NC Real Estate - Fair Housing

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The Civil Rights Act of 1866 prohibits discrimination in housing based on a. race. b. religion. c. sex. d. handicap: a
The agency responsible for the enforcement of the Fair Housing Act is the a. Department of Justice. b. Federal Housing Administration. c. Department of Housing and Urban Development. d. Department of Veteran Affairs.: c
It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the a. questionable economic situation of the applicant. b. physical location of the property. c. applicant not being of legal a: b
A discrimination suit may be filed in federal court by a. the aggrieved person because of racial discrimination. b. the Department of Housing and Urban Development. c. the state or county nondiscrimination officer. d. the Federal Housing Administration.: a
In order to file a complaint of discrimination, the complainant must a. be able to prove that discrimination occurred. b. suspect that discrimination occurred. c. be able to prove that the discrimination was intentional. d. be able to produce witnesses t: b
The Fair Housing Act of 1968 is contained in a. Title VIII of the Civil Rights Act of 1968. b. the Civil Rights Act of 1866. c. the Civil Rights Act of 1964. d. Executive Order No. 11063.: a
A prospective home buyer who is black inquires about the availability of a home in a predominately white residential neighborhood. What should the broker say to this prospect? a. "You wouldn't want to live in this area because the neighbors are tryi: d
Real estate brokers are required to do all of the following EXCEPT a. take affirmative marketing action in advertising. b. take affirmative marketing action in canvassing. c. show all of the properties they have listed. d. prominently display the equal h: c
Protection from threats or acts of violence against those who assist and encourage open housing rights is found in the a. Civil Rights Act of 1866. b. Civil Rights Act of 1964. c. Fair Housing Act of 1968 d. Fair Housing Amendments Act of 1988.: c
The provisions of the Fair Housing Act apply: a. in all states. b. only in those states that have ratified the act. c. only in those states that do not have substantially equivalent laws. d. only in those states that do not have specific state fair housi: a
Actions that are made illegal by federal and state fair housing laws include all of the following EXCEPT a. offering advantageous loan terms to encourage the re-segregation of a residential area. b. refusing to show certain residential property to non-En: d
The refusal of a lending institution to make a residential real estate loan strictly because of the racial or ethnic composition of the neighborhood is called a. blockbusting. b. redlining. c. steering. d. panic peddling.: b
Discrimination based on familial status was prohibited with the passage of the a. Civil Rights Act of 1866. b. Civil Rights Act of 1964. c. Fair Housing Act of 1968. d. Fair Housing Amendments Act of 1988.: d
Discrimination on the basis of any of the following could be construed as violations of fair housing laws EXCEPT for discrimination based on a. ethnic considerations. b. sexual considerations. c. economic considerations d. religious considerations.: c
There are exceptions to some of the fair housing laws for all of the following criteria EXCEPT a. retirement communities. b. private clubs. c. religious organizations. d. racial considerations.: d
The practice of channeling families with children away from other buildings into an apartment building where other families with children reside is a. most practical. b. blockbusting. c. redlining. d. steering.: d
Steering is a. leading prospective homeowners to or away from certain neighborhoods. b. refusing to make loans on properties located in certain areas. c. a requirement for the broker to join MLS. d. a practice of standardizing commission rates.: a
When a salesperson represents that minorities are moving into the area to get homeowners to sell their properties, this activity is a. panic peddling. b. steering. c. discriminatory advertising. d. legal as long as it is true.: a
The federal Fair Housing Act prohibits all of the following EXCEPT a. blockbusting. b. discriminatory advertising. c. redlining. d. discriminating on the basis of marital status.: d
Under the federal Fair Housing Act it is illegal to discriminate because a. a person has a history of dangerous behavior. b. of a person's marital status. c. a person has AIDS. d. a person has been convicted of distributing a controlled substance.: c
A house for sale was advertised: "Fine executive home in an exclusive neighborhood, suitable for an older couple; near St. Mary's Church." All of the following are true EXCEPT a. this is descriptive of the property for sale and a good ad. b. an: a
