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

Government Regs, Fair Housing and Credit 8 Flashcards

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1
Q

(CFPB) Cons_____ Fin______ Prot_______ Bur______ -

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

A

(CFPB) Consumer Financial Protection Bureau -

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

Chap 8

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2
Q

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______.

A

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

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3
Q

An_____ P______ R___ (APR) -

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

A

Annual Percentage Rate (APR) -

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

Chap 8

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4
Q

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_____
A

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

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5
Q

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
A

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

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6
Q

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
A

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
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7
Q

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
A

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

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8
Q

(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
A

(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
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9
Q

RESPA Does Not Cover - (If Not Federal Loans)

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

RESPA Does Not Cover - (If Not Federal Loans)

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

Chap 8

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10
Q

Loan Estimate given-

Within __ Days of Loan App

A

Loan Estimate given-

Within 3 Days of Loan App

Chap 8

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11
Q

TRID Closing Disclosure -

Given __ Days Prior to Closing Date

A

TRID Closing Disclosure -

Given 3 Days Prior to Closing Date

Chap 8

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12
Q

(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.
A

(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

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13
Q

(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

A

(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

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14
Q

(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_____
A

(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

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15
Q

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____
A

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

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16
Q

Consumer Protection Act

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

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

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17
Q

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)
A

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

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18
Q

Do Not Call Registry -

Registrated Phone Number Last How Long?

A

Do Not Call Registry -

Registration phone number last for how long?

Indefinitely

Chap 8

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19
Q

Do Not Call Registry - Call Limitations

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

Do Not Call Registry - Call Limitations

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

Chap 8

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20
Q

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).
A

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

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21
Q

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)

A

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)

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22
Q

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
A

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

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23
Q

Federal Fair Housing 1968 Exemptions (4)

  1. FSBO: No Broker Used, Adv________ Not Discriminating, Only 3 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)
A

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

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24
Q

What is Considered Handicapped:

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

What is Considered Handicapped:

