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national chp. 8

practice of real estate

TermDefinition
civil rights act of 1866 prohibits discrimination based on an individual's race or ancestry
federal fair housing act of 1968 and amendments protected classifications FRESH CoRN 1. family status 2. race 3. equal 4.sex 5. handicap/disability 6.color 7.religion 8. national origin
...family status -pregnant women & families w/ children protected -does NOT apply to retirement communities where 80% of units are occupied by residents 55 or older
...handicap/DISABILITY any physical or mental impairment that substantially limits one or more major life activity -includes those suffering from HIV/AIDS -both current and recovered mental patients are protected
...also includes under disability? alcoholics and drug addicts are protected if seeking treatment -not protected if using illegal drugs -law specifically excludes those convicted of dealing drugs -landlords are not obligated to rent to person w/ history of violence
...can disabled tentants make changes? landlords must allow disabled tenants to make changes at tenant's expense -owner may require tenant to return property to original condition upon termination of lease
not protected 1. AGE 2. sexual orientation (homosexuality) 3. marital status 4. occupation (student)
prohibited actions -less favorable treatment -discriminatory or restrictive ads -steering -blockbusting -redlining
steering channeling of potential buyers to or away from particular areas as a means of discrimination
blockbusting aka panic peddling -inducing people to sell their homes bc of the entry into the neighborhood of members of protected classes
redlining refusing to offer or limiting loans in certain areas -may not refuse to LOAN based on HIGH CRIME RATES in a neighborhood
exceptions apply to the PERSON, not the property -no exceptions in regard to racial discrimination
exceptions on rentals -rental or sale of a single-family home -rental of units (4-unit building or less) where the owner occupies one of the unites - rental or sale of unit in buildings w/ at least 80% of occupants age 55+
senior housing exemption may discriminate against families w/ children (familial status)
complaints HUD will first investigate all incidents -when advertising, best to describe the property, not who should or shouldn't live there
how long can complaints be filed w/ HUD? w/in one year of discriminatory act -aggrieved party can file civil suit directly in federal court w/in 2 years
when can a broker file a complaint? could file complaint and request commission as damages if a seller refuses to accept an offer from a protected class -brokers best protection is to keep good records
in a complaint, HUD considers? 1. testing studies done on company by HUD 2. properties shown to buyer or tenant 3. if an equal opportunity poster is displayed in the office
When will HUD no consider broker/salespersons intentions? even if broker/salesperson felt he was working in the buyer's best interest -ex: showing only neighborhoods w/ children to a family
equal credit opportunity act (ECOA) prohibits discrimination in all consumer credit transactions based on the following -race -religion -color -sex -national origin
...prohibits lenders from refusing loans to the following qualified borrowers? 1. age (must lend to retired persons) 2. marital status (may not deny if unmarried) 3. receipt of public assistance/income
who does ECOA not protect? -minors -person's sexual orientation - people w/ erratic employment histories
what does ECOA require lenders to do? give notice of why credit was refused
americans w/ disabilities act (ADA) ensures equal access to PUBLIC accommodations for disabled persons -uses same definition as disability as federal fair housing act
...public accommodations those places accessible to the public -including broker's office and retail stores -fair housing laws specifically apply to housing accommodations
megan's law registration of sex offenders -brokers should inform buyers who may be concerned about a registered sex offender to contact local law enforcement offices -states vary on requirements of brokers for disclosure and how to inform buyers of this law
ethics for real estate professionals refers to a system of moral principles, rules, and standards of conduct
expectations of brokers and salespeople -exhibit higher level knowledge & competency than nonliscensed individual -protect interest of clients & treat all parties fairly & honestly -complete all state-mandated disclosures in time -fully explain to client obligations of c&b transaction
disclosure and practicing w/in level of competence all real estate professionals are expected to know when they are not competent to performa a task
...examples -practicing outside area of expertise (res. selling comm) -broker completing & presenting legal docs that aren't fully understood -salesperon/broker becomes competent by completing education & working w/ others who are knowledgeable in area of practice
real estate professional is expected to fully disclose -who they rep in transaction -obligations of all parties in regard to disclosure of material defects -whether she is a principal in the transaction -any environmental, material, or other issues requiring disclosure that might impact the property
illegal practice of law...legal advice -real estate professionals must know when they need to recommend a party they are working w/ should seek legal advice
...who should broker associates and salespeople recommend? the use of attorneys, accountants, and other appropriate counsel to both buyers and seller
...when is a licensee not allowed to give legal advice? on ANY aspect of the real estate transaction
national do not call registry national list of phone numbers telemarketers cannot call -brokers/salespeople must check the list before cold calling
...when consumer makes an inquiry? brokers may contact them for 3 months after they have made an inquiry
...broker and consumers establish a business relationship? may call consumers for up to 18 months after the last purchase
8-7 brokers trust accounts accounts w/ funds held for others by brokerage firm -ex: earnest money, tax and insurance, escrow payment, unearned commissions
handling earnest money deposits licensee must give earnest money checks to listing brokerage firm immediately after the offer is accepted
...who MUST DEPOSIT THE FUNDS in a TRUST account? managing or employing broker of listing firm -time limit for depositing earnest money is set by state law
...trust accounts must be? demand accounts that allow for free deposit and withdrawal of funds
...if broker receives a NSF check? not sufficient funds check -broker must immediately inform the seller
commingling prohibited -brokers cannot mix personal funds w/ trust funds
conversion using trust funds for personal reasons or for other people
broker must keep accurate records of? all money deposited in and disbursed from the trust account
Created by: kmills5
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