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Chapter 16 Quiz
Federal Laws Affecting Real Estate
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The National Flood Insurance Program:
1 point
(A) is enforced by the New Jersey Department of Environmental Protection.
(B) prohibits construction in areas designated “flood plains.”
(C) requires that flood insurance be purchased by any borrower whose property is in a flood plain and is financed by a federally insured loan.
(D) provides monetary relief to families who suffer financial losses caused by floods.
Clear selection
All but one of the following is included in the “finance charge” under the Truth-in-Lending provisions:
1 point
(A) points.
(B) loan finder fee.
(C) attorney fee.
(D) service charges.
Clear selection
Under Truth-in-Lending it is permissible to advertise which of the following statements alone?
1 point
(A) $2,000 down.
(B) 4% interest.
(C) Reasonable monthly terms.
(D) No closing costs.
Clear selection
Truth-in-Lending laws apply to:
1 point
(A) commercial loan transactions involving real property.
(B) residential real estate mortgages.
(C) all personal property transactions.
(D) unconscionable contracts.
Clear selection
Under Truth-in-Lending, the borrower (consumer), except in cases of a first purchase money mortgage to acquire or construct a home, has a right of rescission upon notice for:
1 point
(A) two calendar days.
(B) 24 hours.
(C) three business days.
(D) 72 hours.
Clear selection
Under Truth-in-Lending, it is permissible to have an ad which only states:
1 point
(A) the interest rate.
(B) the down payment.
(C) “easy payment terms available.”
(D) the monthly payment.
Clear selection
Which of the following statements is NOT true?
1 point
(A) The annual percentage rate combines the interest rate with other costs of the loan.
(B) Under TIL, refinanced loans are covered regardless of amount.
(C) The Truth-in-Lending Law is a federal law.
(D) Advertising rules under TIL do not apply to owners acting without real estate agents.
Clear selection
The primary purpose of the Truth-in- Lending Act is to:
1 point
(A) save the general public money in their installment purchases.
(B) disclose to the consumer the cost and conditions of the installment purchase.
(C) limit interest rates.
(D) protect creditors in financing transactions.
Clear selection
The annual percentage rate must be revealed to:
1 point
(A) an applicant for a residential first mortgage loan.
(B) an applicant for a commercial first mortgage loan.
(C) The Federal Trade Commission.
(D) The Federal Housing Administration.
Clear selection
Regulation Z prohibits:
1 point
(A) the advertising of credit terms.
(B) advertising in general terms such as “reasonable monthly payments."
(C) Both A and B.
(D) Neither A nor B.
Clear selection
The Equal Credit Opportunity Act makes it illegal for the lender to refuse to grant a loan on the basis of:
1 point
(A) a substandard FICO score.
(B) a poor credit history.
(C) income derived from public assistance.
(D) the applicant’s age minority status.
Clear selection
Which of the following laws requires lenders to disclose the number of loans approved in certain areas?
1 point
(A) Home Mortgage Disclosure Act
(B) Federal Home Loan Mortgage Act
(C) Truth in Lending
(D) Uniform Commercial Code
Clear selection
The Americans with Disabilities Act covers all of the following EXCEPT:
1 point
(A) housing discrimination.
(B) employment discrimination.
(C) businesses that are public accommodations.
(D) individuals with mental and physical disabilities, including AIDS and alcoholism.
Clear selection
Under the provisions of EESPA:
1 point
(A) The main thrust is to eliminate any kickbacks that might occur.
(B) Buyers may not be compelled by the seller to use a particular title company.
(C) Both A and B.
(D) Neither A nor B.
Clear selection
Under the provisions of RESPA, lenders must provide all of the following EXCEPT:
1 point
(A) a special information booklet.
(B) a good faith estimate of closing costs.
(C) a HUD-1 Uniform Settlement Statement.
(D) a comparative market analysis.
Clear selection
Program established by the federal government in 1968 to make flood insurance available to property owners in communities that adopt and enforce floodplain ordinances to reduce further flood losses.
1 point
Fair Credit Reporting Act (FCRA)
Americans with Disabilities Act (ADA)
Real Estate Settlement Procedures Act (RESPA)
National Flood Insurance Program (NFIP)
Clear selection
A federal law intended to ensure that Credit Reporting Agencies (CRA's) provide creditors with accurate, up-to-date information about an individual's credit history, and to ensure that this information is used only for permissible purposes.
1 point
Real Estate Settlement Procedures Act (RESPA)
Equal Credit Opportunity Act (ECOA)
Fair Credit Reporting Act (FCRA)
Americans with Disabilities Act (ADA)
Clear selection
A federal law prohibiting unlawful discrimination in the extension of credit.
1 point
Equal Credit Opportunity Act (ECOA)
Fair Credit Reporting Act (FCRA)
Real Estate Settlement Procedures Act (RESPA)
Interstate Sales Full Disclosure Act (ISFDA)
Clear selection
A law that provides access requirements and prohibits discrimination against people with disabilities in public accommodations, state and local government, transportation, telecommunications, and employment
1 point
Home Mortgage Disclosure Act (HMDA)
Real Estate Settlement Procedures Act (RESPA)
Americans with Disabilities Act (ADA)
Fair Credit Reporting Act (FCRA)
Clear selection
Act which requires lenders whose loans are federally related to collect and annually disclose data about mortgage applications in order to prevent mortgage lending discrimination.
1 point
Real Estate Settlement Procedures Act (RESPA)
Americans with Disabilities Act (ADA)
Home Mortgage Disclosure Act (HMDA)
Fair Credit Reporting Act (FCRA)
Clear selection
The Act from 1968 which regulates interstate sale or lease of unimproved lots.
1 point
Americans with Disabilities Act (ADA)
Interstate Sales Full Disclosure Act (ISFDA)
Equal Credit Opportunity Act (ECOA)
Real Estate Settlement Procedures Act (RESPA)
Clear selection
A federal law dealing with federally related real estate loans for 1-4 family dwellings; intended to provide borrowers with estimate of closing costs so they can comparison shop.
1 point
Home Mortgage Disclosure Act (HMDA)
Equal Credit Opportunity Act (ECOA)
Real Estate Settlement Procedures Act (RESPA)
Fair Credit Reporting Act (FCRA)
Clear selection
A federal law designed to let borrowers know the exact cost of obtaining credit; a disclosure device.
1 point
Fair Credit Reporting Act (FCRA)
Truth-in-Lending
Equal Credit Opportunity Act (ECOA)
Real Estate Settlement Procedures Act (RESPA)
Clear selection
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