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

Chap 8

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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**
31
**(RESPA) Real Estate Settlement and Procedure Act Requirement (7 Items)** 1. **_Loan Estimate_** - **\_\_ Days of Loan App**, and **Your H\_\_\_ L\_\_\_ 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. **_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**, 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. **_Title Company_ - Buyer's Choice** **Chap 8**
32
**Civil Rights Act of 1866 (Discrimination)** - ## Footnote **\_\_ years to File Complaints in _Federal Court_**
**Civil Rights Act of 1866 (Discrimination)** - ## Footnote **2 years to File Complaints in _Federal Court_** **Chap 8**
33
**(RESPA) Real Estate Settlement Procedure Act - Booklet**, **Your H\_\_\_ Loan T\_\_\_\_ Kit** - **CFPBs** **Settlement Cost Booklet** Must be Given to Borrower Under This Law. **Along with "_Loan Estimate_" Given __ Business Days of Loan Application** **Note CFPB** - **Consumer Financial Protection Bureau**
**(RESPA) Real Estate Settlement Procedure Act - Booklet**, **Your Home-Loan Tool Kit CFPBs Settlement Cost Booklet** Must be Given to Borrower Under This Law. **Along with "_Loan Estimate_" Given 3 Business Days of Loan Application** **Note CFPB** - **Consumer Financial Protection Bureau** **Chap 8**
34
**(RESPA) Real Estate Settlement Procedure Act** - **CFPB Cl\_\_\_\_\_\_ Disclosure** is same as the **TRID Dis\_\_\_\_\_\_**
**(RESPA) Real Estate Settlement Procedure Act** - **CFPB Closing Disclosure** is same as the **TRID Disclosure** **Chap 8**
35
**(RESPA) Real Estate Settlement Procedure Act** - ## Footnote **Law that Prohibits "K\_\_\_\_\_\_\_" and Un\_\_\_\_\_\_ Fees from Set\_\_\_\_\_\_\_\_ Service Providers. Prohibits E\_\_\_\_\_ M\_\_\_\_\_ in Impounds**
**(RESPA) Real Estate Settlement Procedure Act** - ## Footnote **Law that prohibits "Kickbacks" and Unearned Fees from Settlement Service Providers. Prohibits Excess Money in Impounds.** **Chap 8**
36
**LOAN ESTIMATE (RESPA) required -** **Give To Borrower** in**\_\_ Business days** of **Loan Application**
**LOAN ESTIMATE (RESPA) required -** **Give To Borrower** in **3 Business days** of **Loan Application** **Chap 8**
37
**(ECOA) _Equal_ Credit Opportunity Act** - **Prohibits Discrimination in *_Extension of Credit_*** on Basis of **Race, Color, Religion, National Origin, Sex,** but **also M\_\_\_\_ Status, A\_\_** and **P\_\_\_\_ _Assistance Income_** **Race and Color Religiously Never Opposes Sex****. Mariage has Ageless Power to Assist**
**(ECOA) _Equal_ Credit Opportunity Act** - **Prohibits Discrimination in *_Extension of Credit_*** on Basis of **Race, Color, Religion, National Origin, Sex,** but **also _Marital Status_, _Age**_ and _**Public Assistance Income_.** **Race and Color Religiously Never Opposes Sex****. Marriage has Ageless Power to Assit** **Chap 8**
38
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wheelchair R\_\_\_\_\_ to Public Bu\_\_\_\_\_** is required under this law. 2. **Handicapped P\_\_\_\_\_ Spaces** 3. **Handicapped R\_\_\_\_\_\_\_**
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wheelchair Ramps to Public Buildings** is required under this law. 2. **Handicapped Parking Spaces** 3. **Handicapped Restrooms** **Chap 8**
39
**_RESPA Loans Covered:_** **F\_\_\_\_\_\_\_ Loans Only**: **(FHA, VA, USDA)**
**_RESPA Loans Covered:_** **Federal Loans Only**: **(FHA, VA, USDA)** **Chap 8**
40
**Federal Fair Housing Act of 1968** **Bl\_\_\_\_\_\_\_\_ -** **Minorities Moving in Area**, Encouraging Owners to Sell
**Federal Fair Housing Act of 1968** **Blockbusting -** **Minorities Moving in Area**, Encouraging Owners to Sell **Chap 8**
41
**The Int\_\_\_\_\_ L\_\_\_ S\_\_\_ F\_\_\_ Disclosure Act** regulates and requires: 1. **_Regulates:_** **Int\_\_\_\_ L\_\_\_ S\_\_\_,** 2. **_Property Report_** with Full Disclosure of Material Info. **Required and Given to Buyer**
**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**
42
