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T/F Land developers are NOT permitted to sell or lease lots in subdivisions of 100 or more lots unless they have have registered the subdivision with the Bureau of Consumer Financial Protection.
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Before selling or leasing lots in subdivisions of 100 or more lots, developers first need to register the subdivision with the -----
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Unit 7: Exam

Federal and State Laws for Real Estate

QuestionAnswer
T/F Land developers are NOT permitted to sell or lease lots in subdivisions of 100 or more lots unless they have have registered the subdivision with the Bureau of Consumer Financial Protection. TRUE
Before selling or leasing lots in subdivisions of 100 or more lots, developers first need to register the subdivision with the ----- Bureau of Consumer Financial Protection.
------ allows a 10-day period to cancel the sale agreement for prospective purchasers who receive the property report prior to signing the purchase agreement. The Interstate Land Sales Full Disclosure Act
T/F The Interstate Land Sales Full Disclosure Act allows a 10-day period to cancel the sale agreement for prospective purchasers who receive the property report prior to signing the purchase agreement. FALSE
Purchasers who received the ----- before signing the sale contract may cancel the contract within seven days. property report
T/F The Fair Housing Act recommends the use of an equal opportunity poster that features the equal housing logo and a statement that pledges adherence to the Fair Housing Act. FALSE
The ------ REQUIRES (not recommends) the use of an equal opportunity poster featuring the equal housing logo and a statement that pledges adherence to the Act. Fair Housing Act
T/F Religious organizations may restrict dwelling units they own or operate to members of their religion. TRUE
----- MAY restrict dwelling units they own or operate to members of their religion provided the organization does not otherwise discriminate in accepting its membership. religious organizations
T/F Landlords may verbally inform tenants of how tenant security deposits will be held at the time the deposits are paid to the landlord. FALSE
T/F Landlords must inform tenants in writing, within 30 days from the receipt of advance rent or security deposit, of the manner in which the funds are being held. TRUE
Landlords must inform tenants in writing, within 30 days from the receipt of advance rent or -----, of the manner in which the funds are being held. security deposit
T/F Landlords must give reasonable notice prior to entering a tenant's apartment except in emergencies. TRUE
Except in -----, landlords are obligated to enter rented premises at times reasonable and convenient for the tenant. emergencies
T/F Which property is exempt from Title VIII of the Civil Rights Act of 1968? 3-unit dwelling in which the owner resides in one of the units
----- in multifamily dwellings with four or fewer family units provided the owner lives in one of the units. racial discrimination is illegal in any real estate transaction under federal law.
----- is illegal in any real estate transaction under federal law. racial discrimination
A licensed sales associate collects rent from a tenant. The sales associate MUST deliver the rental money to the employing broker by the end of the next business day.
Housing for older persons is exempt from the familial status protection under the Fair Housing Act provided what percent of the units are occupied by one or more persons 55 years of age or older? 80%
----- from the familial status protection under the Fair Housing Act, provided at least 80% of the units are occupied by one or more persons 55 years of age or older. Housing for older persons exempt
Sales associates who ---- from a tenant must deliver the funds to their broker-employer no later than the end of the next business day. collect rent or deposits
The ADA's definition of public accommodation does NOT include a private home
------ are facilities open to the public, including sales and rental establishments, hotels, restaurants, and shopping centers. Public accommodations
Which of the following does NOT help enforce the Fair Housing Act? Fannie Mae
----- the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), state and local fair housing enforcement agencies, and through private lawsuits in federal and state courts. Fair Housing laws enforcement
Which statement is TRUE regarding a racial discrimination case involving commercial real estate? The Civil Rights Act of 1866, which is enforceable today, makes racial discrimination illegal in residential and nonresidential transactions.
The ------ prohibits any type of discrimination based on race in any real estate transaction without exception. This law is still in force today. Civil Rights Act of 1866
Under ILSA, developers of 25 or more lots must provide buyers with a ----- property report
----- must provide buyers with a property report prior to signing the sale contract. Developers of 25 or more lots
Under which circumstance is a landlord relieved from the requirement to place security deposits into a special rental account? Landlord posts a surety bond with the clerk of the circuit court.
The Fair Housing Amendments Act of 1988 added which protected class to the Fair Housing Act? handicap status
In 1988, Congress amended the Fair Housing Act of 1968 to include two additional protected classes: familial status and handicap status
Which housing is exempt from the familial status protection under the Fair Housing Act? At least 80% of the units are occupied by one or more persons 55 years of age or older.
Certain housing for older persons is ----- under the Fair Housing Act, provided all of the units are occupied by persons 62 years of age or older, or at least 80% of the units are occupied by one or more persons 55 years of age or older. exempt from the familial status protection
From which source can a broker obtain a copy of the equal housing opportunity poster for a new real estate office? HUD Department of Housing and Urban Development
The ----- is available from the HUD - Department of Housing and Urban Development equal housing opportunity poster
If a landlord does not intend to make a claim on a tenant’s security deposit, how long does the landlord have to return the deposit? 15 days
If the landlord does -------on the security deposit, the landlord has 15 days to return the security deposit. not intend to make a claim
Created by: XAYA
 

 



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