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TREC National Exam questions with correct answers
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TREC National Exam questions with correct answers
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TREC National Exam questions withcorrect answers
A lead paint disclosure is required for all properties built before what year? - correct answer ✔✔1978
For how many years must a seller keep a copy of the lead paint disclosure he provided to the buyer? -
correct answer ✔✔3 years
Civil Rights Act Of 1866 - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔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? - correct answer ✔✔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? - correct answer ✔✔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 - correct answer ✔✔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? - correct
answer ✔✔24 months (2 years)
When did the second amendment of the Federal Fair Housing Act go into effect? - correct answer
✔✔March 12, 1989
, Fixed-rate amortized loan - correct answer ✔✔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 - correct answer ✔✔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 - correct answer ✔✔Two or more lenders invest in one loan. This allows the lenders to
share the risk.
Acceleration clause - correct answer ✔✔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 - correct answer ✔✔"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 - correct answer ✔✔states that the lien is defeated when the debt is repaid.
Escalation clause - correct answer ✔✔allows a lender to raise the existing rate. An escalation clause is
usually found in an ARM.
Subordination clause - correct answer ✔✔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 - correct answer ✔✔the new buyer is approved, and takes over payments and
liability.
This is often called a loan novation. This will not impact the seller's credit rating.
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