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Real Estate Law & Regulations Flashcards

7 cards from real CCS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Real Estate Law & Regulations flashcards as text

  1. Under the Interstate Land Sales Full Disclosure Act (ILSFDA), how many lots must a subdivision have before federal registration is typically required?

    Answer: 50 or more lots

    ILSFDA generally applies to developers selling or leasing 50 or more lots in a subdivision across state lines.

  2. A condominium unit owner wants to make structural modifications to their unit. Under typical state condominium statutes, whose approval is required?

    Answer: The condominium association or board of directors

    Structural modifications that may affect common elements or structural integrity typically require association or board approval under most state condo statutes.

  3. Which federal law prohibits discrimination in the sale or rental of housing based on race, color, national origin, religion, sex, familial status, or disability?

    Answer: The Fair Housing Act of 1968

    The Fair Housing Act of 1968 (Title VIII of the Civil Rights Act) prohibits housing discrimination based on seven protected classes.

  4. In a condominium conversion, what document must typically be provided to existing tenants first, giving them the right to purchase their unit before it is offered to the general public?

    Answer: A right of first refusal notice

    Many state laws require landlords converting rentals to condominiums to give existing tenants a right of first refusal to purchase their unit.

  5. What is the legal term for the body of law that governs the rights and duties of condominium owners and associations, typically codified by each state?

    Answer: Condominium Act or Horizontal Property Act

    States have enacted Condominium Acts (sometimes called Horizontal Property Acts) that set the statutory framework for condo governance.

  6. A condo association's declaration contains a provision restricting pet ownership. A new owner moves in with a service animal. Under the ADA and Fair Housing Act, this restriction:

    Answer: Does not apply — the owner must be granted a reasonable accommodation

    Fair Housing Act and ADA require associations to grant reasonable accommodations for assistance animals, superseding no-pet rules.

  7. Under the Uniform Condominium Act, what is the maximum period a developer may retain control of the association after the first unit is conveyed to a purchaser?

    Answer: 3 years

    The Uniform Condominium Act limits developer control to no more than 3 years after the first unit sale or until 75% of units are sold, whichever is earlier.