CH 4 Professional Code and Ethics Flashcards
In regards to the code of professional standards for real estate, federal legislation focuses primarily on what?
anti-discrimination laws and fair trade practices
In regards to the code of professional standards for real estate, state laws and licensing regulations focus primarily on what?
agency and disclosure requirements
What does the Civil Rights Act of 1866 say?
made it illegal to discriminate in housing based on race
What does the Executive Order 11063 do?
to help reenforce the Civil Rights Act of 1866 by prohibiting discrimination in residential properties financed by FHA and VA loans (anywhere where federal funding was involved)
The Civil Rights Act of 1968 Title VIII (Fair Housing Act) does what?
prohibits discrimination in housing based on race, color, religion, and national origin
Who enforcing the Fair Housing Act?
The Office of Fair Housing and Equal Opportunity (OFHEO under the supervision of the Department of Housing and Urban Development (HUD)
What new fair housing regulation was enacted in March 2012? And who do they apply to?
equal access to housing in HUD programs regardless of sexual orientation or gender identity AND apply only to federally supported housing programs (state may have laws for other housing)
In Jones v. Mayer, in 1968, the Supreme Court ruled…?
all discrimination in selling or renting based on race is prohibited and any one who feels victimized can seek legal recourse
In 1972, HUD instituted a requirement that brokers display what?
Equal Opportunity in Housing poster /standard HUD poster
Amendments to what laws prohibit discrimination based on sex, disability, and families with children?
federal fair housing laws
If a person feels they have been discriminated against under fair housing laws, where can they file a complaint?
with the Office of Fair Housing and Equal Opportunity (OFHEO) within HUD or they can file suit in federal or state court
How long does a person have to file a complaint with HUD, in regards to discrimination under fair housing laws?
with in one year of violation
How long does a person have to file suit in state or federal court, in regards to discrimination under fair housing laws?
with in two years of violation
What does the Home Mortgage Disclosure Act say?
requires lenders involved with federally insured loans to not discriminate with where they do loans AKA prohibits redlining
What is a trade association?
voluntary non profit organization of competing businesses engaged in the same industry/trade formed to better the industry and promote progress
What is a real estate association/board?
voluntary organization whose members are engaged in some form of RE business
Who is a REALTOR?
a real estate licensee who belongs to a local real estate association/board and have REALTOR membership
Membership in a local real estate association automatically makes you a member of what?
the California Association of Realtors AND the National Association of Realtors
What is the purpose of the California Association of Realtors and who is its members?
serve in developing and promoting services that will enhance members ability to conduct business with integrity AND composed of members of local RE boards across the state
What is the National Association of Realtors?
organicity composed member of RE boards across the nation, formed to unite real estate interests of the nation and promote fixing of issues affecting real property
How must licensees use the term realtor?
spelled out in accordance with the NAR trademark guidelines as so “REALTOR®”
What is the purpose of an MLS (multiple listing service)?
provide a means by which authorized MLS brokers establish relationships with other broker participants with respect to listed properties AND a tool of collected listing information to evaluate real property
Who has access to the MLS?
qualified real estate brokers and appraisers (a salesperson may gain access through their employing broker)
What does NAREB stand for?
The National Association of Real Estate Brokers, Inc
