Marketing regulations quiz

Regarding the Federal fair housing act.. A. It is enforced by the federal trade commission B. Federal laws preempt state laws C. It is enforced by department of housing and urban development D. Less restrictive laws take precedence over more restrictive laws

C. It is enforced by department of housing and urban development

A complaint must be filed with HUD within what period of time after fair housing violation has occurred? A. One week B. One month C. One year D. Two years

C. One year

Which best describes a security? A. Selling property located outside the state boundaries B. Selling property instrastate C. And investment in a comment enterprise, intending to make profit through someone else's effort D. 25 or more residential lots

D. 25 or more residential lots

Which of the following is not protected by the fair housing act? A. National origin B. Race C. Ethnic group D. Marital status

D. Marital status

By what means could a person file a complaint about a violation of fair housing act? A. By writing a letter to the department of housing and urban development B. By calling their senator or congressman C. By calling the local board of realtors D. By writing the mayors office

A. By writing a letter to the department of housing and urban development

If a party feels they have been discriminated against under the fair housing law to whom would a complaint be made for enforcement of the law? A. Department of housing and urban development B. Nebraska real estate commission C. Mayor of the city where the discrimination occurred D. A public figure on a national network

A. Department of housing and urban development

Which of the following is it the responsibility of a handicap person to restore at their own expense when vacating their apartment? A. Interior B. Hallways C. Entrances D. Public areas

A. Interior

A house at 123 Main St. is sold. After closing the new owners discover the roof of the structure leaks. This is an example of A. Latent defect B. Patent defect C. Duress D. Puffing

A. Latent defect

Which of the following can a property manager not require a handicap person to do when vacating an apartment? A. Narrow the doorways to the standard width B. Remove the grab bars from the bathtub C. Repair the plaster around the bathtub after removing the grab bars D. Raise the cabinets and the counters in the kitchen area to standard height

A. Narrow the doorways to the standard width

A property owner is selling his rental property. He does not employ a real estate broker. He places an ad in the newspaper specified that only married people with no children would be eligible to purchase this piece of property , is this legal? A. No because he specified familial status in the ad B. No because he specified marital status in the ad C. Yes because he did not employ real state broker D. Yes if he does not own more than three rental properties

A. No because he specified familial status in the ad

The federal fair housing act of 1968 prohibits discrimination in the rental of all the following except A. Offices B. Apartments C. Houses D. Residential lots

A. Offices

In offering real estate securities the term intrastate refers to the fact that.. A. The security is offered and sold only to the residence of one particular state B. The security is available to residents in all 50 states C. The offering need to follow the guidelines of the SEC D. None of these

A. The security is offered and sold only two residents of one particular state

Read herring as a term that describes: A. Unfair practices in the sale of securities B. A preliminary prospectus for the sale of a security which is filed with the SEC, but the registration is not yet effective C. Communist who attempt to sell securities to undercover agents D. All of these

B. A preliminary prospectus for the sale of a security which is filed with the SEC but the registration is not yet effective

An agent representing the buyer discovers that the site the buyer wishes to make an offer on was a gas station at one time and may have underground storage tanks on it. What should the agent recommend the buyer do? A. Consult at EPA B. Ask the seller to hire a professional to make an environmental site assessment C. Contact the SID the property is located in D. Proceed with the sale

B. Ask the seller to hire a professional to make an environmental site assessment

Carrie owns a house in is located in an area that is known for having underground springs. Carrie has lived in the house for three years and has never experienced a water problem with her property. When Carrie list the property with Barry which statement is true? A. Very does not have to disclose the presence of the springs in the area because Carrie never had a water problem while living there B. Very must disclose the presence of the springs to all prospective purchasers C. The presence of the springs would be considered a patent defect D. Sense the presence of the underground springs in that area is common knowledge Barry has no responsibility to make note of it to prospective purchasers

B. Barry must disclose the presence of Springs to all prospective purchasers

A sales person is soliciting a listing in red oaks subdivision of the city. He indicates to the owner that he should sell because minorities are moving into the area. This is an example of A. Redlining B. Blockbusting C. Depreciation D. Steering

