REA Legal, Regulatory & Ethical Standards 2

Question 1

Under the Americans with Disabilities Act (ADA), which of the following is a public accommodation requirement for commercial real estate?

Accepted Answer

Landlords must provide accessible parking if the property has a parking lot

Answer

The ADA requires places of public accommodation to provide accessible parking when a parking facility is available, regardless of building age.

Question 2

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

Accepted Answer

To require disclosure of settlement costs and prohibit kickbacks in mortgage transactions

Answer

RESPA requires lenders and settlement agents to disclose settlement costs and prohibits kickbacks or referral fees that inflate settlement costs.

Question 3

A real estate analyst discovers that a developer client is planning to misrepresent a property's flood zone status to buyers. The analyst's ethical obligation is to:

Accepted Answer

Refuse to participate and report the misrepresentation to relevant authorities if necessary

Answer

Professional ethics require analysts to refuse participation in fraud and, depending on jurisdiction and severity, report material misrepresentations to protect public interest.

Question 4

Which federal law prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, sex, familial status, and disability?

Accepted Answer

Fair Housing Act

Answer

The Fair Housing Act of 1968, amended in 1988, prohibits housing discrimination based on those seven protected classes.

Question 5

In a 1031 exchange, which rule governs the timeline for identifying replacement property?

Accepted Answer

Replacement property must be identified within 45 days of closing

Answer

IRS rules for a 1031 like-kind exchange require the taxpayer to identify replacement property within 45 days of selling the relinquished property.

(REA) Real Estate Analyst Certification Practice Test

(REA) Real Estate Analyst Certification Practice Test

REA Legal, Regulatory & Ethical Standards 2