Real Estate Principles Chap. 2
Transfer Disclosure Statement
A form that notifies buyers of any physical defects to a property and requires the seller and the agent to list any evidence of defects of which they are aware
Commingling
Illegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days).
Redlining
a practice in which banks refuse to make loans to people living in certain geographic locations
HUD
All federal fair housing complaints should be filed with.
Strictest Standard Rule
This states that the stricter law (Federal vs. State) will prevail and take precedent.
Blind advertisement
An advertisement that does not include the name and address of the person placing the ad; an ad that lists only a phone number or post office box address
Puffing
Example of misrepresentation.
Americans with Disabilities Act
Passed by Congress in 1991, this act banned discrimination against the disabled in employment and mandated easy access to all public and commerical buildings.
Easton vs. Strassburger
A court ruling that requires brokers to conduct a diligent visual inspection of residential real property limited to 1-4 units and to disclose to buyers material facts that are known or should be known
Material Fact
A fact that influences the decision of a reasonably prudent person.
The Rumford Act
CA counterpart to the Federal Anti-Discrimination laws with regards to Blockbusting.
The Holden Act
CA counterpart to the Federal anti-discrimination laws with regards to redlining.
Trust Funds
Funds held by a real estate broker, in trust, for clients and/ or customers.
Federal Law
Generally speaking, the law that prevails over State Law.
The Place of Business
If the HUD Fair Housing Equal Opportunity poster is NOT prominently displayed in a place of business relating to housing, the burden of proof for any discriminatory act falls on?
The accuser
If the HUD Fair Housing Equal Opportunity poster is prominently displayed in a place of business relating to housing, the burden of proof for any discriminatory act falls on who?
Credit Based Lending
Lenders must perform what when determining if an individual qualifies for a loan, which is based on objective measures.
Blockbursting
Steering is the opposite of this illegal discriminatory act, which encourages individuals to sell.
Health, Safety, and Welfare on the Public
The 'Strictest Standard Rule' applies when dealing with?
blockbusting
The use of prejudice to instill fear or panic in order to motivate individuals in a particular area or neighborhood to sell their property.
Steering
Using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single family residence or rental dwelling.
The principal of an owner-occupied 1-4 unit residence
Which of the following is exempt from Federal anti-discrimination laws?
RESPA (Real Estate Settlement Procedures Act)
a law requiring full disclosure of closing costs to buyer and seller.
Civil Rights Act of 1964
outlawed discrimination based on race, color, religion, sex, or national origin
The Unruh Civil Rights Act
CA counterpart to the Federal Anti-Discrimination laws with regards to discrimination in commercial and business establishments.
Civil Rights Act of 1866
The Civil Rights Act prohibited discrimination on the basis of race only.