Rent because Minorities Moving into Area.
  6. Redlining - Lenders Altering Terms based on Homes in Speific Areas. Also Insurance Co Refusing Insurance
  7. Denying Membership: MLS, Bkr Orgs, etc

Chap 8

23

Federal Fair Housing 1968  Exemptions (4)

  1. FSBO: No Broker Used, Adv________ Not Discriminating, Only  SFR Max Owned.
  2. Room Rentals: Owner Occupied (__ Units)
  3. Religious Orgs: Restrict to S____ Religion Okay (No Restriction by Race, Color or National Origin)
  4. Private Clubs: Restrict to Members Only (If Not Commercial Operated)

Federal Fair Housing 1968 Exemptions (4)

  1. FSBO: No Broker Used, Advertising Not Discriminating, Only   3 SFR Max Owned.
  2. Room Rentals: Owner Occupied (1-4 Units)
  3. Religious Orgs: Restrict to Same Religion Okay (No Restriction by Race, Color or National Origin)
  4. Private Clubs: Restrict to Members Only (If Not Commercial Operated)

Chap 8

24

What is Considered Handicapped:

  1. Visual, Hearing, Speech,
  2. Heart,
  3. Can_____,
  4. Alc_______, Mental Illness, HIV

What is Considered Handicapped:

  1. Visual, Hearing, Speech,
  2. Heart,
  3. Cancer,
  4. Alcoholics, Mental Illness, HIV

Chap 8

25

Handicap Must be allowed to do what?

  1. Modifications: Tenant May Do Modifications, But They Must Be Res_____.
  2. Deposits: Must be Customary, unless Poor Credit then Int_____ Bearing Escrow Account
  3. Reasonable Accomodations: In Rules and Policies such as Parking and Ramps and Restrooms
  4. Group Homes: Zo____/De____ Restrictions Cannot Prevent being Created in Neighborhood.

Handicap Must be allowed to do what?

  1. Modifications: Tenant May Do Modifications, But They Must Be Restored.
  2. Deposits: Must be Customary, unless Poor Credit then Interest Bearing Escrow Account
  3. Reasonable Accomodations: In Rules and Policies such as Parking and Ramps and Restrooms
  4. Group Homes: Zone/Deed Restrictions Cannot Prevent being Created in Neighborhood

Chap 8

26

Int______ L___ S___ F__ Dis______ Act - Regulates and Requires:

  1. Regulates: Interstate Land Sales,
  2. Property Report To Buyers with Full Disclosure of Material Info.

Interstate Land Sales Full Disclosure Act Regulates and Requires:

  1. Regulates: Interstate Land Sales,
  2. Property Report To Buyers with Full Disclosure of Material Info

Chap 8

27

Federal Fair Housing 1988 (Familial Status) - Amendment Prohibits Discrimination on the Basis of Familial Status such as Refu____ to Rent/Sell Home to Families with Children under __ years old.

FFHA Exemptions (Housing Occupied):

  1. 62 or Older Only Occupied
  2. 55 or Older at Least One Per Unit (__% Occupancy)

Federal Fair Housing 1988 (Familial Status) -Amendment Prohibits Discrimination on the Basis of Familial Status such as Refusing to Rent/Sell Home to Families with Children under 18 years old.

FFHA Exemptions (Housing Occupied):

  1. 62 or Older Only Occupied
  2. 55 or Older at Least One Per Unit (80% Occupancy)

Chap 8

28

Discriminating Advertising -

Examples:

  1. No Wheelchairs
  2. Able Bodied Only
  3. Christian Handyman
  4. Close to Catholic School
  5. White Neighborhood

Discriminating Advertising -

Examples:

  1. No Wheelchairs
  2. Able Bodied Only
  3. Christian Handyman
  4. Close to Catholic School
  5. White Neighborhood

Chap 8

29

(RESPA) Real Estate Settlement and Procedure Act Requirement (7 Items)

  1. Loan Estimate - __ Days of Loan App, and Your Home Loan Tool Kit (CFPB Closing Cost Booklet)
  2. Trid-Closing Cost Disclosure - __ Days Prior to Closing.
  3. F_____ Loans Only (FHA,VA,USDA)
  4. Prohibits Ex____ M____ held in Impounds
  5. Disclosure of Aff______ Business Required
  6. Prohibits Ki_____ and Unearned Fees from Settlement Services
  7. Specific Title Company - Seller Cannot Require Buyer Use

 

(RESPA) Real Estate Settlement and Procedure Act - Requirements

This Act requires: (Disclosure of Settlement Cost)

  1. Loan Estimate - 3 days of Loan App, and Your Home Loan Tool Kit (closing cost booklet)
  2. Trid-Closing Cost Disclosure - 3 days Prior to Closing.
  3. Federal Loans Only - (FHA, VA, USDA)
  4. Prohibits Excess Money held in Impounds
  5. Disclosure of Affiliated Business - Required
  6. Prohibits Kickbacks and Unearned Fees from Settlement Services.
  7. Specific Title Company - Seller cannot require buyer use

Chap 8

30

Fair Housing Acts 1968 and 1988 - Complaint Procedures

  1. __ Year File Complaint - In Writing
  2. HUD Must Inv_______
  3. HUD Must Conc_____ Problem - In Investigation -
  4. HUD Prepares Report - After Investigation. Decides as Follows
    1. Dismiss or Award Damages;
    2. Send Attorney (General Findings); and Recommend "Suspend" or "Revocation"

Fair Housing Acts 1968 and 1988 - Complaint Procedures

  1. 1 Year File Complaint - In Writing
  2. Hud Must Investigate
  3. Conciliate Problem - In Investigation -
  4. Hud Prepares Report - After Investigation, Decides as Follows
    1. Dismiss or Award Damages;
    2. Send Attorney (General Findings); and Recommend "Suspension" or "Revocation"

Chap 8