A broker employs several salespeople, one of whom is a minority. The broker tells this salesperson to work only with minority buyers and solicit listings in only predominately minority neighborhoods. Which of the following is true? a. The broker is entit: c
The restrictive covenant in a condominium complex prohibits pets. A prospective buyer with a physical disability relies on an animal to assist him. Which of the following is true? a. The condominium has the right to establish this private restriction if: c
The Americans with Disabilities Act requires that a. all real estate is free of barriers to people with disabilities. b. all employers adopt nondiscriminatory employment practices. c. reasonable accommodations be provided to people with disabilities. d.: c
Which of the following is illegal? a. Refusing to lend money to a minority person who has poor credit b. Refusing to allow families with children to live in a housing development intended exclusively for people over 62 c. Refusing to hire an otherwise qu: c
Which of the following would be considered to be legal? a. Charging a family with children a higher security deposit than is charged to adults b. Requiring a person with a disability to establish an escrow account for the costs to restore a property afte: b
A listing agreement may be terminated for any of the following reasons EXCEPT the a. sale of the property. b. death of the salesperson. c. agreement of the parties. d. destruction of the premises.: b
By executing a listing agreement with a seller, a real estate broker has become a: a procuring cause. b. obligated to open a special trust account. c. an agent of the seller. d. responsible for sharing commissions.: c
The provision in a listing agreement that gives additional authority to the broker and obligates the broker to distribute the listing to other brokers is a(n) a. joint listing clause. b. multiple listing clause. c. net listing clause. d. open listing cl: c
A building sold for $157,000. The broker charged a 6 percent commission and divided it as follows: 10 percent to the salesperson who took the listing, one-half of the balance to the salesperson who made the sale, and the remainder to the broker. What wa: b
Broker W took a listing on a property and shortly thereafter discovered that her client had been previously declared incompetent by the court. The listing now is a. binding as the broker was acting in good faith. b. still valid. c. the basis for commiss: d
The type of listing agreement that provides for the payment of a commission to the broker even though the owner makes the sale without the aid of the broker is called a(n) a. exclusive-right-to-sell listing. b. open listing. c. exclusive-agency listing.: a
A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker that the owner wanted $138,000 for the property, and anything above that amount the broker could keep as his commission. The listing with this: b
Under which of the following listing agreements can the owner of listed property sell the property on his or her own without having to pay the listing broker a commission? a. Exclusive-right-to-sell listing b. Exclusive-agency listing c. Open listing d.: d
A property owner signed a 90-day listing agreement with a broker. The owner was killed in an accident before the listing expired. Now the listing is a. binding on the owner's spouse for the remainder of the 90 days. b. still in effect as the owner's inte: d
A listing contract in which the broker's commission is contingent on the broker being able to produce a buyer before the property is sold by the owner or another broker is called a(n) a. open listing. b. net listing. c. exclusive-right-to-sell listing. d: a
A broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one of his salespeople and one from a salesperson of a cooperating broker. What should the broker do? a. Submit the offer from his: d
All of the following are typical provisions of a listing agreement EXCEPT the a. price the seller is asking for the property. b. date the broker will schedule an open house. c. commission rate to be paid to the listing broker. d. responsibilities of the: b
The type of listing agreement that provides the least protection for the listing broker is the a. exclusive-right-to-sell listing. b. exclusive-agency listing. c. open listing. d. net listing.: c
If a seller needs to net $50,000 after the sale, how much must the real estate sell for if the selling costs include a 7% commission and $1,200 in other expenses? a. $54,700.00 b. $54,963.44 c. $55,053.76 d. $55,633.25: c
A seller refused to pay a commission to the broker even though there was a valid listing agreement and the broker procured a buyer for the property. What can the broker do? a. Sue the seller in court for the commission. b. File a lien on the seller's pro: a
Under an exclusive agency listing, the listing broker would not be entitled to a commission if a. the broker sells the property herself. b. the property is sold through another broker. c. the property is sold through the multiple-listing service. d. the: d