**In\_\_\_\_\_\_ L\_\_\_ S\_\_\_ F\_\_\_ Disclosure Act** - 1. **_Regulates_ -** **In\_\_\_\_\_\_ L\_\_\_ S\_\_\_\_** 2. **_Requires Property Report_** - **Full Disclosure of Material Info to Buyers**
**Interstate Land Sales Full Disclosure Act** - 1. **_Regulates_** - **Interstate land sales** 2. **_Requires Property Report_ - Full Disclosure of Material Info to Buyers** **Chap 8**
43
**Con\_\_\_\_\_\_\_ Priv\_\_\_** **Act of 1974** - 1. **Act Governs** **_Collection_, _Use_, _Maintenance**_, and _**Dissemination_ of Info About Individuals**. 2. **Must have** **_Consent of Individuals_ (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**
44
**_Federal Fair Housing Act of 1968_** - **Prohibits Discrimination** when **Leasing or Selling Property**. **It is part of Civil Rights Act of 1866 and Prohibits (FFHA):** 1. **Refu\_\_\_ - Sell/Rent/Negotiate** 2. **Qu\_\_\_\_\_ - Different Terms and Conditions** 3. **Adv\_\_\_\_ - Properties to Certain People.** 4. **Ste\_\_\_\_ - People Towards/Away from Area** 5. **Blo\_\_\_\_\_ - Encouraging to Sell/Rent because Minorities Moving into Area.** 6. **Redl\_\_\_\_ - Lenders Altering Terms and Insurance Co Refusing Insurance in GEO Areas** 7. **Denying Mem\_\_\_\_: MLS, Bkr Orgs, etc**
**_Federal Fair Housing Act of 1968_** **- Prohibits Discrimination when** **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 to Different Races.** 3. **_Advertising Properties_ to Certain People.** 4. **_Steering_ - People Towards/Away from Area** 5. **_Blockbusting_ - Encouraging to Sell/Rent because Minorities Moving into Area.** 6. **_Redlining_ - Lenders Altering Terms and Insurance Co Refusing Insurance in GEO Areas** 7. **_Denying Membership_: MLS, Bkr Orgs, etc** **Chap 8**
45
**(FCRA) _Fair_ Credit Reporting Act -** **Allows Consumers to Cor\_\_\_\_ Inac\_\_\_\_\_ Cre\_\_\_\_**
**(FCRA) _Fair_ Credit Reporting Act -** **Allows Consumers to _Correct Inaccurate_ Credit** **Chap 8**
46
**(RESPA) Real Estate Settllement Procedure Act** - **Prohibits Lenders** from **Keeping To Much M\_\_\_\_** in **Im\_\_\_\_ Accounts.**
**(RESPA) Real Estate Settllement Procedure Act** - **Prohibits Lenders** from **Keeping To Much Money** in **Impound Accounts.** **Chap 8**
47
**Federal Fair Housing Act of 1968** **Bl\_\_\_\_\_\_\_\_ -** **Minorities Moving in Area**, Encouraging Owners to Sell
**Federal Fair Housing Act of 1968** **Blockbusting -** **Minorities Moving in Area**, Encouraging Owners to Sell **Chap 8**
48
**(ADA) Americans with Disabilities Act** - ## Footnote **Prohibits Discrimination against the Handicapped and requires Equal Access to All P\_\_\_\_ Accommodations**
**(ADA) Americans with Disabilities Act** - ## Footnote **Prohibits Discrimination against the Handicapped and requires Equal Access to All Public Accommodations** **Chap 8**
49
**(FCRA) F\_\_ Cre\_\_\_ Rep\_\_\_\_\_ Act -** **Allows Consumers to Correct Inaccurate Credit to be FAIR**
**(FCRA) Fair Credit Reporting Act -** **Allows Consumers to Correct Inaccurate Credit to be FAIR** **Chap 8**
50
**Con\_\_\_\_\_ Pri\_\_\_\_ Act** **1974** ## Footnote **Law _Prohibits_ _Disclosure_ of _Personal Information_ Without Consent. _Federaly Established Code_ of Fair Practices Governing _Collection_, _Use_, _Maintenance_, and _Dissemination_ of Information**
**Consumer Privacy Act 1974** **Law _Prohibits_ _Disclosure_ of _Personal Information_ Without Consent. _Federaly Established Code_ of Fair Practices Governing _Collection_, _Use_, _Maintenance_, and _Dissemination_ of Information** **Chap 8**
51
**Federal Fair Housing Acts 1968 and 1988 (7 Classes)** **(_Hint_: Race and Color Religiously Never Opposes Sex)** 1. Race 2. Color, 3. Religion, 4. National Origin 5. Sex, 6. **H\_\_\_\_\_\_\_** 7. **F\_\_\_\_\_\_\_\_**
**Federal Fair Housing Acts 1968 and 1988 (7 Classes)** **(_Hint_: Race and Color Religiously Never Opposes Sex)** 1. Race 2. Color, 3. Religion, 4. National Origin 5. Sex, 6. **Handicap** 7. **Familial** **Chap 8**
52
