COS Real Estate Law & Regulations 3

Question 1

Under the Low-Income Housing Tax Credit (LIHTC) program, what is the minimum percentage of units that must be rent-restricted and occupied by qualifying households under the 20-50 test?

Accepted Answer

20% at 50% AMI

Answer

The 20-50 test requires that at least 20% of units be rent-restricted and occupied by households at or below 50% of Area Median Income.

Question 2

A landlord refuses to rent to a prospective tenant because she has three young children. Under the Fair Housing Act, this is:

Accepted Answer

Illegal discrimination based on familial status

Answer

The Fair Housing Act prohibits discrimination based on familial status, which includes families with children under 18, making such a refusal illegal unless the property qualifies as housing for older persons.

Question 3

Which federal law governs the disclosure of lead-based paint hazards in housing built before 1978?

Accepted Answer

Residential Lead-Based Paint Hazard Reduction Act (Title X)

Answer

Title X of the Housing and Community Development Act of 1992 requires disclosure of known lead-based paint hazards in pre-1978 housing before sale or lease.

Question 4

Under the Uniform Residential Landlord and Tenant Act (URLTA), a landlord's failure to maintain habitable conditions generally gives a tenant the right to:

Accepted Answer

Withhold rent or repair-and-deduct

Answer

URLTA provides tenants remedies such as withholding rent or making repairs themselves and deducting the cost when a landlord fails to maintain habitable conditions.

Question 5

A property subject to a HUD regulatory agreement is required to maintain an annual financial audit if its project has:

Accepted Answer

Federal expenditures exceeding $750,000

Answer

Under the Single Audit Act, entities expending $750,000 or more in federal awards in a fiscal year must obtain an annual single audit.

(COS) Certified Occupancy Specialist Practice Test

(COS) Certified Occupancy Specialist Practice Test

COS Real Estate Law & Regulations 3