Quiz 5 RE52

Inducing property owners in a neighborhood to sell by predicting the entrance of minorities into a neighborhood is called:

blockbusting.

A scheme where the property and borrower are non-existent is referred to as a(n):

air loan fraud scheme.

Regulation Z:

is overseen by the Consumer Financial Protection Bureau

The Federal Fair Housing Act is part of:

the Civil Rights Act of 1968.

Ethics differs from law in that ethics is:

what is right

FIRREA applies to:

everyone involved in a federally related transaction.

The main purpose of the Home Mortgage Disclosure Act is to:

expose incidents of redlining

Lending in the absence of discrimination based on race, sex, color, religion, national ancestry, marital status, or handicap is known as:

fair lending

The act that establishes uniform standards for credit reporting and strengthens consumer protection against identity theft is known as the:

Fair and Accurate Credit Transaction Act (FACTA).

It is illegal to discriminate:

a. by intent. b. by effect. c. by practice.

Good ethics leads to:

a. happy clients b. referrals c. more income for you

The intentional misrepresentation or omission of material facts by applicants to improperly influence a mortgage loan lender is referred to as:

mortgage fraud

The Community Reinvestment Act is designed primarily to:

require banks to meet the needs of all residents in the neighborhood.

Any person who receives or represents to the public that he or she will for compensation assist an applicant in obtaining a residential mortgage loan is defined as a:

residential mortgage loan originator

When a salesperson is channeling the various applicants to specific areas in order to maintain or change the character of those neighborhoods, it is called:

steering