Glossary Ch. 4-7

Question 1

When a broker or agent has a positive or negative bias toward a party in a transaction which is incompatible with the duties owed to their client.

Answer 1

Conflict of Interest

Question 2

Refferal of a client to a financially controlled business whose earnings are shared with the broker which requires a written disclosure.

Answer 2

Affiliated Business Arrangement (ABA)

Question 3

The agency relationship that results when a broker represents both the buyer and the seller in a real estate transaction.

Answer 3

Dual Agency

Question 4

An individual who has been delegated agency duties by the primary agent of the client, not the client themselves.

Answer 4

Subagent

Question 5

An association of real estate agents pooling and publishing the availability of their listing properties.

Answer 5

Multiple Listing Service (MLS)

Question 6

A broker who represents both parties in a real estate transaction.

Answer 6

Dual Agent

Question 7

Items which have or evidence monetary value held dby a broker for a client when acting in real estate transaction.

Answer 7

Trust Funds

Question 8

A broker or agent’s personal or business account, not to be commingled with trust funds.

Answer 8

General Account

Question 9

An accounting document or file identifying the owner of trust funds and the amount held for the owner.

Answer 9

Subaccount Ledger

Question 10

The unlawful appropriation of another’s property, as in the conversion of trust funds.

Answer 10

Conversion

Question 11

An accounting on the status, expenditure and location of negotiable trust funds provided to the owner of those funds.

Answer 11

Owner’s Statement

Question 12

A federal law which provides broad protections to numerous classes of individuals in the United States against discriminatory activities.

Answer 12

Civil Rights Act

Question 13

A collection of policies designed to prevent discrimination in the access to housing based on an occupant’s inclusion in a protected class.

Answer 13

Federal Fair Housing Act (FFHA)

Question 14

A building occupied or designed to be occupied as a residence by one or more families.

Answer 14

Dwelling

Question 15

A status which indicates a household includes individuals under the age of 18.

Answer 15

Familial Status

Question 16

An unlawful housing practice that includes words or actions by a real estate sales licensee intended to influence the choice of a prospective buyer or tenant.

Answer 16

Steering

Question 17

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

Answer 17

Blockbusting

Question 18

A California law which prohibits discrimination by a business establishment based on sex, race, color, religion, ancestry, national origin, disability or medical condition. A real estate practice is a business establishment.

Answer 18

Unruh Civil Rights Act

Question 19

Anyone who has a physical or mental impairment which significantly limits major life activities, has a record of disability, or is regarded as being disabled.

Answer 19

Disabled Person