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Fed Laws

"" Governing real estate Activities

QuestionAnswer
Inducing someone to enter a real estate listing contract by representing a change is to occur in an area because of the entry of a protected class is called Blockbusting
If you own your personal residence what may be deducted from your income taxes owed to the IRS? Mortgage interest
You do not have to pay some capital gains taxes on the sale of your personal residence if: you own for at least 2 of the last 5 years
In a 1031 tax deferred exchange what must be done? You must buy replacement property within 180 days of the sale of the relinquished property.
Fair housing laws prohibit discrimination based on F : Familial Status R : Race S : Sex H : Handicap C : Color R : Religion N : National origin
Channeling home seekers to particular areas is called: Steering
Restricting the number of loans or Loan to value in an area usually because of the high percentage of protected classes is: Redlining
Which statements is true regarding a broker's commission policies? They can set a minimum commission the firm charges sellers/buyers
Which is not a violation of anti-trust laws? Variable rate commissions
Who became a protected class in 1866? Race
Meeting with other brokers in your area to discuss commission rates is an example of Price fixing
HUD or their representative may file a Federal fair housing discrimination claim within how long after the alleged incident? 1 year
Which applicant circumstance or income source is NOT protected by Equal Opportunity credit laws? A minor
Is suggesting a listing to a buyer in a neighborhood with lost of kids discriminatory? Yes, if that was the reason for the suggestion.
Per the Federal "Do not call" Registry which registered party may a licensee call? A potential seller of commercial property
Which statement is true according to the Americans with Disabilities Act (ADA)? A landlord must allow a tenant to remodel a unit with reasonable accomodations
Which advertisement would be allowed under Federal Fair Housing laws? Male seeks roommate
What is true regarding drug abuse and Americans with Disabilities Act (ADA)? Current drug abusers are not protected from employment discrimination.
Civil rights Act of 1866 did what? Prohibit discrimination based on race only and prevents racial discrimination in all housing
Fair Housing Act of 1968 Broadens the number of classes protected against discrimination
Americans with Disabilities Act helped buildings to be made accessible to everyone
Mortgage Disclosure Act Requires lenders to provide info to detect redlining.
Redlining is when: A lender refuses to make construction loands to residents in certain areas because "they don't pay their loans"
A person with a mental illness would be protected and included under: The Americans with Disabilities Act
True or False? To avoid Steering, the broker should let prospective buyers determine the areas they want to see. True
For profit, inducing owners to sell based on representations that minorities are moving into the area is called: Blockbusting
Channeling home seekers to certain areas because of their race, color or religion is: Steering
True or False? Familial stats under the act includes pregnant women, an adult with children younger than 18, a person in legal custody of a child? True
What Act added sex as a protected class? Housing and Community Development Act
What act added families with children and people with handicaps as protected classes? Fair Housing Amendment Act
Discriminatory Advertising is: publishing a flyer implying prejudice against protected class of people
True /False? HUD housing opportunity poster includes equal housing logo and slogan? True
True / False? HUD administers the 1968 Fair Housing Act? True
What is the time period for a person who feels they have been discriminated against to contact HUD? 1 year
If discrimination complaint is filed by you, do you have to pay costs associated with investigation of the complaint? No, HUD pays to investigate complaint
Created by: hblake