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Exam #3

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  1. Exam #3 Exam date: April 26th, 2013

  2. Why do we have equal housing (fair housing) laws?

  3. Fair housing have been enacted to create an unbiased housing market • A market in which every home seeker has the same opportunity to buy any home in the area he or she chooses, provided the home is within the home seeker's financial needs . • Said another way, fair housing laws are an attempt to prohibit discrimination

  4. Why must licensees and private citizens be aware of undesirable and illegal housing practices?

  5. Because failure to comply can result in suspension/revocation of license. Can end up with fines/jail time.

  6. What does the Civil Rights Act of 1866 say?

  7. Everyone has the right to inherit, purchase, lease, sell, hold and convey property

  8. What does the Executive Order of 1962 (#11063) do?

  9. An attempt to guarantee non-discrimination in any and all housing receiving loan assist thru the FHA or VA Issued by JFK

  10. What is the FHA?

  11. Essentially loan insurance; if lender will make a loan to a person who marginally qualifies for, the FHA will insure (or cover the deficiency in the event of foreclosure) Federal housing admin; programs designed for people who are low income

  12. What is the VA?

  13. Will provide loan guarantees for homes, little to no down payment and below market rates, also will pay deficiency A program in exchange for military service

  14. What is significant about the passage of the Civil Act of 1964?

  15. Expand the scoop of executive order #11063 to include all housing recently any form of federal assistance Passed by LBJ

  16. What did the Fair Housing Act of 1968 establish?

  17. It establishes the protected classes for the first time; covers built homes, rental property and vacant land for residential construction Protected classes: race, color, religion, national origin (ethnicity)

  18. In 1974, what class was added to the list of protected classes?

  19. Gender

  20. What is block busting?

  21. The practice of making oral statements made by someone making prospective entry into an integrated neighborhood Creates an atmosphere of fear

  22. What is the significance of the Jones vs. Meyer Co.?

  23. Jones alleged that they were steered to homes in a particular area The ruling… • Supreme court reaffirmed Civil Rights Act of 1968 • Ruled that 1866 doesn’t just apply to public but also private and any exemptions based on race were eliminated

  24. What are the Exemptions of 1968?

  25. Sale/rental of a home, when home is owned by a person who does not own at least three homes

  26. What are the amendments to the FHA 1968 in 1988?

  27. Two groups • 1. Familial status (rent to people with children under the age of 18; also includes pregnant women) • 2. Handicap both physical and mental

  28. Define handicap.

  29. Mental/physical impairment or history of impairment that limits one or more of ones major life activities. Individuals who have AIDS are protected. Does not include people who use/abuse drugs/controlled substances. Both recovered and current mental patients are protected.

  30. What is an exemption to the protected class of familial status?

  31. Retirement Units Either: All occupants are 62 or over 2. 80% of occupants are 55+

  32. What does the Fair Housing Act of 1968 protect?

  33. Protects people who promote housing for minorities

  34. What isthe Federal Fair Lending (Home Mtg) Law?

  35. Designed to prohibit discrimination in lending

  36. What is the Equal Credit Opportunity Act?

  37. Designed specifically to make credit available to every qualified applicant

  38. What are the three protected classes under the EQOA?

  39. 1. Martial status (you cannot refuse single mothers)2. Age 3. Dependence on financial assistance

  40. What is the only criteria that a lender can use to determine whether or not an applicant can make payments 4

  41. 1. Income2. Network3. Credit rating4. Job stability

  42. What is the home mortgage disclosure act (1975)?

  43. Prevent discrimination to those who want to make a loan in a geographic area Federally related loans disclose the number of loans applied (who and how much) for and where their loans were made in their service area and this is to be posted in the lobby of the bank

  44. What is redlining?

  45. Areas that banks and lenders don’t give loans to On a map

  46. What is the Community Reinvestment Act (1977)?

  47. Lenders were only making loans where risk is low and returns are high; now lenders have to meet to the needs of their local customers first then outside customers It was an attempt to stop capital flight

  48. What is intrinsic value?

  49. Has value because of what it is or what it is used for

  50. What is extrinsic value?