LP 2: The Brokerage Business Flashcards
PRICE FIXING
The cooperative setting of prices by competing firms. ILLEGAL.
GROUP BOYCITT
An agreement between 2+ real estate brokers to exclude other brokers from fair participation in real estate activities. ILLEGAL.
TIE-IN ARRANGEMENT
Agreement to sell one product only on the condition that the buyer also purchases a different product. ILLEGAL.
MARKET ALLOCATION
Agreement between brokers to not compete with each other in certain areas or markets. ILLEGAL.
BLOCKBUSTING
Attempting to induce homeowners to list or sell their homes by predicting that members of another race or ethnic group, or people with a disability, will be moving into the neighborhood. Also called panic selling. ILLEGAL.
STEERING
Channeling prospective buyers or tenants toward or away from particular neighborhoods based on their race, religion, or national origin, in order to maintain or change the character of neighborhoods. ILLEGAL.
REDLINING
Refusing to make a loan because of the racial or ethnic composition of the neighborhood in which the security property is located. ILLEGAL.
FAMILIAL STATUS
A category including people who have kids (under 18) living with them. It also includes pregnant women or people in the process of securing custody of a child.
DISABILITY
A physical disability or mental impairment that substantially limits one or more major life activities.
PROTECTED CLASS
A group of people that falls into one of the categories that are protected against discrimination
PUBLIC ACCOMMODATION
Any nonresidential place that’s owned, operated, or leased by a private entity and open to the public, if operation of the facility affects commerce
