module 7
Your landlord has _____________ days to inspect your unit and, if there are no damages or unpaid bills, return your security deposit.
45
6. National Consumer Law Center
A. provides legal guidance for low-income and vulnerable consumers
Adding the scrubbers will reduce acid rain that pollutes lakes far from the factory.
Benefit
In 1962, the sleeping pill Thalidomide was not approved for use in the United States because it caused birth defects in thousands of children in Europe. Which agency was responsible for restricting the drug?
Food and Drug Administration
A television reporter says "All the smart money is migrating to bonds."
misleading
Credit union
pure fact
All contracts must be in writing.
true
The best first step to notify your landlord of a non-safety-related repair is to _____________.
. call or e-mail
Under which section in Membership Terms & Conditions is dress code discussed?
Administration
2. Federal Trade Commission
B. consumer protection agency; enforces antitrust laws
If your landlord ignores repairs that involve safety, contact your local _____________.
Building Inspection Office
What is the first step in suspending membership?
Complete a suspension form.
Building Inspection Office
Contact this organization if your landlord refuses to make repairs that involve safety.
General District Court
Contact this organization if your landlord refuses to make safety-related repairs.
Adding the scrubbers will lower company profits and income to company owners.
Cost
The company says it will have to reduce production and lay off 12 workers in order to afford the scrubbers.
Cost
5. Federal Reserve System
D. the U.S. central bank; monitors consumer rights in financial transactions
8. Community Reinvestment Act
E. the law requiring banks to invest in their communities
Which federal agency is responsible for limiting or eliminating acid rain caused by electrical power generation?
Environmental Protection Agency
7. Truth In Lending Act
F. the law requiring financial institutions to give detailed information about the terms and costs of their products
3. Common Cause
H. a private consumers' rights organization
Read each statement. Select the one that is incorrect.
If you cannot pay the rent, the landlord can immediately throw you out.
Read each statement. Select the one that is incorrect.
If you move out, the full responsibility of the lease automatically transfers to your roommate.
A producer of beverages creates a glow-in-the-dark soda to attract young buyers. The substance that causes the beverage to glow is cheap but causes cancer. Which describes this scenario?
It is a market failure because the company making the soda makes a profit by producing a good with a negative effect for society.
Which describes a community that does not have a public library?
It is a market failure because the cost for the community to build the library is less than the benefits a library would give to the community.
A shipping company encourages its truck drivers to keep the engine running when the truck is parked for long periods of time. This is so that the drivers can have air conditioning. Which describes this situation?
It is a market failure because the individual truck driver pays only part of the costs of pollution and society pays other costs from pollution.
Which describes a county that raises taxes to build a hospital?
It is a public good because it provides medical services to all who might need them.
Which describes Interstate Highway 95, which reaches from Maine to Florida?
It is not a market failure because it is a public highway that is used by everyone and thus is a public good.
Which section of the contract deals with fee information?
Members Declaration and Payment Details (Section 3)
Lower your monthly payments with our car loan.
Misleading
In Virginia, the main government agency that protects tenants' rights is the _____________.
Office of Consumer Protection
Newspaper table of interest rates
Pure Fact
Financial magazine editorial
Skewed Fact
Television financial program
Skewed Fact
Virginia Department of Agriculture and Consumer Services
The Office of Consumer Protection is part of this organization.
Read each statement. Select the one that is incorrect.
The VRLTA Handbook does not define the obligations of a landlord to make necessary repairs.
Read each statement. Select the one that is incorrect.
The court determined that the contracts between the company and its suppliers were legal.
Read each statement about the Bitter Medicine case. Select the statement that is incorrect.
The generic drug companies figured out how to make the ingredient themselves in order to be competitive.
Virginia Fair Housing Office
The main agency to contact if your landlord has discriminated against you.
What concerned the customers of Alarm Specialists?
They were not aware that the contract automatically renewed.
Office of Consumer Protection
This is Virginia's central agency protecting tenants' rights.
