Mixed Deck — All CRLS Topics Flashcards

An applicant is denied an apartment based partly on a consumer credit report. What must the landlord provide under the FCRA?

Answer: An adverse action notice with the reporting agency's contact information

The FCRA requires an adverse action notice that identifies the consumer reporting agency and explains the applicant's rights.

Applying written screening criteria identically to every applicant primarily protects a leasing office against which claim?

Answer: Disparate treatment discrimination

Consistent, documented criteria show that every applicant was treated the same, which defends against disparate treatment claims.

What does "system integration" mean in a technology context?

Answer: Connecting different technology systems to work together and share data seamlessly

System integration involves connecting different technology systems, applications, or platforms so they can work together, share data, and provide a cohesive user experience.

A lease contains a clause that waives the landlord's duty to maintain habitable premises. In most states this clause is:

Answer: Void as against public policy

The implied warranty of habitability generally cannot be waived by lease terms.

A tenant asks to strike the 'no pets' clause and the landlord agrees verbally, but the signed lease still contains the clause. What is the best practice for the leasing agent?

Answer: Prepare a written, signed addendum or amendment modifying the clause

Changes to a written lease should be documented in a signed addendum to avoid disputes and parol evidence issues.

What is the primary purpose of a rental application?

Answer: To gather income, rental history, and references for screening

The primary purpose of a rental application is to collect comprehensive information about prospective tenants. This includes details about their income, employment, previous rental history, and personal references. Landlords use this data to conduct thorough background checks, assess an applicant's financial stability, reliability, and suitability as a tenant, ultimately making an informed decision about who to rent to.

Which clause allows the landlord to recover attorney fees if litigation arises from the lease?

Answer: Attorney's fees clause

An attorney's fees clause shifts legal costs, and some states make such clauses reciprocal for tenants.

Which marketing strategy helps reduce vacancy time between tenants?

Answer: Implementing a pre-leasing strategy

A pre-leasing strategy involves marketing and showing a rental property to prospective tenants even before the current tenant has fully vacated or the unit is completely ready. By securing a new tenant in advance, landlords can significantly reduce the time the unit sits vacant between occupants, minimizing lost rental income and ensuring a smoother transition.

Which source of law most often controls the timing for returning a security deposit and providing an itemized deduction list?

Answer: State landlord-tenant law

Security deposit limits, return deadlines, and itemization requirements are mostly set by state law.

A make-ready process refers to:

Answer: Preparing a vacant unit to be rent-ready for the next resident

Make-ready (unit turn) covers cleaning, repairs, and inspections so a vacant unit can be leased.

What is the primary purpose of industry regulations in this field?

Answer: To protect the public and ensure consistent professional standards

Industry regulations are primarily designed to protect the public by ensuring professionals meet consistent standards of competence and conduct.

Before renovating painted surfaces in a 1970 apartment for compensation, what must the contractor provide occupants under the EPA RRP Rule?

Answer: The Renovate Right pamphlet

The RRP Rule requires renovators to give occupants the Renovate Right pamphlet before work begins on pre-1978 housing.

When negotiating a lease renewal, a tenant requests a rent freeze in exchange for a longer term. This is an example of:

Answer: A trade-off concession

Exchanging one benefit (longer term) for another (stable rent) is a classic negotiated trade-off.

The mortgage constant (loan constant) is calculated as:

Answer: Annual debt service divided by the original loan amount

The mortgage constant is the ratio of annual debt service to the loan amount.

A landlord raises a tenant's rent sharply right after the tenant reports code violations to the city. Most state landlord-tenant laws would call this:

Answer: Unlawful retaliation

Most states, following URLTA, ban retaliatory rent increases or evictions after a tenant uses a legal right such as reporting code violations.

On a non-recourse mortgage, if the borrower defaults and the foreclosure sale falls short, the lender can generally:

Answer: Recover only from the pledged property itself

Non-recourse loans limit the lender's remedy to the collateral, barring deficiency claims except for carve-outs.

Who may be held liable if required lead disclosures are not made in a lease transaction?

Answer: Both the lessor and the agent acting for the lessor

Agents share responsibility for ensuring compliance and can be liable along with the lessor.

A buyer wants to purchase a fourplex with an FHA loan and a 3.5% down payment. What is a key requirement?

Answer: The buyer must occupy one unit as a primary residence

FHA financing on 1-4 unit properties requires the borrower to live in one unit.

What is the maximum security deposit most US states allow for an unfurnished residential unit?

Answer: One to two months' rent, depending on state law

Most states cap security deposits at one to two months' rent for unfurnished units, though exact limits vary by jurisdiction.

What distinguishes a balloon mortgage?

Answer: A large lump-sum payment of the remaining balance is due at maturity

A balloon loan's payments do not fully amortize it, leaving a large balance due at the end of the term.