**ECOA - _Equal Credit_ Opportunity Act** **(Protected Classes) -** **(Hint: Marriage has Ageless Power to Assist)** **Race, Color, Religion, National Origin, and Sex,** **ECOA** 1. **M\_\_\_\_\_ Status** 2. **A\_\_,** 3. **P\_\_\_\_\_ Assistance Income**
**ECOA - _Equal Credit_ Opportunity Act** **(Protected Classes) -** **(Hint: Marriage has Ageless Power to Assist)** **Race, Color, Religion, National Origin, and Sex,** **ECOA** 1. **Marital Status** 2. **Age,** 3. **Public Assistance Income** **Chap 8**
53
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wh\_\_\_\_\_\_\_ Ramps** 2. **Handicapped P\_\_\_\_\_ Spaces** 3. **Handicapped R\_\_\_\_\_\_\_**
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wheelchair Ramps** 2. **Handicapped Parking Spaces** 3. **Handicapped Restrooms** **Chap 8**
54
**(ECOA) Eq\_\_\_ Credit Opp\_\_\_\_\_\_ Act** - **Prohibits Discrimination in Ext\_\_\_\_\_\_\_ of Credit**. **Basis** of **Race, Color, Religion, National Origin, Sexes,** **(ECOA) But Also.....** **_Marital Status_, _Age**_ and _**Public Assistance_ Income** **Race and Color Religiosly Never Opposes Sex. Marriage has Ageless Power to Assist**
**(ECOA) _Equal Credit_ Opportunity Act** - **Prohibits Discrimination in Extension of Credit**. **Basis of Race, Color, Religion, National Origin, Sex,** (ECOA) But **Also .........** **_Marital Status_, _Age**_ and _**Public Assistance_ Income** **Race and Color Religiosly Never Opposes Sexes. Marriage has Ageless Power of Assist.** **Chap 8**
55
**(APR) Annual Percentage Rate -** **Interest Rate Computed to Include** 1. **An\_\_\_\_\_ _Interest_** 2. **Upfront One-Time L\_\_\_ C\_\_\_\_,** 3. **_Discount Points_;** **Apple to Apple Comparisons of Loans.**
**(APR) Annual Percentage Rate -** **_Interest Rate_ Computed to Include** 1. **_Annual Interest_** 2. **_Upfront One-Time Loan Costs_,** 3. **_Discount Points_.** **Apple to Apple Comparisons of Loans.** **CHAP 8**
56
**Fair Housing Act (1968)** - **Prohibits Discrimination based on _Five Classes_, when S\_\_\_\_\_ or L\_\_\_\_\_ Homes**, **As Follows:** **Race, Color, Religion, National Origin, and Sex** **_Hint_: Race and Color Religiously Never Opposes Sexes**
**Fair Housing Act (1968)** - **Prohibits Discrimination based on _Five Classes_,** **when Selling or Leasing Homes**, **As Follows**: **Race, Color, Religion, National Origin, and Sex** **_Hint_: Race and Color Religiously Never Opposes Sexes** **Chap 8**
57
**Federal Fair Housing Amendments of (1988) -** **Hand\_\_\_\_\_ Status or Fa\_\_\_\_\_\_ Status** where added to **Federal Fair Housing Act of 1968 Discrimination Classes:** **Race, Color, Religion, Nat Origin, and Sex**
**Federal Fair Housing Amendments of (1988) -** **Handicapped Status or Familial Status** where added to **Federal Fair Housing Act of 1968 Discrimination Classes:** **Race, Color, Religion, Nat Origin, and Sex** **Chap 8**
58
**_Federal Fair Housing Act of 1968_** - **Prohibits Discrimination when Leasing or Selling Property**. **It is part of Civil Rights Act of 1968 and Prohibits:** 1. **_Refusing_ Sell/Rent/Neg\_\_\_\_** 2. **_Quoting Different_ T\_\_\_\_ and Conditions** 3. **_Advertising_ Prop\_\_\_\_ to Certain People.** 4. **_Steering_ - People Tow\_\_\_ and Away from Area** 5. **_Blockbusting_ - Encouraging to Sell/Rent because Min\_\_\_\_ Moving into Area.** 6. **_Redlining_ - Lenders Altering T\_\_\_ and Insurance Co Refusing Insurance in GEO Areas** 7. **_Denying Members_: MLS, Bkr Orgs, etc**
**_Federal Fair Housing Act of 1968_** - **Prohibits Discrimination when Leasing or Selling Property**. **It is part of Civil Rights Act oof 1968 and Prohibits:** 1. **_Refusing Sell/Rent/Negotiate_ with Any Persons -** 2. **_Quoting Different_ Terms and Conditions to Different Races.** 3. **_Advertising Properties_ to Certain People.** 4. **_Steering_ - People Towards and Away from Area** 5. **_Blockbusting_ - Encouraging to Sell/Rent because Minorities Moving into Area.** 6. **_Redlining_ - Lenders Altering Terms and Insurance Co refusing Insurance in GEO Areas** 7. **_Denying Membership_: MLS, Bkr Orgs, etc** **Chap 8**
59
