Question 1

The Restoring American Financial Stability Act is a regulation related to mortgages that was promulgated by the CFPB.

Accepted Answer

The Restoring American Financial Stability Act, also known as the Dodd-Frank Act, was enacted in 2010 and led to the creation of the CFPB, but it is not specifically a regulation related to mortgages.

Question 2

Many of the laws governing vacation rentals such as Airbnb are found at the county and city levels.

Accepted Answer

Local governments, such as counties and cities, often regulate vacation rentals to address community-specific concerns, leading to a variety of laws and regulations at these levels.

Question 3

The battles over land use for economic development tend to be at the state level of laws.

Accepted Answer

The answer of The battles over land use for economic...

Question 4

Uniform laws are generally drafted by the U.S. Congress.

Accepted Answer

Uniform laws are typically drafted by organizations such as the Uniform Law Commission, not by the U.S. Congress.

Question 5

The overall structure of environmental laws is found at the federal level.

Accepted Answer

Environmental laws are primarily established at the federal level in many countries, including the United States, where agencies like the Environmental Protection Agency (EPA) enforce regulations.

Question 6

In which of the following sources of law would the federal Truth-in-Lending controls be found?

Accepted Answer

The federal Truth-in-Lending controls are found in federal regulations, specifically under the regulations issued by federal agencies to implement federal laws like the Truth in Lending Act.

Question 7

Which of the following sources of law would contain provisions on broker licensing?

Accepted Answer

State statutes typically contain provisions on broker licensing, as licensing requirements are generally governed at the state level.

Question 8

Which of the following would not be found in the United States Code?

Accepted Answer

The answer of Which of the following would not be...

Question 9

Which of the following would not be found in state statutes?

Accepted Answer

The ILSFDA (Interstate Land Sales Full Disclosure Act) is a federal law, not a state statute.

Question 10

The Smiths have recently discovered that there is a mortgage on their property. Mrs. Smith wants to know where to turn to find the law on mortgages and mortgage recording statutes. Which of the following sources is correct?

Accepted Answer

State legislative enactments are the correct source for laws on mortgages and mortgage recording statutes, as these are typically governed by state law.

Question 11

The term stare decisis:

Accepted Answer

Stare decisis is a legal doctrine that obligates courts to follow historical cases when making a ruling on a similar case, thereby ensuring consistency and predictability in the law by adhering to precedents.

Question 12

Alice DeMinimis recently purchased a small two-bedroom home. She will be paying $85,000 for the home by paying $5,000 down and obtaining a loan for the remaining $80,000. Alice wants to know the difference between her rights if she has a mortgage versus a deed of trust. Which of the following sources of law will contain the information she needs?

Accepted Answer

State legislative enactments will contain the information Alice needs, as real estate laws, including those governing mortgages and deeds of trust, are typically governed by state law.

Question 13

Which of the following issues does the Fourth Amendment to the U.S. Constitution address?

Accepted Answer

The Fourth Amendment addresses the issue of search and seizure, protecting citizens from unreasonable searches and seizures by the government.

Question 14

18 U.S.C. Section 1201 is an example of a:

Accepted Answer

18 U.S.C. Section 1201 is a federal legislative enactment, as it is part of the United States Code, which contains laws passed by the United States Congress.

Question 15

12 C.F.R. § 226 is an example of:

Accepted Answer

12 C.F.R. § 226 is a part of the Code of Federal Regulations, which contains federal administrative regulations.

Question 16

Zoning ordinances are generally part of:

Accepted Answer

Zoning ordinances are typically established by local governments, such as cities or municipalities, to regulate land use within their jurisdiction.

Question 17

In interpreting a statute, a court will not consider:

Accepted Answer

Courts typically do not consider the vote margin for passage when interpreting a statute, as it does not provide insight into the meaning or intent of the law.

Question 18

Which of the following is not part of the United States Code?

Accepted Answer

The Uniform Partnership Act is a model law proposed by the National Conference of Commissioners on Uniform State Laws and is not part of the United States Code.

Question 19

The Code of Federal Regulations:

Accepted Answer

The Code of Federal Regulations (CFR) is a codification of the general and permanent rules published in the Federal Register by the departments and agencies of the Federal Government. It is not passed by Congress, does not interpret the Constitution, and does not contain state regulations.

Question 20

The Haskell Family has operated a dry cleaning business for 40 years. They have dumped solvents on their property during that time. As the family prepares to sell the business, concerns about the dumping have arisen. Which of the following sources of law would provide information about their liability?

Accepted Answer

The United States Code contains federal statutes, including environmental laws like the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), which addresses liability for hazardous waste disposal.

Quiz 1: Sources of Real Estate Law