Real Estate Practice

TILA was enacted in...?

1968

Properties built prior to ........... require a lead based paint disclosure?

1978

Familial status became a protected class under the...?

1988 Fair Housing Amendment Act

If the overall commission in a transaction is 6%, and the seller/buyer broker commission split is 50/50, what would the buyer broker's commission be for the transaction...?

3%

In order to be considered a senior living residence, at least 80% of the units must be occupied by persons ..........years or older?

55

Americans with Disabilities Act (ADA)

A federal law protecting the rights of individuals with physical or mental impairments.

Civil Rights Act of 1866

A federal law that prohibits all discrimination on the basis of race.

Fair Housing Act of 1968

A federal prohibited on discrimination in sale, rental, financing or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status.

Civil Rights Act of 1964

A law that prohibited discrimination on the basis of race, color, national origin, or gender in any housing program receiving federal money.

Independent Contractor

A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.

Implied Agency

Agency that exists as a result of actions of the parties.

A federal law protecting the rights of individuals with physical or mental impairments is known as the...?

Americans with Disabilities Act

Public accommodations for handicapped individuals is required under the...?

Americans with Disabilities Act

Express Agency

An agency relationship created by oral or written agreement between principal and the agent.

Dual Agent

An agency relationship in which the agent acts for both of the principals in a transaction. This is prohibited in Florida.

Single Agent

An agent who works only for the buyer or the seller.

General Agent

An agent with full authority over one property of the principal, such as a property manager.

Special Agent

An agent with limited authority to act on behalf of the principal, such as created by a listing.

Commission

An agent's compensation for performing the duties of the agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc. A fee for services.

The use of prejudice to instill fear, or panic, in order to motivate individuals in a particular area or neighborhood to sell or dispose of their property because of the entrance, or potential entry, of a protected class is known as

Blockbusting

Steering is commonly associated with...?

Buyers

This federal law prohibits all discrimination on the basis of race only...?

Civil Rights Act of 1866

This federal law prohibits discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money...?

Civil Rights Act of 1964

The illegal mixing of personal funds with money held in trust on behalf of a client is known as...?

Commingling

What is the final step in disclosing an agency relationship...?

Confirm

The unlawful appropriation of another's property or funds is known as...?

Conversion

A long-term physical or mental impairment, or condition, that substantially limits a person's major activities is known as a/an...?

Disability

An agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as...?

Dual agency

Which of the following occurs when two agents working under the same sponsoring broker represent both sides in a transaction...?

Dual agency

This court case determined that a seller's agent only has a duty to visually and diligently inspect a property...?

Easton vs. Strassburger

Moral principles that govern a person's or group's behavior are known as...?

Ethics

Which of the following prohibited discrimination in housing whenever federal funds were involved...?

Executive Order 11603

This federal law prohibits discrimination in the sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status...?

Fair Housing Act of 1968

A broker never owes fiduciary duties to a buyer...?

False

Any licensed real estate broker or agent can call themselves a Realtor...?

False

Dual agency is illegal in California...?

False

Most mew home buyers purchase using cash....?

False

The Fair Employment Housing Act is also known as the Rumford Fair Housing Act...?

False

A person in a position of trust and confidence is known as a...?

Fiduciary

This court cased determined it was unconstitutional to refuse to sell a house on the basis of race...?

Jones v. Mayer

Any fact that would influence the decision of a reasonably prudent person is known as a...?

Material fact

Which of the following is an indication of a water problem in a house...?

Mold

Broker commissions are typically stated as a...?

Percentage of the sale price

The Sherman Anti-Trust Act prohibits which of the following...?

Price fixing Market allocation Group boycotting

This federal law requires the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development (HUD)...?

RESPA

Which of the following carries workers compensation insurance?

Real Estate Brokers

Agency exists between the principal and...?

Real estate broker

The refusal to lend money within a specific area for various reasons is known as...?

Redlining

TILA is also known as...?

Regulation Z

The natural hazards disclosure is required for...?

Residential properties

Which of the following is considered a support or service animal...?

Seeing Eye Dog

A federal legislation including the imposition of civil and punitive damages for anti-trust activities is known as the...?

Sherman Anti-Trust Act

An agent who works only for the buyer or the seller is known as a...?

Single agent

Using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single family residence or rental dwelling is known as...?

Steering

Which of the following is considered an illegal action under the fair housing laws...?

Steering Blockbusting Redlining

A ........... property is a property that may be perceived to be undesirable for other than physical or environmental reasons?

Stigmatized

The real estate market place is a/an .... market place?

Stratified

Redlining

The refusal to lend money within a specific area for various reasons.

Who owns any listings obtained by a real estate salesperson...?

The salesperson's sponsoring broker only

Blockbusting

The use of prejudice to instill fear, or panic (also known as panic selling), in order to motivate individuals in a particular area or neighborhood to sell or dispose of their property because of the entrance, or potential entry, of a protected class.

A landlord is not allowed to charge an increased security deposit for a tenant with a service animal...?

True

A mandated disclosure is a disclosure which is required by law...?

True

A real estate broker acts as a fiduciary to the principal...?

True

A real estate salesperson operates as a sub-agent to their broker...?

True

All disclosures involved in a real estate transaction should be in writing...?

True

Any agent involved in a residential transaction must disclose agency...?

True

Anything greater than four dwelling units is considered commercial real estate...?

True

Blockbusting is also known as panic selling...?

True

Commissions are always negotiable...?

True

Disability

a long term physical or mental impairment, or condition, that substantially limit's a person's major activities

Universal Agent

a person who is authorized to perform all acts or duties his/her principal is empowered to perform

Real estate brokers are required to maintain records of each transaction for at least how many years...?

3

The seller's broker is responsible for completing the Transfer Disclosure Statement...?

False

When conducting their visual inspection, the real estate agent is required to check crawl spaces and roofs...?

False

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure is known as a...?

Fiduciary duty

Discrimination in advertising is covered under the Civil Rights Act of 1968...?

True

Ethics tends to preceed law...?

True

Purchasers of residential real estate are entitled to a Real Estate Transfer Disclosure Statement...?

True

The real estate broker is responsible for completing the AVID form...?

True

The weather conditions at the time of the visual inspection must be described on the AVID form...?

True

Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction are known as...?

Trust Funds

Steering

Using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single family residence or rental dwelling.

Which of the following must be double braced in California...?

Water heaters