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NE Real Estate

NE Real Estate Unit 18

TermDefinition
Fair housing amendment acts (of 1988) include families w/children and w/physical or mental disabilities
Title VIII of the civil rights act of 1968 amended, FHA prohibits discrimination in housing
housing for older persons act (HOPA) 55 or older no longer needs to have significant facilities and services designed for the elderly
steering illegal practice of channeling home seekers to particular areas based on them
redlining illegal practice by lenders denying loans or restricting from certain areas
civil rights act of 1866 prohibits racial discrimination
fair housing act prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, and national origin
blockbusting illegal practice of inducing homeowners to sell their properties
administrative law judge (ALJ) official who presides over a hearing; renders a decision
department of housing and urban development (HUD) federal agency established rules and regulations
Americans with disabilities act (ADA) rights of individuals w/disabilities in employment and public accommodations
conciliation alternative dispute resolution in which the conciliator help them settle their differences
urea-formaldehyde foam insulation (UFFI) insulation that release harmful gases causing individuals to suffer respiratory, eye, and skin problems
water table natural level at which the ground is saturated
wetlands clean water act; protecting and improving the quality of wetlands
budget comparison statement compares actual results w/original budget
cash flow report monthly statement
corrective maintenance correction of problem after they have occurred
management agreement contract btwn owner of income property and management firm or property manager that outlines the scope of the managers authority
management plan plan that lays out the owner's objectives for a property
multiperil policies insurance policies that offer protection from a range of potential perils
operating budget financial performance in the present and future
preventive maintenance small repairs that help prevent bigger problems and expenses
profit and loss statement monthly cash flow reports
property manager someone who manages RE for another person for compensation
Created by: SevitaM
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