This important federal statute was intended to ensure that consumers are advised of all costs ...

This important federal statute was intended to ensure that consumers are advised of all costs related to a real estate transaction in easily understandable terms:
 
  A. Truth in Lending Act
   B. Fair Credit Reporting Act
   C. Real Estate Settlement and Procedures Act
   D. Equal Housing Opportunity Act

Q. 2

Baker owns a home adjacent to Blackacre, a 2,000 acre farm. Baker discovered that if he cut across the back of Blackacre, he could reach the Interstate highway much quicker than if he used his own driveway. In fact, when Baker used his driveway, the Interstate was 4 miles away. Taking a shortcut through Blackacre cuts three and one-half miles off the trip. Old Macdonald knows that Baker cuts across his land almost every workday and sometimes on weekends but does not appear to object. Baker has even worn a path over the land. After all, he has been taking the shortcut over Blackacre for the last 23 years. One day, old MacDonald blocks the path being used by Baker and tells him he may no longer cut across Blackacre. Baker files a lawsuit. Who wins? Explain the rights of the parties.
 
  What will be an ideal response?

Q. 3

The Real Estate Settlement Procedures Act (RESPA) is an important federal statute. Its goal is to:
 
  A. Ensure housing is available to all
   B. Ensure qualified buyers have equal access to credit
   C. Ensure an arbitration process to settle disputes between the parties
   D. Ensure consumers are advised of all the costs related to real estate transactions in easily understood terms

Q. 4

Some municipalities choose not to enact zoning codes.
 
  A. True
   B. False

Q. 5

Which of the following statements is not true about the closing?
 
  A. All forms submitted at the closing are estimates
   B. The buyer signs the promissory note
   C. The buyer signs the mortgage
   D. All disclosure statements are signed

Q. 6

Statutes of limitations are laws enacted by legislatures that limit the number of defenses that defendants can assert in defending themselves against intentional tort claims.
 
  Indicate whether the statement is true or false

Q. 7

Teddy is wrapping Christmas presents. While cutting wrapping paper to size, Teddy cuts his hand badly when the scissors slip and slice his palm. Which of the following statements is true?
 
  a. The seller of the scissors can be held strictly liable for the damages caused by its defective product.
  b. The manufacturer of the scissors can be held strictly liable for the damages caused by its defective product.
  c. both a and b
  d. That scissors will cut is a commonly known danger, a defense to a strict products liability action.

Q. 8

A joint enterprise requires all but the following:
 
  a. An employment relationship.
  b. A common monetary interest.
  c. A common purpose.
  d. A mutual right to control the joint enterprise.