CHCP Regulatory Compliance & Legal Issues

Question 1

What is the Real Estate Settlement Procedures Act (RESPA)?

Accepted Answer

Requires disclosure of settlement costs

Answer

Law regulating mortgage interest rates

Answer

Law about property taxes

Answer

Law about zoning

Question 2

What is the Truth in Lending Act (TILA)?

Accepted Answer

Requires disclosure of loan terms

Answer

Regulates landlord-tenant laws

Answer

Relates to home inspections

Answer

Concerns property deeds

Question 3

What is the purpose of the Fair Housing Act?

Accepted Answer

Prohibit housing discrimination

Answer

Regulate mortgage rates

Answer

Manage zoning laws

Answer

Set property taxes

Question 4

What does the Anti-Money Laundering (AML) regulation require?

Accepted Answer

Verify identities and report activities

Answer

Allow anonymous transactions

Answer

Ignore suspicious transactions

Answer

Focus on tax evasion

Question 5

What is the role of the Consumer Financial Protection Bureau (CFPB)?

Accepted Answer

Enforce financial laws for consumers

Answer

Regulate insurance

Answer

Set mortgage rates

Answer

Manage real estate sales

Question 6

What is the importance of compliance audits in real estate?

Accepted Answer

Ensure legal adherence

Answer

Increase paperwork

Answer

Delay transactions

Answer

Reduce costs

Question 7

Which document helps verify compliance with legal requirements?

Accepted Answer

Closing disclosures and affidavits

Answer

Purchase agreement

Answer

Home inspection report

Answer

Loan application

Question 8

What is the consequence of non-compliance in real estate?

Accepted Answer

Fines and legal action

Answer

No consequences

Answer

More business

Answer

License renewal

Question 9

What is required under the Equal Credit Opportunity Act (ECOA)?

Accepted Answer

Prohibits credit discrimination

Answer

Lenders can discriminate

Answer

Only applies to landlords

Answer

Allows credit preference