B. Blockbusting

What individual does the SEC govern? A. Broker B. Broker and seller C. Broker seller and client D. Buyer

B. Broker and seller

You would most probably need a securities license to sell all except: A. Interval ownership with mandate rental pool B. Federally subsidized building C. Limited partnerships D. Investment pool

B. Federally subsidized building

A house is listed for sale . which could guarantee that the furnace will remain in working condition? A. Title insurance B. Home protection plan C. Seller property condition disclosure statement D. Statute of frauds

B. Home protection plan

An apartment owner is required to offer handicap parking spaces A. If one is made available to another person with handicap B. If the apartment has parking spaces for tenets and need has been demonstrated C. At least one per unit D. Under no circumstances

B. If the apartment has parking spaces for tenets and need has been demonstrated

William is having a vacancy in his 12 unit apartment building placed an ad in the local newspaper. A young couple called on the ad. During the telephone conversation Williams learn that they were each 20 years old with full-time appointment. Williams enthusiastically agreed to meet with the young couple that evening to show them the vacant apartment. During the showing Williams remained eager to rent a couple the apartment until he learned that the couple was not married. He immediately called to the couple terminating the showing and mumbling that he might get back to them. Is the couple correct and believing that William illegally discriminated against them because of their unmarried status? A. No sense they have not yet reached 21 years of age, The couple cannot file a complaint alleging discrimination B. No Williams can legally refuse to rent to an unmarried couple C. Yes Williams did you legally commit sex discrimination D. Yes because Williams did not place in his add that he would not rent unmarried couples

B. No Williams can legally refuse to rent to unmarried couple

To sell real estate securities in Nebraska you must hold A. A real estate license B. Securities license C. Both of these D. Neither of these

B. Securities license

A broker has an exclusive right to sell a development. Sales person who works for the broker is taking a buyer through a model home. The buyer says I absolutely have to have cable- does this area have cable? The sales person knows the developer has tried to get cable to the area but has been unable to negotiate it. What response should the sales person make? A. Silence B. The developer has been negotiating to get cable for the area and has been unsuccessful so far C. This area will have cable D. If you can't get cable hear you and other residents could get a satellite dish

B. The developer has been negotiating to get cable for the area and has been unsuccessful so far

Concerning exemptions to the federal fair housing act.. A. A private owner who has not listed his property with the real estate firm they specify in his advertising if only certain minorities are to respond B. A private owner who has listed his property with a real estate firm may specific five which nationality is he will sell to C. A private owner who has not listed his property with the real estate firm may discriminate regarding religion when he sells his property D. A private owner who has not listed his property with the real estate firm may specific find that only certain races may purchase his property

C. A private owner who has not listed his property with a real estate firm may discriminate regarding religion when he sells his property.

A private offering refers to: A. In offering made only two family members B. Offerings under $1 million C. It security that does not involve an offering to the general public D. Offerings which were originally financed only through private sources

C. A security that does not involve an offering to the general public

While negotiating a listing the seller indicates to the broker that the plumbing in the listed property is in bad condition, but list it with the broker on the condition that the broker will state the plumbing is fine. The property is sold, two months later the buyers complain of the poor condition of the plumbing in the property, Who is legally liable for the incorrect information given on the condition of the plumbing? A. Seller only, since the broker had specific directions from the seller on this matter B. Broker only sense he is the party who actually gave out the incorrect information to the public C. Both the seller and broker D. Neither party has any liability to the doctor and of the caveat emptor

C. Both the seller and broker

And elderly couple request that they be showing properties only in areas which there are not children. How should the real estate licensee respond? A. I am required by law to show you all properties that are available in your price range B. I am not allowed by law to show you any property two persons who make such a request C. Fair housing laws permit the exclusion of children only communities which are intended exclusively for persons 55 years of age or older D. I'll do my best to choose areas that I know have a low population of children under 18 years of age

C. Fair housing laws promote the exclusion of children only communities which I intended exclusively for persons 55 years of age or older

