Laws

Question 1

Superfund Amendments & Reauthorization Act (SARA)

Answer 1

Amended CERCLA; more money to superfund; new environmental laws/regulations

Question 2

Sherman Antitrust Act

Answer 2

1890 - prohibits trusts/monopolies in market; regulates anti-competition conduct to promote fair competition

Question 3

Regulation Z

Answer 3

TILA that seeks to protect consumers - proper disclosure, fair lending practice

Question 4

Real Estate Settlement Procedures Act (RESPA)

Answer 4

Eliminates kickbacks; disclose costs of closing a loan

Question 5

Real Estate Owned (REO)

Answer 5

Bank owned properties from foreclosures

Question 6

Real Estate Investment Trust (REIT)

Answer 6

Trust owned by investors who share profits according to shares

Question 7

Real Estate Commissioner

Answer 7

Head of ADRE appointed by governor for indefinite term

Question 8

Real Estate Advisory Board

Answer 8

Advises commissioner (10 members, 6 year term limit)

Question 9

Homestead Laws

Answer 9

Protect homeowners from loss of primary residence from creditors

Question 10

Government National Mortgage Association (Ginnie Mae)

Answer 10

1968 - buys loans to help housing assistance and support programs

Question 11

Federal National Mortgage Association (Fannie Mae)

Answer 11

1938 - buys loans from large, commercial banks

Question 12

Federal Housing Administration (FHA)

Answer 12

Insures mortgages

Question 13

Federal Home Loan Mortgage Corporation (Freddie Mac)

Answer 13

1970 - support smaller thrift banks

Question 14

Fair Housing Act of 1968

Answer 14

Prohibits discrimination (rale, color, religion, national origin) amended to include (sex, disability, familial status)

Question 15

Estate at Will

Answer 15

Landlords consent

Question 16

Estate at Sufferance

Answer 16

Tenant occupies beyond consent or lease terms

Question 17

Escheat

Answer 17

Descendants property to state if no will/descendants

Question 18

Equal Credit Opportunity Act (ECOA)

Answer 18

Bar discriminatory lending practices

Question 19

Environmental Protection Agency (EPA)

Answer 19

Enforcing federal environmental laws

Question 20

Dodd-Frank Act

Answer 20

Response to subprime mortgage crisis; created CFPB

Question 21

Doctrine of Prior Appropriation

Answer 21

State has power to control and regulate all water resources

Question 22

Doctrine of Laches

Answer 22

Bar dated claims; unreasonable delay or negligence in asserting or defending one’s rights

Question 23

Department of Housing & Urban Development (HUD)

Answer 23

Enforces federal fair housing laws

Question 24

Consent Order

Answer 24

Settlement that ADRE uses to resolve case against licensee

Question 25

Comprehensive Environmental Response Compensation Liability Act (CERCLA)

Answer 25

Broad authority to respond to hazardous substances that may endanger public health or environment

Question 26

Civil Rights Act of 1866

Answer 26

First law to promise equal rights

Question 27

Arizona Department of Real Estate (ADRE)

Answer 27

Regulates & oversees licenses in AZ