A lease is _____________.
a legal document
4. Consumer Reports
a publication that provides unbiased reviews of products
Which part of the contract shows when membership would begin?
a. Membership Start Date
In Virginia, a landlord cannot be penalized for housing discrimination based on _____________.
age, under 55
Companies that have publicly traded stock must publish ________ of their income, expenditures, and available cash.
an annual report
For which problem would it be most appropriate for you to contact the Fed?
an increase in your credit card interest rate
What did Alarm Specialists do wrong?
automatically renew the contract
______ will list the rates and details of the terms only for their loans or accounts.
banks
To find out the latest day you can pay your rent without penalty, _____________.
check your lease
Which of the following is a workplace issue that OSHA regulates?
chemical hazards
Bank of Virginia 30-year mortgage loan rate = 5.25%.
complete
As a tenant, you are also a _____________.
consumer
A Virginia contract for health spas is limited to 48 months.
false
A consumer buys goods for the purpose of reselling them.
false
A contract isn't a legal document.
false
A contract protects only the business or service.
false
A contract protects only the customer or buyer.
false
A copy of the agreement will only be in your file and you can request to see it.
false
A security deposit is an extra month's rent you give to the landlord and do not get back.
false
After you sign a lease, you can negotiate some of the terms.
false
Because all leases are the same and are in legal language, it is not important to read a lease closely.
false
Consumers' rights do not include the right to complain about products and services.
false
In Virginia, the central agency that protects your rights as a tenant is the Office of Tenant Affairs.
false
The Federal Trade Commission oversees state law regarding unfair and deceptive practices.
false
The main goal of the National Consumer Law Center is to provide legal information to American businesses.
false
The most accurate source of Internet information about a product comes from the Web site of the company that produces the product.
false
The responsibility of the Food and Drug Administration is limited to the safety of food and drugs.
false
You are a tenant, even if you live in the house your parents own, and you do not pay rent.
false
Which of the following is NOT regulated by the FDA?
farm machinery
1. Consumer protection law
federal and state laws that explain consumer rights
The ________ of a college or university that you wish to attend will have information on how to finance your education.
financial aid office
__________ tend to focus on upper middle-income individuals who have income to invest and may or may not have articles applicable to your individual situation.
financial magazines
You cannot unreasonably block access to your unit if your landlord wants to enter to _____________.
inspect the unit
The legal document that is a contract between a landlord and a tenant is a(n)_____________.
lease
When you sublease, you _____________.
let another person move in and take over the lease
Average annual returns of 6% for the last 10 years.
misleading
Introductory interest rate of only 5%.
misleading
Isabella scans the contract and notices that there are no lines for her signature or that of the spa owner. Is it okay to omit signatures?
no
The contract makes no mention of the buyer's right to cancel the spa membership. Should Isabella sign the contract?
no
According to the Community Reinvestment Act, what must a bank do?
provide credit to people in low-income areas for affordable housing
What did Alarm Specialists agree to do?
provide in writing to its customers that they will not enforce the renewal unless it is done properly
Internet source that ends in dot-gov
pure fact
Which is a responsibility of the Bureau of Consumer Protection?
regulation of investment advertising
after you move out, the landlord has 45 days to do an inspection and return your _____________.
security deposit
Internet source that ends in dot-com
skewed fact
As part of its Consumer Complaint Program, why does the Fed keep a database of consumer complaints?
to uncover unfair or deceptive practices in the banking industry
A landlord is a person who rents out a house or apartment to a tenant.
true
A lease for a rental unit is a legal agreement between a tenant and landlord.
true
A proper and legally binding contract will contain information outlining when you are entitled to a refund.
true
Another government agency that helps protect the rights of tenants is the Virginia Department of Housing and Community Development.
true
Consumer protection law is the term for the huge body of federal and state laws that define the consumers' rights.
true
In "perfect" competition, a number of companies make and sell the same kind of product, and consumers can thus select among prices, styles, levels of quality, and other factors.
true
The National Highway Traffic Administration (NHTA) monitors the safety of cars, not just the safety of highways.
true
The Virginia law that addresses tenant-landlord issues is the Virginia Residential Landlord and Tenant Act (VRLTA).
true
The original role of the Federal Trade Commission was to destroy trusts, which were groups of companies that worked together to limit competition.
true
The words "Buyer's Right to Cancel" need to be included in any Virginia contract for health spas.
true
Attached to the contract is a notice of how Isabella can resolve any complaints with the owner of the spa. Is this an appropriate attachment?
yes
The contract clearly states that Isabella will owe $42 monthly with the possibility of a $5 penalty if she pays her fee late. Is the contract legal?
yes
The contract states that the membership will have a duration of one year. Is that legal?
yes