Sales person Sam was showing a house to buy her Beasley. Beasley noticed a large crack in the basement wall and asked Sam what would cause such a sizable crack. Sam was aware that this house had some structural problems, but did not disclose to Beasley, Sams act is.. A. A violation of RESPA B. Violation of statute of frauds C. Fraudulent misrepresentation D. Proper sense it protects the sellers interest

C. Fraudulent misrepresentation

Which of the following types of ownership is least likely to be subject to securities regulation? A. Limited partnership B. Subchapter S corporation C. Joint tenancy D. Joint venture

C. Joint tenancy

while considering an offer to purchase that had been presented on a sellers property, The seller asked the licensee the race of the purchaser. The licensee respectful he refused to provide that information. Was the licensee shrinking his fiduciary responsibility to the seller? A. Yes the seller should know such information when deciding whether or not to sell his property B. Yes the agent as required by law to provide all such information to his principal C. No because the race of the purchaser is not relevant to the transaction D. No because the few dishy where responsibility ended when the purchase agreement was drawn

C. No because the race of the purchaser is not relevant to the transaction

An agent acting as a buyers agent, there showing a minority couple properties in all areas of the city. The couple state that they want to see property only areas that have other residents the same race. Can the agent comply with their request? A. Yes because the request originated with the buyers B. Yes because the fiduciary obligation of obedience to the client C. No this would be a violation of fair housing law D. Only with the permission of the employing broker

C. No this would be a violation of the fair housing law

A condominium has a mandatory rental pool as a condition of ownership. The broker selling the condominium states the income generated by the mandatory rental pool in the promotional brochure. This is a characteristic A. Cooperative B. Non-compete clause C. Security D. Non-recourse note

C. Security

An elderly couple tells the real state agent that they wish to buy a single-family residence in a area with no children. The licensee may: A. Show them properties only in areas that he deems are free of children B. Show them properties in all areas specifying which areas tend not to have children C. Show them properties in all areas and allow the couple to decide which areas probably do not have children D. Do you not work with this couple since there instructions are discriminatory

C. Show them properties in all areas and allow the couple to decide which areas probably do you not have children

While touring a listed property the agent and the buyer notices substantial crack in the ceiling of the dining room, when asked about the severity of the crack the agent would, A. Tell the buyer would probably present no problem B. Tell the buyer to ask the seller about the problem C. Suggest the buyer get advice from an expert such as an engineer D. Pretend he didn't hear the question

C. Suggest the buyer get advice from an expert such as an engineer

When showing a two bedroom home to a Prospective purchaser, The listing agent must Reveal.. A. The amount of the annual real estate taxes B. That the property is located on a floodplain C. The sellers motive for selling D. What the net proceeds to the seller will be

C. That the property is located on a flood plain

Barry listed his house with ABC Realty . Lucy long shot an agent with A1 real estate, showed Barry's house, acting as a sub agent for ABC reality. Which of the following statements could Lucy legally make to the buyers? A. This property may be a steel I know this couple is getting a divorce and they will probably consider less than selling price B. Let me call the listing agent and find out if the sellers would be willing to negotiate on the asking price this seems a little high for the neighborhood C. The sellers have had some leakage in the basement but they have contacted a waterproofing firm to get a bid on repairs to fix it D. The sellers have told their listing agent that they would take less than the listing price since they must close on their new home in 60 days

C. The sellers have had some leakage in the basement but they have contacted a waterproofing firm to get a bid on the repairs to fix it

A broker had an African-American customer who asked to be shown a specific property in the neighborhood listed with the broker, the broker.. A. Would be in compliance with the fair housing act of 1968, if he did not show the property providing it was not encumbered by a VA or FHA loan, and the seller designated it was not to be shown to minority persons B. Would not be required to show property if he was sure it would cause panic selling in the neighborhood C. Would not show the property if the seller was out of town and had left written instructions that his home was not to be shown to anyone in his absence D. Must always show the property to any minority buyer who asked to see it

C. Would not show the property if the seller was out of town and had left written instructions to his home was not to be shown to anyone in his absence

