Real Estate Principles Chap. 2

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

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.


संबंधित स्टडी सेट्स