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24 Cards in this Set
- Front
- Back
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Negligent Misrepresentation
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is when you don't disclose something because you don't know it but because you should have known it
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When does an agent get paid commission
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when the agent produces a "ready, willing and able buyer" it's called "procuring the cause" the one who brought the deal together
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If a seller renegs on a sales after the broker produced a "ready, willing and able buyer"
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the broker is still entitled to the commission
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Fair House Laws -
1866 Civil Rights Act |
prohibits discrimination in the purchase, sale, lease or conveyance or real property on the basis of race.
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Fair Housing Laws -
1968 Fair Housing Act (Title Eight) |
prohibits discrimination againsts:
- race - color - religion - national origin |
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1974 Housing & Community Development
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added you couldn't discriminated against a persons
- sex |
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1988 Fair Housing Amendments Act
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added you couldn't discriminate against
- families w/children - physical/mental disabilities |
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HUD
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Department of Housing and Urban Development
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Racial Discrimination:
Jones v. Mayer (1968) |
Supreme court upheld the 1866 decision where RACE is involved, no exceptions apply
- prohibits steering, blockbusting and redlining |
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Exceptions to Fair Housing Act
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- owner-occupied bldgs (no more than four units)
- single homes sold or rent w/out licensee - housing operated by organizations or private clubs that limit occupancy to members |
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Exceptions to Fair Housing Act - the sale or rental of a single home is exempt when
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- home is own by an individual who does not own more than 3 houses @ a tiime
- real estate licensee is not involved in the transaction - discriminatory advertising was not used |
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Housing for older persons
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- housing to 62 or older is not held to the 'family protection'
- housing to 55+ where 80% are units occupied by 55 or older, is also exempt from family status protections |
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ECOA - Equal Credit Opportunity Act (enforced by Federal Trade Commission FTC)
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prohibits discrimination in granting credit based on
- race - color - religion - national origin - sex - marital status - age (unless under 18) |
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ADA - Americans with Disabilities Act
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ADA & Fair Housing
ADA would cover apartment buildings and rental office space, meaning the owners would need to ensure disability access - Fair Housing Act would mean that the disable person would be responsible for the modification made to an apartment upon moving in |
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Blockbusting (panic selling)
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act of encouraging people to sell or rent the homes by claiming entry of 'protected' class of people moving to the neighborhood, big in the 50's & 60's, another term is 'panic selling' is illegal
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Steering
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is channeling of homeseekers to a particular neighborhood by discourgaing potential buys from considering some areas. This is illegal
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Advertising (HUD Regulation)
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Advertisements of property for sale or rent may not include language indicating a preference or limitation. No exception to this rule exists, regardless of how subtle the choice of words.
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Appraising (HUD Regulation)
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when preparing an appraisal, you may never include
- race, color, religion, national origin, sex, disability or family status |
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Redlining
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practice of refusing to make mortgage loans or issue insurance policies in specific known areas for reason other an economic qualifications. This practice often is a major contributor to the deterioration of older neighborhoods.
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Intent & Effect
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Owners & licensees must watch if they are unintentionally engaging in discrimatory effects, intent and effect
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Response to Terrorism
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HUD does not discriminate on a persons citizens status, asking for a citizens documentation is legal. (e.g. landlard may not want to rent to a student here on a visa that would expire 1/2 way thru the lease)
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If a person feels discriminated against
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file complaint w/HUD up to 1 year. HUD investigates within 100 days. Civil penalities may result in up to $50k for first violation, up to $100k for second and subsequent violations
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(ALJ) Administrtive Law Judge
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complaints may be heard by a judge who can award:
- up to $11k for 1st offense - $27,500 for 2nd within 5 yrs - $55k for further within 7 - injunctions may also be issued civil actions may be filed witht he feds within 2 years of the act |
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Displaying the Fair Housing Poster
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every real estate office must display the HUD Federal Fair Housing Act Poster - HUD logo and other such wording must be used in advertising
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