Practice Of Real Estate And Disclosures

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trust account management

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An account separate and apart and physically segregated from the brokers own funds into which the broker is required by law to deposit all funds received for clients

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Fair housing law

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An agency of the federal government that ensures private mortgage loans for financing of new and existing homes and home repairs

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Abandonment

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An unilateral termination of a tendency by forfeiture, delivered by the landlord based on notices from the landlord

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Advertising

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Communication of marketing materials by licensees such as property flyers classifieds and or first contact brochures

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Americans With Disabilities Act

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Federal regulations prohibiting and employers from discriminating against a qualified person based o

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Anti-trust

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State and federal regulations that are designed to promote fair competition in the marketplace

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Blockbusting

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The prohibited practice of a real estate licensee inducing a property owner to list their property for sale in response to a change taking place in the neighborhood demographics

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Bulk sale

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The transfer of more than 1 1/2 the inventory of a business materials or goods in a person other than the business customers

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California Bureau of real estate (CalBRE)

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A government agency which oversees, regulates administers and enforces California real estate law as practiced by licensees

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Certificate of clearance

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A document certifying a property has been cleared of all infestations and all repairs necessary to prevent infestations have been completed

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Commingling

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The mixture of personal funds with client or third-party funds held in trust

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Common area

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A public walkway with in a condominium community

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Comparative market analysis CMA

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A worksheet used by an agent to prepare an estimate of the properties value for review with the property owner for the purpose of a listing presentation. the analysis represents the value of property for sale based on prices recently paid for similar properties

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Disclosure

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A fact that is made known, such as informing a buyer or tendon about a property's condition

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Due diligence

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Activities referring to the concerted and continuing efforts taken by an agent to meet the activities of their client under their employment agreement

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Environmental hazard

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Noxious or annoying man-made conditions which are injurious to health or interfere with an individual sensitivities

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Estoppel

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A legal theory barring A person from later asserting or denying a condition based on the person's previous acts or statements

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Ethics

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Accepted standards of right and wrong

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Fair Housing Law

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A collection of laws designed to prevent discrimination in the access to housing based on an occupants inclusion in a protected class. Title VIII of the 1968 Civil Rights Act.

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Franchise

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A license granted by a franchise company to an individual or corporate broker to market their services in a specific territory under the name and oversight of the franchise company.

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Grace Period

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The time period following the due date for a payment during which payment received by the lender or landlord is not delinquent and a late charge is not due

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Habitable conditions

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The minimum acceptable level of safety, utility and sanitation permitted in a residential rental

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Independent contractor

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A sales person employed by a broker under an employment agreement which avoids income tax withholding and unemployment benefit payment by the broker

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Interpleader

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Court proceeding initiated by the holder of money or other property often an escrow company, who claims no proprietary interest in it for the purpose of deciding who among claimants is legally entitled to the property

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Leverage

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The use of debt financing to acquire property to maximize the return on cash invested, the loan to value ratio

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Material first

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A factor that, if known, might cause a buyer or seller of real estate to make a different decision regarding what price to offer or demand for property or whether to remain in contact or cancel it

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Periodic tenancy

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Hey leasehold interest which continues automatically for successive rental periods, each for the same length of time, terminating upon notice from either party

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Real estate law

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A collection of 29 codes in California civil law governing real estate practice licensed under the business and professions code and in the government code