Real Estate Laws

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Real Estate Seller's Disclosure Act for PA

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applies to transfers (sale, exchange, lease with an option to buy) of 1 to 4 family dwellings (including units in a condominium or cooperative- only for data within the unit being conveyed- NOT for common elements)

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6 Exceptions for Real Estate Seller's Disclosure Act for PA

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1.) transfers pursuant to court order (transfers to mortgagor to mortgagee, trustee to beneficiary under a deed of trust, foreclosure sale)

2.) transfers from 1 co-owner to another co-owner(s)

3.) transfer made to spouse or a person(s) "in the lineal line of consanguinity" (common ancestors)

4.) transfers between spouses resulting from divorce, legal separation, or property settlement agreement

5.) transfer by a corp. to its shareholders (or partnership to its partners) pursuant to a plan of liquidation

6.) transfers of new resid. constr. that has not been previously occupied when 1. the buyer has received a 1 year written warranty covering construction AND 2. The dwelling has been inspected for compliance with applicable building code, if not applicable code, for compliance with a nationally recognized building code and a certificate of occupancy or a certificate of code compliance has been issued for dwelling.

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Real Estate Seller's Disclosure Act-PA covers material defeats also know as

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disclosure of defects- the sellers must disclose to buyer any material defeat- a problem w/property or any portion of it that would have a significant negative effect of value of the resid real prop. OR that involves an unreasonable risk to the people on the land) by completing a specific form required by Act. (wb page 145)

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Federal Civil Rights Act 1866

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Law- all citizens of U.S. have same rights, as whites have enjoyed, in every state & territory to inherit, purchase, lease, sell, hold, and convey real and personal property.

***All Racial discrimination

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Federal Civil Rights Act 1866 law probibits

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discrimination based on race, color, and other factors including ethnicity. No Exemptions, not limited to housing

Law invoked by filing a suit in federal court

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Federal Civil Rights Act 1968

Fair Housing Law

or Title VIII

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This law identifies Racial discrimination but also 7 protected classes- prohibiting disc. in 7 specific areas in housing and vacant land offered for residential construction use.

this law up holds 1866 law- all racial discrim. public or private in the sale of rental of real property.

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Federal Civil Rights Act 1968

Fair Housing Law

or Title VIII

7 protected classes...

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1 race

2 color

3. religion

4. national origin

5. sex

6. familial status

7. handicapped status

(Know exceptions and rules of each)

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PA humans Relations Act of 1955

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Law prohibits discrim. based on

1.race

2.color

3.religious creed

4.sex

5.ancestry

6.national origin

7. handicap or disability

8 age 40 and over

9. familia status

10. the use of a guide, service, or support animal.

(wb page 113 know rules and exceptions)

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_______ is a misrepresentation of facts known to be false, made with the intent to deceive and replied on by the injured party to his or her detriment. Also includes- intentional or negligent of pertinent/relevant facts by silences.

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Fraud

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________ is an opinion of exaggeration that no one relies on for decision making. I.e. "This is the most beautiful house in the state."

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Puffing

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fraudulent acts (fraud & puffing) are unethical but can result in the _____ and _____ of brokers license.

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revocation and suspension

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Code of ethics- standards of ethical conduct subscribed by the member of the National _______ of _____ or other real estate ______ organizations. Sections of the Realtors code have been made a part of the rules and regulations governing the conduct of real estates licensees in many states.

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National Association of REALTORS or other real estate trade organizations

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Antitrust law prohibit and protect the following 5

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1. allocation of customer or markets

2. price fixing

3. boycotting

4. tie-in-agreements

5. people violating the Sherman Antitrust Act

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allocation of customer or markets

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allocation of customer or markets is agreement among brokers to divide their market and refrain from competing for each other's business

***separation may take place on geographic basis or on a certain price range.

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Price fixing

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price fixing is a conspiracy amoung brokers to set prices for their services, rather than negotiate such fees

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Boycotting

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boycotting- two of more businesses conspire against other businesses to reduce competition

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tie-in-agreements

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agreements to sell one product only if the buyer ourchases another product as well

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In a civil suit a broker found huilty of violation of Sherman Antitrust Act is liable for ______ damages plus _______ fees, and ______ cost

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triple damages, plus attorney fees, and court cost.