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TREC National Exam with correct answers
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TREC National Exam with correct answers
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TREC National Exam with correct answersA lead paint disclosure is required for all properties built before what year? - ** VERIFIED
ANSWERS **✔✔1978
For how many years must a seller keep a copy of the lead paint disclosure he provided to the buyer? -
** VERIFIED ANSWERS **✔✔3 years
Civil Rights Act Of 1866 - ** VERIFIED ANSWERS **✔✔prohibits discrimination based on race or
color.
There are no exceptions or exemptions for this law.
Title VIII of the Civil Rights Act of 1968 - ** VERIFIED ANSWERS **✔✔forbids discrimination on
the basis of race, color, national origin, and religion.
A 1974 amendment added sex as a protected category.
Sexual orientation is not a protected category.
This act was amended in 1988 to include family composition and the handicapped.
two ways that a community can qualify as senior housing - ** VERIFIED ANSWERS **✔✔1. 100% of
the units must be occupied by someone 62 or older.
2. 80% of the units must be occupied by someone 55 or older
Exceptions to Title VIII of the Civil Rights Act of 1968 - ** VERIFIED ANSWERS **✔✔1) FSBO of a
single-family home when the owner owns no more than three homes at a time, and no
discriminatory advertising is used.
,2) Rental of an owner-occupied 1-4 family home when the services of a broker are not used and no
discriminatory advertising is used.
3) Churches owning rental property may restrict occupancy to members of the congregation, as long
as membership in the congregation is open to all.
4)Private clubs owning lodgings may restrict occupancy to members as long as the lodgings are not
operated commercially.
What is the penalty for violating Title VIII of the Civil Rights Act of 1968? - ** VERIFIED ANSWERS
**✔✔There are no criminal penalties.
The penalty for a first violation is up to $75,000.
The penalty for each additional violation is up to $150,000.
What is the penalty for violating The Americans with Disabilities Act? - ** VERIFIED ANSWERS
**✔✔In commercial properties, both the landlord and tenants will be held responsible for access.
Therefore, both can be fined if the building is in violation of the law.
The fine for non-compliance is up to $50,000 for the first violation, and up to $100,000 for each
subsequent violation.
Exemptions to The Americans with Disabilities Act - ** VERIFIED ANSWERS **✔✔Single-family
homes, private clubs, historic buildings, and religious organizations
What is the maximum amount of time allowed for a victim to file a fair housing complaint? - **
VERIFIED ANSWERS **✔✔24 months (2 years)
When did the second amendment of the Federal Fair Housing Act go into effect? - ** VERIFIED
ANSWERS **✔✔March 12, 1989
, Fixed-rate amortized loan - ** VERIFIED ANSWERS **✔✔equal, regular payments of principal and
interest until the loan is repaid. Interest is paid in arrears - at the end of each payment period.
Term loan - ** VERIFIED ANSWERS **✔✔interest only until the end of the term, when the entire
principal is repaid.
This is a zero-amortization loan. This is also called a straight-loan.
Participation loan - ** VERIFIED ANSWERS **✔✔Two or more lenders invest in one loan. This
allows the lenders to share the risk.
Acceleration clause - ** VERIFIED ANSWERS **✔✔a provision in a written mortgage, or note,
stating that in the event of default the whole amount of the principal becomes due and payable
Alienation clause - ** VERIFIED ANSWERS **✔✔"Due on sale" clause states that the balance of the
secured debt becomes due if the property is sold by the mortgagor without the mortgagee's approval.
Defeasance clause - ** VERIFIED ANSWERS **✔✔states that the lien is defeated when the debt is
repaid.
Escalation clause - ** VERIFIED ANSWERS **✔✔allows a lender to raise the existing rate. An
escalation clause is usually found in an ARM.
Subordination clause - ** VERIFIED ANSWERS **✔✔allows a lender to move to or take a lower lien
position.
This clause would be found in a second mortgage, a home improvement loan, or a home equity loan.
straight assumption - ** VERIFIED ANSWERS **✔✔the new buyer is approved, and takes over
payments and liability.
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