Real Estate Law & Regulations Flashcards
7 cards from real MRP 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
Which clause in a mortgage allows the lender to demand full repayment if the property is sold or transferred without lender approval?
Answer: Due-on-sale clause
The due-on-sale clause (also called alienation clause) prevents loan assumption without lender consent by making the balance due immediately upon sale or transfer.
Under TRID (TILA-RESPA Integrated Disclosure), how many business days before closing must the borrower receive the Closing Disclosure?
Answer: 3 business days
TRID requires lenders to deliver the Closing Disclosure at least three business days before consummation so borrowers have time to review final loan terms.
A service member terminates a lease under the SCRA after receiving PCS orders. When does liability for rent end?
Answer: 30 days after the next rent payment date following notice delivery
Under the SCRA, lease termination is effective 30 days after the first date on which the next rental payment is due after proper notice is delivered.
What is the legal effect of 'estoppel' in a real estate context?
Answer: It prevents a party from asserting a claim that contradicts their previous statements or conduct
Estoppel bars a party from taking a legal position inconsistent with prior representations on which another party has relied to their detriment.
Which of the following is an example of a legally required seller disclosure in most U.S. states?
Answer: Known material defects such as a leaking roof or foundation issues
Most states require sellers to disclose known material defects that could affect the property's value or the buyer's decision to purchase.
What is 'steering' under the Fair Housing Act?
Answer: Guiding buyers toward or away from certain neighborhoods based on protected class characteristics
Steering is an illegal fair housing violation where agents direct buyers or renters toward or away from neighborhoods based on race, religion, national origin, or other protected characteristics.
For a deed to be valid and legally enforceable, which element is NOT required?
Answer: Recording in the county recorder's office
Recording protects the grantee against subsequent claimants but is not required for a deed to be valid between the parties; delivery and acceptance complete the transfer.