What is stipulation? - ANSWER--When two attorney's come to an AGREEMENT as
to the penalty to be imposed for the violation
If an inactive sales assoc renews her license before the expiration date but did not
complete her continuing education prior to the expiration date and the BPR finds
out, what can happen to her? - ANSWER--She will most likely have her license
revoked and not be allowed to reapply for a license for 5 years.
If a sales associate has had his license revoked by FREC but is appealing and wants
to continue practicing RE during the appeal process, can he do so? - ANSWER--
Yes. He can continue to practice if a stay of enforcement is ordered. Supercedeas.
What are the 3 "FREC musts" when dealing with a Final Order of the Court -
ANSWER--1. FREC must inform the Division of Fla Land Sales, Condominiums and
Mobil Homes of any disciplinary actions against a licensee.
2. FREC must turn any criminal stuff into the State Attorney
3. If another state agency disciplines a licensee, FREC must issue a notice to that
licensee to show cause why it should not take action also.
What is the Real Estate Recovery Fund used for? - ANSWER--Compensatory
Damages. To reimburse a person who has suffered monetary damages as a result
of an act of a real estate licensee who violated chapter 475
In the Real Estate Recovery Fund, how much is the payment for claims out of a
Single Transaction? - ANSWER--$50,000
,In the Real Estate Recovery Fund, how much is the payment for claims out of
Multiple Transactions? - ANSWER--may not exceed $150,000
Racial discrimination in the sale or rental of real property is prohibited by what
Act? - ANSWER--The Civil Rights Act of 1866
The federal Fair Housing Act (applies to Housing only) of 1968 prohibits
discrimination based on what 7 things? - ANSWER--1. Religious affiliation
2. sex
3. national origin
4. color
5. race
6. familial status
7. handicap status
Is it true that the Civil Rights Act of 1866 supercedes all other laws relative to
racial issues? - ANSWER--Yes
Who prepares the Equal Opportunity poster? - ANSWER--HUD
Is it a violation of law if the poster is not displayed by brokerage firms? - ANSWER-
-Yes. Failure to display the poster may be considered discrimination.
,What are the exemptions under the Fair Housing Act? - ANSWER--1. Religious
Organizations
2. Private Clubs
3. Any single-family house sold or rented by its owner (provided the owner
doesn't own more than 3 houses)
4. 2-4 family housing if the owner occupies one of the dwelling units as a
residence
5. Commercial Real Estate (it's not a house)
According the Fair Housing Act, what are the 3 unlawful practices? - ANSWER--1.
Steering - steering people to a neighborhood based on race
2. Blockbusting - persuading existing owners to sell
3. Redline - lenders who refuse to make a loan in certain areas or subdivisions
Which law or regulation requires the disclosure of the annual percentage rate and
finance charge? - ANSWER--Regulation Z
The Truth in Lending Act (TILA) requires lenders to give the Truth in Lending
statement within how many business days after the receipt of a written loan
application? - ANSWER--3
The Truth in Lending Act (TILA) gives consumers the right to rescind the loan
agreement within how many business days after the receipt of the Truth in
Lending Statement (disclosures)? - ANSWER--3
, Under Regulation Z, what 3 things does the right to cancel a loan agreement
within 3 business days apply to? - ANSWER--1. A home equity line of credit
2. a cash-out refinance transaction
3. a second mortgage on a primary residence ***(does NOT apply to first
mortgage loans)
If a "trigger term" is used in an advertisement, the lender must disclose ALL of
what 3 things? - ANSWER--1. amount or percent down payment
2. the terms of the loan
3. the Annual percentage rate
What is a "trigger term"? - ANSWER--Example: Just 3% downpayment. Interest
rate only 6%. Only $1000 downpayment
Is APR (annual percentage rate) a "trigger term"? - ANSWER--No
Discrimination against a credit applicant on the basis of age is prohibited by what
Act? - ANSWER--The Equal Credit Opportunity Act
Which Act requires that buyers be informed with a good faith estimate of their
probable closing costs within 3 business days of a written loan application? -
ANSWER--RESPA - Real Estate Settlement Procedures Act
Under RESPA, the borrower is entitled to see which document 1 business day
before the actual closing? - ANSWER--HUD-1
to the penalty to be imposed for the violation
If an inactive sales assoc renews her license before the expiration date but did not
complete her continuing education prior to the expiration date and the BPR finds
out, what can happen to her? - ANSWER--She will most likely have her license
revoked and not be allowed to reapply for a license for 5 years.