Barry owns a 12 unit apartment building in which he resides. He does not advertise nor does he employee a Real estate broker when he rents the units. Tom wishes to rent one of the units, but Barry does not rent to him. Tom feels he has been discriminated against because of his national origin. Could Tom possibly have an illegal discrimination claim against Barry? A. No because Barry did not discriminate in advertising B. No because Barry resides on the premises C. Yes because the property contains 12 units D. Yes because Barry residence on the prices

C. Yes because the property contains 12 units

While touring a listed property the buyer comments that the neighbors garage is very close to the lot line how should the agent respond? A. Don't worry you won't be taxed for the garage B. You better ask the seller C. You might consider having a survey done on the property D. Title insurance will cover any encroachments

C. You might consider having a survey done on the property

Who receives protection in the familial status provisions of federal fair housing act? A. Single mother with children over 18 years of age B. Unmarried male and female living together C. Household of all adults D. Adults over 55 years of age

D. Adults over 55 years of age

Gary owns a three-story apartment building in metro. A college town. The building which has no elevator, has narrow, steep steps leading to the second and third floor and is close to the college campus. All tenants in the apartment building are all college students. Visual impaired student wants to tour a vacant unit on the third floor but Barry refuses to show the unit to him. A. Barry can refuse to show the unit to the visually impaired student because of the safety concerns B. Very can refuse to show the unit to the visually impaired student because the apartment does not have an elevator C. Barry should show the unit to the visually impaired student and let the student decide whether to rent it because all the other units are rented to students D. Barry should show the unit to the visually impaired student and let the student decide whether to rent it because it is illegal to discriminate in the rental of a residence based on the handicap status of the perspective tenant

D. Barry should show the unit to the visually impaired student and let the student decide whether to rent it because it is illegal to discriminate in the rental of a residence based on the handicap status of the perspective tenant

An older couple with no children wants to purchase a home built in the 1950s. What action should the real estate license he take regarding lead-based paint in the home? A. Advise the couple to repaint the home B. Advised against the purchase of the home C. No action is necessary since children will not be resigning on the premises D. Give the couple the HUD lead-based paint disclosure and proceed with drawing The offer to purchase

D. Give a couple of the HUD lead-based paint disclosure and proceed with the drawing of the offer to purchase

A property owner is selling his own home. He does not advertise nor does he use a real estate agency. A. The owner can sell to whom ever he chooses B. He must sell to anyone who can afford to purchase the home C. As an owner he must publish the listing at least three times so everyone looking for a home in that area has public knowledge that it is available D. If his intent is to discriminate he must make the property available to all races

D. If his intent is to discriminate he must make the property available to all races

Miss Sanchez is a Roman Catholic and resides in a four Plex that she owns. Under the fair housing act she is illegally discriminating if she rents: 1. Only to woman 2. Only to Roman Catholics A. 1 only B. 2 only C. Both 1 and 2 D. Neither 1 nor 2

D. Neither 1 nor 2

The potential seller of a business wants to sell his business by means of stock. The person who the owner hires to sell the business in this manner should hold which type of license? A. Lawyer B. Broker C. Sales person D. Securities

D. Securities

The owner occupant of the four Plex at 123 Main St. wishes to rent one of the units. She does not employ a real estate broker. Which statement is true? A. She is exempt from all requirements of the 1968 fair housing act B. She can legally choose to rent only to Caucasians C. She can word to her advertisements in such a way that only protestant women will respond D. She can legally choose to rent to only protestant women

D. She can legally choose to rent only to protestant women

A couple with two children ages 10 and 13 are looking for a place to reside. They inquire into the availability of units in Sunset acres. The manager upon learning of the two children refuses to show them the property, stating that Sunset acres is an adult only community A. This is a violation of fair housing act since the familial status is now a protected class so families with children must be allowed to live wherever they choose B. This is a violation of RESPA C. This is legal sense landlords can refuse to rent to families with children D. This is legal if Sunset acres qualifies as a bona fide retirement village

D. This is legal if Sunset acres qualifies as a bona fide retirement village