Annual percentage rate (APR)
Includes the interest rate and other loan costs and represents the true yearly cost of credit
To use the entry, or rumor of entry, of a protected class into a neighborhood to persuade owners to sell
Civil Rights act of 1866
Prohibits any type of discrimination based on race in ALL real estate transactions (Sale or rental) without exceptions
Fair Housing Act
created protected classes of people and prohibits discrimination when selling or renting certain residential property
Protected class of people under the the Fair Housing Act, consisting of families with children younger than 18 and pregnant women
Good faith estimate
Closing (settlement) costs lists of the charges the buyer is likely to pay at closing
A protected class of people under the Fair Housing Act who have a physical or mental impairment that interferes with normal life functions
Disclosure documents required under the federal Interstate Land Sales Disclosure Act
Facilities open to the public, including sales and rental establishments, hotels, and shopping centers
To deny loans or insurance coverage by a lender or insurer or presenting different terms or conditions in certain neighborhoods
Servicing disclosure statement
Discloses to the borrower whether the lender intends to service the loan or transfer it to another lender or Servicing company
Special information booklet
contains consumer information regarding closing services for which the borrower may be charged at closing
Channeling protected-class homeseekers away from areas that are not mixed with that class into areas that are
include certain credit terms or specific financing information in an advertisement
Truth in Lending Act (TILA)
is a federal law that is part of the consumer credit protection Act, and implemented by the federal Reserve Board’s Regulation Z. The act ensures that borrowers and customers of consumer credit are given information regarding the cost of credit so that consumers can compare credit terms available
Civil Rights Act of 1964
Prhoibits disvcrimination based on race, color, religion, or national origin
- Applies to public accomodations
- Applies to public facilities operated by state or municipal governments
What are 7 protected classes?
- National Origin
- Familial Status
- Handicap Status
What classes are NOT protected under the Fair Housing Act?
- Marital Status
- Sexual Orientation
What are exemptions for housing for older persons?
Certain housing is exempt from familial status protection if:
- All units are occupied by persons 62 years of age or older
- At least 80% of units are occupied by one or more persons 55 years or older
What is the Truth in Lending Act?
- Requires lenders to disclose the annual percentage ratte and all costs associated with credit
Three-day right of rescission
- Does NOT apply to first mortgages
- Applies o most consumer loans, including home equity lines of credit, second mortgages, and refinance loans
Coastal Management Act
- Administered by the EPA
- Designed to protect coastal areas
- Participation by states is voluntary (Federal funds available to states that do participate)
- Attempts to reduce nonpoint source (NPS) pollution
What is required of brokers who hold landlord funds?
If a real estate broker holds the funds on behalf of a landlord, the broker must abide by real estate license law concerning escrowed funds
Florida Residential Landlord and Tenant Act
Helps to put tenants and landlords on a more equitable basis
How long after a notice is posted by a sheriff will an eviction take place?
What must advertising containing triggering terms disclose?
- Amount or percentage of down payment
- Terms of repayment
- Annual Percentage Rate (APR)
Equal Credit Opportunity Act
-Ensures that financial institutions and firms engaged in extending credit will make credit available with fairness and without discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or receipt of income from public assistance programs
- Real Estate Settlement Procedures Act
- Enacted to ensure buyers are informed regarding the amount and type of charges they will pay at closing
What loans are exempt from RESPA?
- Construction loans, EXCEPT those intended for conversion into permanent loans
- Loans to finance the purchase of 25 acres or more