All of the following are types of listing contracts EXCEPT a(n) a. open listing. b. exclusive agency. c. exclusive right-to-sell. d. MLS contract.: d
The seller wants to net $65,000 on the sale of his house after paying the broker a fee of 6%. How much must the gross selling price be? a. $69,149 b. $68,093 c. $67,035 d. $66,091: a
The broker enters into a listing agreement with a seller in which the seller will receive $12,000 from the sale of a lot and the broker will receive any sale proceeds over this amount. This type of listing is a(n) a. gross listing. b. legal and ethical w: d
An owner lists her property for sale with a broker. Another broker, however, finds a buyer for the house. The listing broker did not receive a commission from the sale. The type of listing contract between the owner and the broker could have been a(n) a.: c
Two different brokerage companies claimed they were entitled to a commission from the sale of a property that was listed by one of the firms under an open listing agreement. The broker who is entitled to the commission is the one who a. listed the proper: d
A void contract is one that is a. not in writing. b. not legally enforceable. c. rescindable by agreement. d. voidable by only one of the parties.: b
The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract is known as a. an injunction. b. a lis pendens. c. an attachment. d. specific performance.: d
The essential elements of a contract include all of the following EXCEPT a. offer and acceptance. b. notarized signatures. c. competent parties. d. consideration.: b
The amount of earnest money deposit is determined by a. the real estate licensing statutes. b. an agreement between the parties. c. the broker's office policy on such matters. d. the acceptable minimum of 5 percent of the purchase price.: b
A written real estate contract is assumed to be the complete agreement of the parties because of the a. statute of frauds. b. parol evidence rule. c. statute of limitations. d. rule of contracts.: b
Which of the following gives the best evidence of the buyer's intention to carry out the terms of the real estate purchase contract? a. The "subject to" clause b. The agreement to seek mortgage financing c. The earnest money deposit d. The prov: c
The term "rescind" means a. change. b. cancel. c. substitute. d. subordinate.: b
All of the following are essential to the formation of a contract EXCEPT a. offer. b. acceptance. c. consideration. d. performance.: d
An option a. requires the optionee to complete the purchase. b. gives the optionee an easement on the property. c. keeps the offer open for a specified time. d. makes the seller liable for a commission.: c
When a prospective buyer makes a written purchase offer that the seller accepts, then the a. buyer may take possession of the real estate. b. seller grants the buyer ownership rights. c. buyer receives legal title to the property. d. buyer receives equit: d
A bilateral contract is one in which a. only one of the parties is obligated to act. b. the promise of one party is given in exchange for the promise of the other party. c. something is to be done by one party only. d. a restriction is placed in the cont: b
Buyer makes an earnest money deposit of $1,500 on a $15,000 property and then withdraws her offer before the seller can accept it. The broker is responsible for disposing of the earnest money by a. turning it over to the seller. b. deducting the commissi: c
Broker K arrives to present a purchase offer to D, an invalid, and finds her son and his wife also present. In the presence of Broker K, both individuals persistently urge D to accept the offer, even though it is much lower than the price she has been as: b
The law that requires real estate contracts to be in writing to be enforceable is the a. law of descent and distribution. b. statute of frauds. c. parol evidence rule. d. statute of limitations.: b
Which of the following best describes earnest money? a. The consideration for the sale of the property b. The money put up by the buyer at the time the offer is made c. The commission to be paid to the broker d. The money to be used for paying for some o: b
A breach of contract is a refusal or a failure to comply with the terms of the contract. If the seller breaches the purchase contract, the buyer may do all of the following EXCEPT a. sue the seller for specific performance. b. rescind the contract and re: d
To assign a contract for the sale of real estate means to a. record the contract with the county recorder's office. b. permit another broker to act as agent for the principal. c. transfer ones rights under the contract. d. allow the seller and the buyer: c
When a valid purchase contract is signed by the seller and the buyer, a. the seller retains reversionary rights. b. the buyer receives equitable title. c. the seller transfers legal title. d. the buyer forfeits possessory rights.: b