**Truth in Lending - Trigger Terms -** **Trigger Terms Require Full Disclosure in Advertising:** 1. **D\_\_\_\_** Payment 2. **Num\_\_\_\_** of Payments 3. **Am\_\_\_\_** of Payments 4. **Per\_\_\_\_** of Payments 5. **Fin\_\_\_\_** **Charge** Amounts
**Truth in Lending - Trigger Terms -** **Trigger Terms Require Full Disclosure in Advertising:** 1. **Down** Payment 2. **Number** of Payments 3. **Amount** of Payments 4. **Period** of Payments 5. **Finance** **Charge** Amounts **Does Not Include Loan Assumptions** **Chap 8**
60
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wheelchair R\_\_\_\_ to Public Buildings** **is Required Under This Law.** 2. **Handicapped P\_\_\_\_\_ Spaces** 3. **Handicapped R\_\_\_\_\_\_\_**
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wheelchair Ramps to Public Buildings** **is Required Under This Law.** 2. **Handicapped Parking Spaces** 3. **Handicapped Restrooms** **Chap 8**
61
**C\_\_\_ R\_\_\_\_ Act 1866 -** **Act that Prohibits Discrimination based on Race or Color (No Exemptions)**
**Civil Rights Act 1866 -** **Act that Prohibits Discrimination based on Race or Color (No Exemptions)** **Chap 8**
62
**_Federal Fair Housing Act of 1968_** - **Prohibits Discrimination when _Leasing_ or _Selling Property_**. **It is part of Civil Rights Act oof 1968 and Prohibits:** 1. **_Refusing Sell/Rent/Negotiate_** **with Any P\_\_\_\_\_\_** 2. **_Quoting Different_ T\_\_\_** **and Conditions** 3. _**Advertising** **Prop\_\_\_\_**_ to **Certain People**. 4. **_Steering_ - Chanelling People Towards/Away from A\_\_\_** 5. **_Blockbusting_** - **Encouraging to Sell because** **Minorities M\_\_\_\_ into Area.** 6. **_Redlining_** - **Lenders Altering T\_\_\_\_** **and Insurance Co refusing Insurance** 7. **_Denying Membership_**: **MLS, Bkr Orgs, etc**
**_Federal Fair Housing Act of 1968_** - **Prohibits Discrimination when** **_Leasing_ or _Selling Property_**. **It is part of Civil Rights Act oof 1968 and Prohibits:** 1. **_Refusing Sell/Rent/Negotiate_** **with Any Persons** 2. **_Quoting Different_ Terms** **and Conditions** 3. _**Advertising** **Properties**_ to **Certain People**. 4. **_Steering_ - Chanelling People Towards/Away from Area** 5. **_Blockbusting_** - **Encouraging to Sell because** **Minorities Moving into Area.** 6. **_Redlining_** - **Lenders Altering Terms** **and Insurance Co refusing Insurance** 7. **_Denying Membership_**: **MLS, Bkr Orgs, etc** **Chap 8**
63
**Con\_\_\_\_\_\_\_ Priv\_\_\_** **Act of 1974** - 1. **_Federally Governed Act**_ governs _**Collection_, _Use_, _Maintenance**_, and _**Dissemination_ of Info About Individuals**. 2. Must have **_Consent of Consumer_ Individuals (To Disclose Info).**
**Consumer Privacy** **Act of 1974** - 1. **_Federally Governed Act_** governs **_Collection_, _Use_, _Maintenance**_, and _**Dissemination_ of Info About Individuals**. 2. Must have **_Consent of Consumer_ Individuals (To Disclose Info).** **Chap 8**
64
**Steering -** **Denying that Housing is Available for Sale/Rent or Channeling Prospects T\_\_\_\_/A\_\_\_\_** **from Certain A\_\_\_\_.**
**Steering -** **Denying that Housing is Available for Sale/Rent or Channeling Prospects Towards/Away** **from Certain Areas.** **Chap 8**
65
**Redlining -** **A Lender Altering the T\_\_\_ or Con\_\_\_\_\_ for Home Loans in Specific Geographic Areas as a means of Discrimination.** **Also when Insurance Companies Refuses to Ins\_\_\_ Homes due to the Home's Geographic Location.**
**Redlining -** **A Lender Altering the Terms or Conditions for Home Loans in Specific Geographic Areas as a means of Discrimination.** **Also when Insurance Companies Refuses to Insure Homes due to the Home's Geographic Location.** **Chap 8**
66
**Group Home -** **Home where a Number of Unrelated People Live Together, in need of C\_\_\_, Sup\_\_\_\_\_ or Super\_\_\_\_\_\_\_.** **These Types of Homes May Not be Discrimnated by Using "Zoning or "D\_\_\_ Restrictions' to Prevent One from Being Built.**
**Group Home -** **Home where a Number of Unrelated People Live Together, in need of _Care_, _Support_ or _Supervision_.** **These Types of Homes May Not be Discrimnated by Using "Zoning Laws" or "Deed Restrictions' to Prevent One from Being Built.** **Chap 8**
67
