Remember this

duties of an agent under a dual agency relationship

As a memory aid, the duties of an agent under a dual agency relationship "ADD UP and LOC" them into more responsibility than if you were working under a transaction broker relationship. Just remember that the "L" for loyalty is to each client.

Agent duties

As a memory aid, the duties of an agent under a no brokerage relationship "ADD" more responsibility than if you were dealing with a prospect. Accounting for funds, dealing honesty, disclose all known facts

agent under a transaction brokerage relationship

As a memory aid, the duties of an agent under a transaction brokerage relationship "ADD UP" to more responsibility than if you were working under a no brokerage relationship. Accounting for funds, dealing honesty, disclose all known facts. Use skill present all offers

Bundle of Rights (look DEEP to C)

Disposition (sell or rent or transfer). Exclusion (of others). Enjoyment. Possession. Control

HUD standards

HUD Standards makes it unlawful for a licensee to discriminate. Words indicative of race, religion, color, familial status, sex, handicap, or national origin are not acceptable. Neither may you use words that could be considered discriminatory such as "exclusive," "restrictive," "traditional," or "board-approved." Advertising housing intended to serve those 55 or older is acceptable. To comply with Fair Housing laws, describe the property, not the most likely buyer or tenant.

Foreign Investment in Real Property Tax Act

If your seller is a foreign investor, then based on the Foreign Investment in Real Property Tax Act of 1980, she must pay a withholding rate of ten percent (10%) of the purchase price if the sales price is greater than $300,000. The withholding must be paid to the IRS within 20 days after closing.

Jones vs. Mayer

In 1968, Joseph Lee Jones, of African-American decent, tried to buy a home in a white community and was denied because of his race. The U.S. Supreme Court upheld the Civil Rights Act of 1866 which made it illegal to discriminate in the selling, transferring and leasing of real property based on a person's race or color applies to governmental, public, and private parties, in support of the Fourteenth Amendment.

Regulation Z

Regulation X refers to the text of the law in Title 12 of the US Code that implements the intent of RESPA. It establishes several consumer protections to keep borrowers from being exploited by unacceptable real estate practices such as kickbacks and referral fees for settlement service referrals.

Age Discrimination act 1975

The Age Discrimination Act of 1975 makes it illegal to discriminate on the basis of age in any program or activity that receives federal funding. The act covers all age groups, young and old.

Equal credit opportunities act

The Equal Credit Opportunity Act (ECOA) was passed in 1974 and is implemented through Regulation B. It makes it illegal for lenders and creditors to discriminate against people who are pursuing a credit transaction based upon race, color, religion, national origin, sex, marital status, age, or receiving public assistance. The Act also gives the consumer the right to know the specific reason why credit was denied, or why the terms to receive credit are less favorable then advertised or applied for.

Fair Housing Act

The Fair Housing Act makes it unlawful for a licensee to discriminate against any person based on the person's race, color, national origin, religion, disability, sex, familial status, creed, marital status, sexual orientation, gender identity, military, HIV/AIDs, or Hepatitis C status.

Mortgage Acts and Practices Advertising Rule

The Mortgage Acts and Practices Advertising Rule was created to ensure honesty in advertising. It also works to eliminate deliberate deception in real estate advertising.

National Historic Preservation Act of 1966

The National Historic Preservation Act of 1966 created a National Register of Historic Places that now includes more than 90,000 properties - including privately owned residences.

RESPA

The Real Estate Settlement Procedures Act (RESPA) is a federal statute enacted by the U.S. Department of Housing and Urban Development (HUD) to govern the real estate mortgage settlement process. This statute only covers mortgaged one-to-four family properties.

Sherman Antitrust Act

The Sherman Antitrust Act is a federal law that makes it illegal to create any type of an agreement that is intended to restrain fair trade. This act helps to maintain a competitive market.

Uniform Commercial Code

The Uniform Commercial Code requires that all loan collateral be documented through a security agreement signed by the borrower. The agreement is then filed with the recorder of deeds and is known as the UCC-1. A title search will reveal if the property is being used as collateral for a loan.

Statute of Frauds

The statute of frauds requires that all contracts for the sale of real property or an interest in real estate must be in writing and signed by the parties to be enforceable. This includes lease agreements.

Title VII of the Civil Rights Act of 1964

Title VI of the Civil Rights Act of 1964 prohibits discrimination based on race, color or national origin relating to any activities that receive financial assistance from the federal government including any federally funded housing project or program.

Dodd-Frank Act

Under the Dodd-Frank Act directed by the Consumer Financial Protection Bureau a Loan Estimate Form must be provided to consumers within three (3) business days after submitting a loan application. This form uses clear language to provide information to help consumers decide whether they can afford the loan. It also helps a borrower to compare other loans.