PrepL Regulatory Compliance 2

Question 1

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

Accepted Answer

Source of income

Answer

Race

Answer

National origin

Answer

Familial status

Question 2

A licensee who discovers a latent defect in a property listed for sale is required to:

Accepted Answer

Disclose it to prospective buyers

Answer

Keep it confidential to protect the seller's interests

Answer

Only disclose it if the buyer specifically asks

Answer

Notify the state licensing board immediately

Question 3

The Americans with Disabilities Act (ADA) requires that public accommodations be accessible. Which of the following is a public accommodation?

Accepted Answer

Real estate brokerage office

Answer

Private single-family residence

Answer

Residential rental unit in a private home

Answer

Church operated exclusively for worship

Question 4

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

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

Federal Reserve Board

Answer

Department of Housing and Urban Development (HUD)

Answer

Office of the Comptroller of the Currency

Question 5

A broker who co-mingles client funds with personal or operating funds is guilty of:

Accepted Answer

Commingling

Answer

Conversion

Answer

Conversion and commingling

Answer

Embezzlement only

Question 6

Under the Equal Credit Opportunity Act (ECOA), a lender must notify an applicant of a credit decision within how many days?

Accepted Answer

30 days

Answer

15 days

Answer

45 days

Answer

60 days

Question 7

A seller's agent who also represents the buyer in the same transaction without full disclosure and consent from both parties is engaging in:

Accepted Answer

Undisclosed dual agency

Answer

Dual agency

Answer

Designated agency

Answer

Sub-agency