**Familial Status -** 1. **Refusing to** **"Rent" or "Sell"** **Apt/Home** to **"Families with Children under 18"** 2. **_Properties Occupied_**- **Only People** **62 or Older** 3. **_Properties Occupied_** - **\_\_\_ Person 55 or Older each unit - Occupying \_\_\_% of Units.**
**Familial Status -** 1. **Refusing to** **"Rent" or "Sell"** **Apt/Home** to **"Families with Children under 18"** 2. **_Properties Occupied_**- **Only People** **62 or Older** 3. **_Properties Occupied_** - **1 Person 55-Older each unit - Occupying 80% of Units.** **Chap 8**
68
**_Federal Fair Housing Act of 1968_** - Prohibits Discrimination when **_Leasing_ or _Selling Property_**. **It is part of Civil Rights Act oof 1968 and Prohibits:** 1. **Ref\_\_\_\_\_ Sell/Rent/Negotiate** - **with Any Persons** - **Making House Unavailable**. 2. **Qu\_\_\_\_ Different Terms** **and Conditions** 3. **Adv\_\_\_\_\_** **Properties** to **Certain People**. 4. **Ste\_\_\_\_\_ - Chanelling People Towards/Away from Area** 5. **Bloc\_\_\_\_\_\_** - **Encouraging to Sell because** **Minorities Moving into Area.** 6. **Red\_\_\_\_\_** - **Lenders Altering Terms** **and Insurance Co refusing Insurance** 7. **Denying Mem\_\_\_\_\_\_**: **MLS, Bkr Orgs, etc**
**_Federal Fair Housing Act of 1968_** - Prohibits Discrimination when **_Leasing_ or _Selling Property_**. **It is part of Civil Rights Act oof 1968 and Prohibits:** 1. **_Refusing Sell/Rent/Negotiate_** **with Any Persons** - **Making House Unavailable**. 2. **_Quoting Different_ Terms** **and Conditions** 3. _**Advertising** **Properties**_ to **Certain People**. 4. **_Steering_ - Chanelling People Towards/Away from Area** 5. **_Blockbusting_** - **Encouraging to Sell because** **Minorities Moving into Area.** 6. **_Redlining_** - **Lenders Altering Terms** **and Insurance Co refusing Insurance** 7. **_Denying Membership_**: **MLS, Bkr Orgs, etc** **Chap 8**
69
**Do Not Call Registry (www.donotcall.gov)** **Con\_\_\_\_\_ Pro\_\_\_\_\_\_ Act** **regulates** **"Do Not Call Registry." Regulated by Federal Trade Commission**
**Do Not Call Registry (www.donotcall.gov)** **Consumer Protection Act** **regulates** **"Do Not Call Registry." Regulated by Federal Trade Commission** **Chap 8**
70
**Eq\_\_\_\_ H\_\_\_\_\_ P\_\_\_\_\_ -** **As Per HUD this Must be Displayed in the Broker's Office.**
**Equal Housing Poster -** **As Per HUD this Must be Displayed in the Broker's Office.** **Chap 8**
71
**(FCRA) F\_\_\_ C\_\_\_\_\_\_ Repor\_\_\_\_ 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.**
**(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**
72
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wheelchair R\_\_\_\_ to Public Building** 2. **Handicapped - P\_\_\_\_\_ Spaces** 3. **Handicapped - Res\_\_\_\_\_\_\_**
**(ADA) Americans with Disability Act** - **Requires Commerical Properties to have**: 1. **Wheelchair _Ramps_ to Public Buildings** 2. **Handicapped _Parking Spaces_** 3. **Handicapped _Restrooms_** **Chap 8**
73
**RESPA'S Main Purpose is - Disclosures of S\_\_\_\_\_\_\_ Costs.**
**RESPA'S Main Purpose** is **- Disclosures of Settlement Costs.**
74
**Advertising (Part of What Act?)** 1. **_Ads Cannot Contain Wording_ (No Matter How Subtle) Indicating a Disc\_\_\_\_\_\_\_\_ Preference.** 2. **_Discriminatory Wording_: No Wheellchairs, Able Bodied Persons Only; Christian Handyman; Close to Catholic School, White Neighborhood.** 3. **_Photos_ Should Represent Entire P\_\_\_\_\_\_\_\_\_\_** 4. **_Advertising_ Should be Broad Based and Not Focus on Any One Group**
**Advertising - Fair Housing Act of 1968** 1. **_Ads Cannot Contain Wording_ (No Matter How Subtle) Indicating a Discriminatory Preference.** 2. **_Discriminatory Wording_: No Wheellchairs, Able Bodied Persons Only; Christian Handyman; Close to Catholic School, White Neighborhood.** 3. **_Photos_ Should Represent Entire Population** 4. **_Advertising_ Should be Broad Based and Not Focus on Any One Group or Groups.** **Chap 8**

AZ Real Estate Agent License 2020 (23 decks)

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