TREC National Exam Questions and answers, 100% Accurate. Graded A+

TREC National Exam Questions and answers, 100% Accurate. Graded A+ A lead paint disclosure is required for all properties built before what year? - -1978 For how many years must a seller keep a copy of the lead paint disclosure he provided to the buyer? - -3 years Civil Rights Act Of 1866 - -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 - -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 - -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 - -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? - -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? - -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 - -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? - -24 months (2 years) When did the second amendment of the Federal Fair Housing Act go into effect? - -March 12, 1989 Fixed-rate amortized loan - -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 - -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 - -Two or more lenders invest in one loan. This allows the lenders to share the risk. Acceleration clause - -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 - -"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 - -states that the lien is defeated when the debt is repaid. Escalation clause - -allows a lender to raise the existing rate. An escalation clause is usually found in an ARM. Subordination clause - -allows a lender to move to or take a lower lien position.