CH 7-15

Which was the first housing discrimination protection act?

The Civil Rights Act of 1866

Under the ECOA, it is legal for a lender to ask if a borrower is separated.

True

Which one of the following elements is a requirement for a valid contract? a due on sale clause a promulgated form consideration the presence of an attorney

consideration

If no third party is named as remainderman, when a life estate owner dies, the property reverts to the:

grantor

What are the four unities required for joint tenancy?

interest, time, title, and possession.

A father conveys property to his son, but reserves a life estate for himself. During the father's lifetime, what interest does his son have?

remainder

In order for a real estate contract to be valid, it must be:

signed by the seller

What is one practice that has helped lessen the unscrupulous activity prevalent in the early days of real estate?

the buyer getting an abstract and having it examined by an attorney

Who would hold the ownership interest of a co-owner who passes away?

the deceased's named descendants

Who does the property revert to at the end of a lease?

the landlord.

Bill is married to his second wife, Susan. Bill has a daughter from his first marriage. If Bill dies without a will (intestate), how will their community property be divided?

the spouse will keep their 50% of the community property and the deceased person's child(ren) will get the other 50%.

Which of the following phrases would be considered discriminatory if used in an advertisement?

"Christian neighborhood"

If a lender refuses to make Harry a 30-year mortgage just because Harry is 85 years old, they will have violated:

ECOA

Does the Texas Homestead Act protect a property from federal tax liens?

No, the Homestead Act provides no protection from federal tax liens .

The protected class of disability is defined as anyone who has:

a physical or mental impairment that affects the performance of one or more major life activities

A couple renting a home have a leasehold estate, which means they have:

the right of possession

An estate at will allows the tenant to occupy the property:

until either the tenant or the landlord decides tenancy should end

At what age does a child living with his or her parents no longer qualify for familial status protection under the Fair Housing Act?

18

Monica owns her house. For the duration of her lifetime, she has the right to her property (unless she sells it) and can will her property title to her children after her death. Monica has a:

A fee simple estate

What is the basic premise of community property?

Both spouses contribute equally to a marriage, and thus both have equal ownership rights to all property acquired during marriage.

Sally and Fred are two single people buying a home together. The lender is threatening to deny them a loan because he does not like their lifestyle. If the lender does that, it will be a violation of the:

ECOA

What are the limitations on the amount of property that can be homesteaded in Texas?

In an urban environment, the maximum amount of land cannot exceed 10 acres. It can be multiple lots but must be contiguous or adjoining. If it is a rural property, the maximum homestead is 200 acres for a family and 100 acres for a single person.

A tenant comes to a property manager asking to put in shower bars to accommodate their disability. When they property manager informs the landlord, the landlord balks, because the tenant is not a wheelchair user. What should the property manager do? Choose the BEST option.

Inform the landlord that not all disabilities are visible, and warn them they could be violating the Fair Housing Act by refusing the accommodation.

What rights does a leasehold estate establish?

It establishes a tenant's legal right to use and occupy a property they do not own.

When an offer is made, it can be accepted, rejected, retracted prior to acceptance, countered, or allowed to expire. Until one of those things happens, what is the status of the contract?

It remains open.

An elderly couple is going to rent their vacant basement for extra income. The couple does not want a family with children. The couple asks their granddaughter, who is a real estate agent, to help them with finding tenants. Is this legal? Why or why not?

No, the couple is not allowed to discriminate against families with children if they are helped by their granddaughter because she is a license holder.

Landlords are required to allow tenants to make modifications to their property in order to accommodate their disability. Who's responsible for paying for these modifications?

The tenant

After what point in the signing of the contract is it no longer possible for a buyer to rescind the offer?

Until the delivery of the notice of acceptance, the buyer has the right to rescind their offer.

When a seller receives a counteroffer and lets it expire, the seller is:

When a seller lets a counteroffer expire, that is a way of rejecting it.

What is meant by the term "right of survivorship"?

When one co-owner dies, their ownership interest is inherited by the surviving co-owners.

What is a protected category according to Texas fair housing laws, but not national ones?

ancestry

Unless otherwise specified through an agreement, if one spouse rents out their separate property, the income is considered:

community property

A buyer is purchasing a property. They signed a contract but the sale has not yet closed. What kind of ownership interest or estate do they have?

equitable estate

Protected classes in the Fair Housing Act of 1968 include race, color, religion, national origin, sex, disability, and what other category?

familial status

Besides their brokerage, where is one place that an agent can get a buyer's representation agreement and listing agreement that is legal to use?

from TAR

The four unities apply to co-ownership that is classified as:

joint tenancy

The three types of co-ownership are community property, tenancy in common, and what?

joint tenancy

Which of these contracts would not be subject to the statute of frauds?

leases of one year or less

Why do most brokerages fall within the scope of the ADA, and therefore must be extra careful about accessibility?

ny brokerages fall within the scope of ADA because of their location or because they have 15 or more employees.

Carla has clients looking for a rental property who only speak Spanish. What should she do to accommodate them?

provide them with the official translated lease forms

With a fee simple subject to condition subsequent, if the specific requirement is not met the property will:

revert back to the original owner.

You are working with a Black buyer, Tom, and you decide to show him homes in a neighborhood with a high Black population. This illegal act is known as:

steering

Doug granted Betsy a life estate for a property he owned and named his son as the remainderman. When will his son become the owner of the property?

when Betsy dies

Property that is bought and held by a married couple in Texas is:

Community property

What is one thing buyers can get to protect themselves against loss if someone attacks their title?

Title insurance

What is an executory contract?

a contract in the process of being executed

An unmarried Texas couple purchased real estate together. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death?

joint tenants with the right of survivorship.