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40 Cards in this Set
- Front
- Back
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is discrimination legal?
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yes but unlawful discrimination is not
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this act states that you can't discriminate based on race-no exceptions
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Civil rights act of 1866
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also known as the fair housing act
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civil rights act of 1968
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this covers the same classifications as the fair housing act
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ECOA
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the two civil rights acts and the ECOA are what types of laws?
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federal laws
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what are the 3 CA state laws in the practice of real estate?
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1. Rumford Act
2. Unra Civil Rights Act 3. Holden Act |
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the unra act refers to...
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businesses
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the holden act refers to...
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housing financial civil rights
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which are stricter, CA or federal laws?
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state
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only showing a property based on perceived nationality
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steering
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trying to get neighbors to sell based on a different race/ethnicity moving in near there
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Blockbusting/Panic Selling
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not lending money to certain area based on percieved ethnicities in that neighborhood
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redlining
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discrimintation exceptions
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-sale or rental of single family home if there is no agent
-landlord lives on premesis -chruches can restrict to parishoners -NPO's can restrict to members of the organization -Age in favor of Sr. citizens with 80% being over 55 |
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HUD house with = sign states:
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equal housing lender, poster is required
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failure to show the hud poster shifts the blame to whom in a court case?
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to the defendant (from th plantiff)
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this act states there needs to be equal access to premeses to all citizens
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Americans with Disabilities Act
ADA |
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things of value that belong to other people
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trust account
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money collected must be kept in a seperate account, otherwise it' considered...
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comingling-against the law
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the exception to comingling
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service fees for banks-200.00 of brokers own funds can be put in trust fund to cover bank costs
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the only 3 people who can handle trust funds:
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-the RE broker
-someone licensed w/ the broker -a non licensed employee who is bonded (ie a bookkeeper) |
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do you need a real estate license to represent another?
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not unless you want to get paid!
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sales of a business with a building or a franchise
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business opportunities
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who can sell a mobile home?
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new: mobile home dealer
used: agent (must be registered, must be in a location where it's use can continue for +1 year) |
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do you need a RE license to act as a mtg loan broker?
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Yes
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can a RE broker sell promissory notes?
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yes, if the note is accompanied by DOT, it's considered real estate paper
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how many notes can you buy and sell a year without the need of a broker?
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7
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how many pieces of RE can you acquire?
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as many as you want, it's not real estate paper
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what are the CA Real Estate law articles?
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Article 1: shows all of the RE licensing requirements
Article 7: has the mtg broker laws |
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what are the 3 enteties not required to have a real estate license?
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FSBO's
corporations representing themselves attorney's representing clients (atty can't get RE comm.) |
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4 requirements to be a licensed real estate salesperson
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1. 18+
2. RE principals 3. RE practice 4. another from the list |
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once you pass your exam, you have a...
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conditional license (learners permit)
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how long is a real estate license good for?
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4 years with 12 hrs of continuing eduation; all subsequent renewals require 45 hours of continuing ed.
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how many courses are required for broker
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8;
1,2,3 from salesperson exam, 2 years experience ir RE or BA/BS degree. College econ & acctng count at req'd classes |
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someone who does not have a license but should
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unlicensed person
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someone not required to have a real estate license
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non licensee
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penalty for working without a license
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Individual: fine of $10,000 and up to 6 months in jail
Corporation: fine of $50,000 |
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the two main things the DRE does
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1. regulates licensees
2. regulates subdivisions |
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if you get in trouble, the DRE holds an...
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administrative hearing
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at an admin. hearing, one of these three things may happen
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they may restrict your license (put you on probation), suspend your license or permanently revoke your license.
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this is the minimum standard of conduct that a society will tolerate
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law
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