Every real estate contract must have a(n) a. grantor and a grantee. b. offer and acceptance. c. acknowledgment by a notary. d. legal description.: b
Two salespeople working for the same broker obtained offers on a property listed with their firm. The first offer was obtained early in the day. A second offer for a higher purchase price was obtained later in the afternoon. The broker presented the firs: c
A broker took a listing and later discovered that the client was previously declared legally incompetent. The listing is now a. binding because the broker was acting as the owner's agent in good faith. b. of no value to the broker because it is now void.: b
At the time a buyer was negotiating the purchase of a lot on which to build a new home, the seller represented that the soil is firm enough to support the construction of a building when, in fact, the seller knew it is not. This contract is a. void. b. v: b
After the buyer and seller have signed a sales contract, the seller changes his mind and defaults. The buyer sues the seller to force him to go through with the contract. This is known as a suit for a. specific performance. b. damages. c. rescission. d.: a
The concept that requires that an injured party bring an action within a specific period of time after the injury is a. a variance. b. the statute of limitations. c. the statute of fraud. d. a waiver.: b
A person must accept an offer to enter into a contract before a. the payment of any money. b. the death of the offeror. c. the close of the 10th business day following the offer. d. a similar offer is made to a third party.: b
A contract agreed to under duress is a. voidable. b. breached. c. discharged. d. void.: a
A real estate sales contract becomes valid or in effect when it has been signed by a. only the buyer. b. the buyer and seller. c. only the seller. d. the broker and the buyer.: b
All of the following will terminate an offer EXCEPT a. revocation of the offer before acceptance. b. death of the offeror before acceptance. c. a counteroffer by the offeree. D. an offer from a third party.: d
If a broker deposits the buyer's earnest money in a trust account, at what time is the seller entitled to receive it? a. When the offer is presented to the seller b. At the time of settlement c. After the settlement d. When the seller accepts the offer m: b
An offeree has the right to a. reject an offer. b. revoke an offer. c. rescind an offer. d. release an offer.: a
Which of the following best describes a contract that is voidable? a. The contract has no legal effect. b. The contract is oral. c. The contract may be valid. d. The contract has not been signed.: c
The TsÃ† apartment lease has expired, but their landlord has indicated to them that they may remain on the premises until a sale of the building is closed. The Ts will be charged their normal monthly rental during this period. The tenancy held by the Ts: a
An office rents for $450 per month and measures 12 feet by 20 feet. The advertised annual rent per square foot would be a. $1.875 b. $4.50 c. $18.75 d. $22.50: d
Rent would best be defined as a. the contractual consideration to a third party. b. the consideration for the use of real property. c. all monies paid by the lessor to the lessee. d. the total amount owed under the terms of a lease.: b
The tenant leases a heated apartment, but the landlord fails to provide heat because of a defective central heating plant. The tenant vacates the premises and refuses to pay any rent. This is an example of a. abandonment. b. actual eviction. c. construct: c
Under the provisions of a typical commercial lease, any trade fixtures that remain in the property after the lease has expired will be the property of the a. lessor. b. lessee. c. property manager. d. whoever removes them.: a
A lease would be terminated by which of the following? a. The sale of the leased premises b. The death of the tenant c. The abandonment of the leased premises by the tenant d. The expiration of the term of the lease: d
A residential tenant is unhappy with the habitability of his apartment because the toilet wonÃ†t flush. In NC he can a. hire a plumber and charge it to the landlord. b. pay a plumber and deduct it from his next monthÃ†s rent. c. withhold rent until the p: d
The authority to carry out the eviction of a delinquent tenant from rented property is held by the a. court. b. landlord. c. sheriff. d. property owner.: c
A tenant's lease has expired, but the tenant has not vacated the premises or negotiated a renewal lease, and the landlord has declared that he does not want the tenant to remain in the building. This type of occupancy is referred to as an estate a. for: d
D leases a barber shop from K. The lease does not specifically indicate who is responsible for making repairs to the premises. The expense of making such repairs is generally a. paid by the lessor. b. paid by the lessee. c. shared by the lessor and the l: b
