Discipline Commission and Misrepresentation Best Practices
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Questions and Answers

What do federal and state laws prohibit in the housing sector?

  • Home inspections
  • Property taxes
  • Discriminatory practices (correct)
  • Excessive rent increases

    • Which of the following is aligned with national fair housing laws?

  • Local zoning policies
  • Property tax laws
  • State fair housing laws (correct)
  • Rental agreements

    • What does zoning policy in relation to fair housing regulations entail?

  • Is not regulated by federal laws
  • Cannot be discriminatory against protected classes (correct)
  • Can be based on political affiliation
  • Can prioritize certain age groups

    • Under which legislation are exceptions to housing discrimination carefully evaluated?

    <p>Civil Rights Act of 1968 (Title VIII)</p> Signup and view all the answers

    Which of the following is considered a form of illegal discrimination in the housing sector?

    <p>Redlining</p> Signup and view all the answers

    What is the main purpose of RESPA in real estate transactions?

    <p>To promote transparency and eliminate undisclosed fees</p> Signup and view all the answers

    Which of the following is NOT a condition that must be met by the buyer before the escrow officer disburses funds?

    <p>Home appraisal</p> Signup and view all the answers

    What is the purpose of general inspections in a home purchase?

    <p>Identify need for repairs and maintenance procedures</p> Signup and view all the answers

    Under the TRID rule, what form replaces the 'Good Faith Estimate' and 'HUD-1' forms?

    <p>Closing Disclosure Form</p> Signup and view all the answers

    Why are termite inspections recommended to be conducted annually?

    <p>As they are not easily detectable by non-experts</p> Signup and view all the answers

    What is the purpose of the Truth-in-Lending Integrated Disclosures Rule (TRID)?

    <p>To promote transparency in financial disclosures</p> Signup and view all the answers

    What is the responsibility of homeowners regarding homeowners' associations?

    <p>Disclose information about known material facts</p> Signup and view all the answers

    In a real estate transaction, what must be done before transferring the title to the buyer?

    <p>Ensure all encumbrances are removed</p> Signup and view all the answers

    What does the National Association of Realtors® Code of Ethics have the most significant impact on?

    <p>Professional ethics in real estate practice</p> Signup and view all the answers

    What should buyers avoid when attempting to augment their offer's appeal?

    <p>Avoiding defaming competitors</p> Signup and view all the answers

    What is the consequence of failing to display the Equal Opportunity in Housing Mandate poster?

    <p>May be interpreted as discriminatory behavior</p> Signup and view all the answers

    Which of the following is NOT a prohibited basis for discrimination under the Fair Housing Amendments Act of 1988?

    <p>Education level</p> Signup and view all the answers

    What must lenders do according to the Equal Credit Opportunity Act (ECOA)?

    <p>Provide a reason for credit denial</p> Signup and view all the answers

    What does the Clean Air Act control on a national scale?

    <p>Air pollution</p> Signup and view all the answers

    What is the purpose of warranties mentioned in the text?

    <p>Repair and maintenance of systems and appliances</p> Signup and view all the answers

    What is the formula for the 365-Day Method of calculating prorated payments?

    <p>Divide the annual or monthly amount by the number of days in the year or month, then multiply by the number of days being covered</p> Signup and view all the answers

    What is the Risk Management Strategy that involves shifting responsibility for a loss to another party?

    <p>Transference</p> Signup and view all the answers

    What type of insurance covers bodily injury or property damage caused by negligence or wrongful acts?

    <p>General liability</p> Signup and view all the answers

    What area of risk involves ensuring that listing agreements are accurate and providing reliable information to clients?

    <p>Listing and Selling Process</p> Signup and view all the answers

    Which action helps reduce risks associated with making mistakes or violating laws in real estate practice?

    <p>Obtaining knowledge and skill in real estate practice</p> Signup and view all the answers

    What can lead to lawsuits, damages, or loss of reputation in the real estate industry?

    <p>Misrepresentation</p> Signup and view all the answers

    What is a key responsibility of property managers in terms of financial reporting?

    <p>Preparing regular financial reports for owners</p> Signup and view all the answers

    Which Act must property managers comply with to protect the rights of tenants and owners?

    <p>Fair Housing Act</p> Signup and view all the answers

    What is a significant aspect of property management regarding property maintenance?

    <p>Ensuring the property is well-maintained and safe</p> Signup and view all the answers

    What should agents do when recommending vendors to consumers?

    <p>Disclose any business relationship with vendors</p> Signup and view all the answers

    What does the Management Agreement define?

    <p>Relationship between owner and manager of a property</p> Signup and view all the answers

    What is included in the Equal Opportunity statement?

    <p>Affirmation of compliance with fair housing laws</p> Signup and view all the answers

    What are the Manager's rights regarding maintenance of the property?

    <p>Maintain financial records</p> Signup and view all the answers

    What is the purpose of detailing eviction procedures in the Management Agreement?

    <p>To provide guidelines for eviction processes</p> Signup and view all the answers

    Which section of the Management Agreement addresses the landlord's rights?

    <p>Landlord's rights</p> Signup and view all the answers

    What does the Manager's liability include?

    <p>Trust funds held on behalf of owner or tenants</p> Signup and view all the answers

    Why is it important to have clear reporting requirements in the Management Agreement?

    <p>To inform owner of property's performance and financial status</p> Signup and view all the answers

    What is one of the Manager's rights concerning management tasks?

    <p>Perform management tasks without interference</p> Signup and view all the answers

    What do leasing considerations in the Management Agreement cover?

    <p>Matters related to leasing the property</p> Signup and view all the answers

    Which aspect is addressed in the section about tenant's rights and responsibilities?

    <p>Return of premises in prescribed condition by tenants</p> Signup and view all the answers

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