The Federal Trade Commission Act

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Reference no: EM133659293

Questions

1. Violating an anti-trust law could mean which of the following?

Up to three years in jail

Up to a $1,000,000 fine for a business

Up to a $100,000 fine for an individual

All of the answer choices provided are correct

2. The Civil Rights Act of 1968 is commonly referred to as?

Chapter VII

7th amendment

Title VIII

Title VI

3. Under Megan's Law, agents should provide the following information to buyers?

A list of parks not to take children to

The Megan's Law disclosure

A list of sex offenders in the area

A list of convicted murderers in the area

4. HUD uses ............ as a tool in order to identify agents who may engage in activities prohibited under the Fair Housing Act.

Hidden Cameras

Inspectors

Testers

Spies

5. The practice in which real estate brokers guide prospective home buyers towards or away from certain neighborhoods based on their race is known as...?

Steering

Blockbusting

Redlining

Testing

6. Which of the following is a State law that is equivalent to the federal fair housing laws?

Pennsylvania Human Relations Act

RELRA

ADA

TREC

7. An agreement between members of a trade to refrain from competition in specific market areas is known as...?

Tie-in arrangement

Group boycott

Price fixing

Market allocation

8. A person can file a discrimination claim through HUD using all of the following avenues. expect for...?

HUD's Facebook page

By mail

The HUD Online Portal

Phone

9. The practice on the part of unscrupulous speculators or real estate agents of including panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing is known as...?

Testing

Redlining

Steering

Blockbusting

10. Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers are known as...?

Customers

Testers

Agents

Brokers

11. Under the FHA, it is illegal to refuse to rent to a person based on...?

Sex

All of the answer choices provided are correct

Income level

Credit rating

12. The landmark Supreme Court case that confirmed the Civil Rights Act was legal was...?

Jones versus Alfred H. Mayer Company

Smith versus Alfred H. Mayer Company

Jones versus Smith

Jones versus Smith Company

13. A buyer asks you if a particular neighborhood is safe, you should tell them?

Tell them you think it is a safe neighborhood

They should contact the local police department

Tell them about the recent break-ins

You can no longer work them

14. A neighborhood in a city has suddenly become very popular. There were two well-established local real estate agencies in that neighborhood that previously served all the real estate needs for that area. However, due to the surge in popularity, many new real estate agencies have begun to try and do business in that neighborhood. The two established real estate agencies agree to only share listings with each other, and not with any of the newer agencies that have come to the neighborhood. Which below statement is true of these two real estate agencies?

They are engaging in smart business practices.

They are guilty of group boycotts.

They are guilty of market allocation.

They are protecting their communities by ensuring business stays local to people who really understand the neighborhood.

15. Recently, agents in a town have noticed that the commissions they have been able to negotiate with potential sellers have gotten lower and lower. A 6% commission has become impossible to negotiate, and many are resorting to going below 3% to get listings. The three largest agencies in the town agree to not take any listings for below 4% so that they can bring the average commission back up. Which statement is true?

They are guilty of market allocation

They are smart business people

Because there are still other real estate agencies in the town, the anti-trust laws do not apply to this scenario

They are guilty of price-fixing

16. The Federal Trade Commission Act...?

offsets much of the regulations established by the Sherman and Clayton Anti-Trust Laws.

is a 21st century law to regulate trusts in the digital age.

was created to help enforce the Sherman and Clayton Anti-Trust Laws.

deals solely with television advertising.

17. The purpose of preventing group boycotts is...?

To make sure that the real estate industry is fair for all real estate agencies.

To stop real estate practices that discriminate against groups of people.

To lower real estate prices so that homes remain affordable.

To stop a group of agencies from joining forces to prevent competition.

18. The Fair Housing Amendments Act of 1974 made it illegal to discriminate on the basis of?

Sex

Ancestry

Religion

Income Levels

19. According to RELRA, an individual must be at least ........of age in order to become a real estate salesperson.

20. If a seller tells an agent that they only want to sell their home to "Latino buyers", the agent should...?

Take the business but not listen to the client

Call the police

Not take their business

Only show the home to Latino buyers

21. A broker employed by another broker is known as a/an...?

Dual agent

Designated agent

Associate broker

Real estate salesperson

22. A real estate salesperson is permitted to do which of the following?

All of the answer choices provided are correct

Provide legal advice to clients

Provide financial advice to clients

Lease real estate

23. All of the following properties are covered by the FHA, except for...?

Single family homes, when the owner owns less than 3 properties

Buildings with 5 or more units

Multi-family properties

Federally owned property

24. Megan's Law makes information regarding ............ available to the public.

Convicted drunk drivers

Sex offenders

Convicted murderers

Convicted robbers

25. The Sherman Anti-Trust Act was enacted in 1890 in order to...?

stop practices that restrain trade and encourage competition in the marketplace.

regulate the real estate industry.

prevent financial competition from getting out of hand.

keep the marketplace well-regulated.

Reference no: EM133659293

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