MRP Real Estate Law & Regulations 3

Question 1

A service member on active duty defaults on a lease after receiving PCS orders. Under the SCRA, how many days' written notice must they provide the landlord to terminate the lease?

Accepted Answer

30 days

Answer

The SCRA requires a service member to provide at least 30 days' written notice (along with a copy of PCS orders) to lawfully terminate a lease.

Question 2

Which legal doctrine holds that a buyer who has notice of an unrecorded encumbrance cannot claim bona fide purchaser protection?

Accepted Answer

Doctrine of constructive notice

Answer

Constructive notice means buyers are presumed to know of publicly recorded documents and visible facts, preventing them from claiming ignorance of encumbrances.

Question 3

Under the Fair Housing Act, which of the following is NOT a protected class at the federal level?

Accepted Answer

Source of income

Answer

Source of income is not a federally protected class under the FHA, though some states and localities have added it as a protected category.

Question 4

What is a 'mechanic's lien' and how can it affect a military home buyer?

Accepted Answer

A lien filed by contractors or suppliers for unpaid work on the property

Answer

A mechanic's lien is a claim against property filed by unpaid contractors or suppliers and can cloud title, delaying or preventing a clean purchase closing.

Question 5

Which federal agency enforces the Real Estate Settlement Procedures Act (RESPA)?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

RESPA enforcement authority was transferred from HUD to the CFPB when the bureau was created under the Dodd-Frank Act in 2011.

(MRP) Military Relocation Professional Practice Test

(MRP) Military Relocation Professional Practice Test

MRP Real Estate Law & Regulations 3