When a tenant sublets all or any part of the premises rented under a written lease, a. the tenant assigns all right title, and interest in the rented property to the new lessee. b. the sublessee becomes primarily responsible to the landlord for the payme: d
All of the following would acquire title to real property EXCEPT a a. grantee. b. devisee. c. vendee. d. lessee.: d
The principal difference between an estate for years and an estate from year to year is that a. an estate for years is a life estate. b. an estate for years cannot be terminated. c. an estate from year to year must be in writing. d. an estate from year t: d
A lessee who pays some or all of the lessor's property expenses has a a. gross lease. b. net lease. c. percentage lease. d. sublease.: b
The covenant implied in a lease that ensures that the tenant will not be evicted by someone claiming ownership of the property prior to that of the lessor is the covenant a. of seizin. b. of quiet enjoyment. c. of warranty forever. d. against encumbrance: b
A tenant has an estate for years. According to the written one-year lease, the tenancy will expire on May 1st. For the landlord to obtain possession as of that date, he must give the tenant a. 30 days' notice. b. 60 daysÃ† notice. c. no notice. d. notice: c
The owner of real estate who leases it to another is called the a. vendor. b. lessor. c. grantor. d. trustor.: b
A lease that will terminate within one year of its inception a. is invalid. b. violates the provisions of the statute of frauds. c. must be in writing. d. can be verbal.: d
Which of the following is the best definition of actual eviction? a. The right of a landlord to use the rental premises b. The enforcement of a court order to remove a lessor c. The landlord's reversionary right in the rental premises d. The enforcement: d
When a tenant holds possession of a landlord's property without a definite lease term but with the consent of the landlord, this is called a. estate in common. b. estate at sufferance. c. estate at will. d. trespass.: c
In the event that it is necessary for a landlord to remove a tenant from the premises, he or she does it by a. refunding any rents paid. b. refunding any security or other deposits paid. c. filing an eviction suit. d. using the minimum amount of physical: c
If a leased building collapsed and the tenant was forced to move out, this could be called a. constructive eviction. b. effective eviction. c. actual eviction. d. detainer.: a
Under an estate for years a. the term of the lease must be for at least one year. b. no notice is required to terminate the lease. c. a 30-day notice is required to terminate the lease. d. the lessee has a freehold estate.: b
When a tenant is in possession of property for an indefinite period of time and the tenancy is terminable with proper prior notice by either party it is called a. an estate for years. b. a periodic tenancy. c. a determinable estate. d. an estate at suffe: b
Under a gross lease, the lessee may be requested to pay a. maintenance. b. real estate taxes. c. insurance. d. a percent of sales.: d
A tenant's lease does not terminate for five more years. The premises, however, have become too small to accommodate the tenant's growing business. Another business owner is interested in leasing the premises from the tenant for 3 years. Which of the fol: c
A young couple with a toddler and an infant want to lease an apartment in a complex that is occupied primarily by adults. The rental agent shows the couple apartments only on the first floor. Which of the following is true? a. The rental agent is protect: d
The landlord's lease prohibits tenants from altering the property in any way. A young woman who uses a wheelchair cannot maneuver over the doorstep into the apartment by herself. Nor can she use the bathroom facilities in her wheelchair. Which of the fol: d
A lease agreement is signed by a lessee who is 17 years of age. Which of the following is true? a. A 17 year old person cannot sign a lease. b. The lease agreement is voidable. c. The lease agreement is valid provided the security deposit is increased. d: b
An individual rents an apartment for one year. The landlord sells the building during the one year lease term. What effect does the sale have on the lease? a. The sale does not affect the lease. b. The lease is automatically terminated. c. The new landlo: a
The purpose of a security deposit is to a. provide additional revenue for the landlord. b. repair damage to the property caused by the tenant. c. pay for the last month's rent. d. ensure that the lease is valid.: b
The lessor and lessee have agreed to a lease term of 5 years. How could the lessor ensure that the rental income during the term is reflective of the market conditions? a. Negotiate a new lease each year. b. Collect an additional security deposit each ye: c

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