If a sales associate has had his license revoked by FREC but is appealing and wants
to continue practicing RE during the appeal process, can he do so? - ANSWER--
Yes. He can continue to practice if a stay of enforcement is ordered. Supercedeas.
What are the 3 "FREC musts" when dealing with a Final Order of the Court -
ANSWER--1. FREC must inform the Division of Fla Land Sales, Condominiums and
Mobil Homes of any disciplinary actions against a licensee.
2. FREC must turn any criminal stuff into the State Attorney
3. If another state agency disciplines a licensee, FREC must issue a notice to that
licensee to show cause why it should not take action also.
What is the Real Estate Recovery Fund used for? - ANSWER--Compensatory
Damages. To reimburse a person who has suffered monetary damages as a result
of an act of a real estate licensee who violated chapter 475
In the Real Estate Recovery Fund, how much is the payment for claims out of a
Single Transaction? - ANSWER--$50,000
,In the Real Estate Recovery Fund, how much is the payment for claims out of
Multiple Transactions? - ANSWER--may not exceed $150,000
Racial discrimination in the sale or rental of real property is prohibited by what
Act? - ANSWER--The Civil Rights Act of 1866
The federal Fair Housing Act (applies to Housing only) of 1968 prohibits
discrimination based on what 7 things? - ANSWER--1. Religious affiliation
2. sex
3. national origin
4. color
5. race
6. familial status
7. handicap status
Is it true that the Civil Rights Act of 1866 supercedes all other laws relative to
racial issues? - ANSWER--Yes
Who prepares the Equal Opportunity poster? - ANSWER--HUD
Is it a violation of law if the poster is not displayed by brokerage firms? - ANSWER-
-Yes. Failure to display the poster may be considered discrimination.
,What are the exemptions under the Fair Housing Act? - ANSWER--1. Religious
Organizations
2. Private Clubs
3. Any single-family house sold or rented by its owner (provided the owner
doesn't own more than 3 houses)
4. 2-4 family housing if the owner occupies one of the dwelling units as a
residence
5. Commercial Real Estate (it's not a house)
According the Fair Housing Act, what are the 3 unlawful practices? - ANSWER--1.
Steering - steering people to a neighborhood based on race
2. Blockbusting - persuading existing owners to sell
3. Redline - lenders who refuse to make a loan in certain areas or subdivisions
Which law or regulation requires the disclosure of the annual percentage rate and
finance charge? - ANSWER--Regulation Z
The Truth in Lending Act (TILA) requires lenders to give the Truth in Lending
statement within how many business days after the receipt of a written loan
application? - ANSWER--3
The Truth in Lending Act (TILA) gives consumers the right to rescind the loan
agreement within how many business days after the receipt of the Truth in
Lending Statement (disclosures)? - ANSWER--3
, Under Regulation Z, what 3 things does the right to cancel a loan agreement
within 3 business days apply to? - ANSWER--1. A home equity line of credit
2. a cash-out refinance transaction
3. a second mortgage on a primary residence ***(does NOT apply to first
mortgage loans)
If a "trigger term" is used in an advertisement, the lender must disclose ALL of
what 3 things? - ANSWER--1. amount or percent down payment
2. the terms of the loan
3. the Annual percentage rate
What is a "trigger term"? - ANSWER--Example: Just 3% downpayment. Interest
rate only 6%. Only $1000 downpayment
Is APR (annual percentage rate) a "trigger term"? - ANSWER--No
Discrimination against a credit applicant on the basis of age is prohibited by what
Act? - ANSWER--The Equal Credit Opportunity Act
Which Act requires that buyers be informed with a good faith estimate of their
probable closing costs within 3 business days of a written loan application? -
ANSWER--RESPA - Real Estate Settlement Procedures Act
Under RESPA, the borrower is entitled to see which document 1 business day
before the actual closing? - ANSWER--HUD-1
