Arkansas Real Estate License Fair Housing and Federal Laws 2

Question 1

Under the Fair Housing Act, which of the following properties is generally exempt from its provisions?

Accepted Answer

A single-family home sold by the owner without using a real estate agent or discriminatory advertising

Answer

Owner-occupied single-family homes sold without a broker and without discriminatory advertising qualify for a limited Fair Housing Act exemption.

Question 2

The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination based on:

Accepted Answer

Race, color, religion, national origin, sex, marital status, and age

Answer

ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, and receipt of public assistance.

Question 3

Under the Fair Housing Act, a person with a disability has the right to:

Accepted Answer

Request reasonable modifications to a rental unit at their own expense

Answer

Disabled tenants have the right to make reasonable modifications at their own expense, with the landlord's permission, to accommodate their disability.

Question 4

Which Act requires lenders to disclose the annual percentage rate (APR) and total cost of credit to borrowers?

Accepted Answer

The Truth in Lending Act (TILA)

Answer

TILA requires lenders to disclose the APR and total cost of credit so borrowers can compare loan terms accurately.

Question 5

RESPA prohibits which of the following practices?

Accepted Answer

Kickbacks and unearned fees between settlement service providers

Answer

RESPA prohibits kickbacks, referral fees, and unearned fees paid between settlement service providers in a real estate transaction.

Arkansas Real Estate License Practice Test

Arkansas Real Estate License Practice Test

Arkansas Real Estate License Fair Housing and Federal Laws 2