Unit #2 - Ethics, fair housing & legal Flashcards
Define ethics and explain how to evaluate an act as ethical or unethical.
The Golden Rule “Do unto others as you would want done unto you”
Understand federal and state fair housing laws and regulations and how they relate to real estate practice.
There are many anti-discriminatory laws that effect both the selling agent and buying agent. Making sure all sales follow the Golden Rule and treating everyone fairly no matter the gender, race, religion, sexual orientation, etc.
Explain the antitrust provision of the Sherman Antitrust Act and the applicability of the act to real estate practice
A federal atc to protect consumers from businesses that conspired to control prices and/or competition. These include the prohibition of: Price-fixing, Market allocation, Group boycotting, Tie-in agreements.
Understand real estate professionals’ responsibility regarding sexual harassment and the handling of trust funds.
Keep all interactions professional, give people their space and respect their consent. Trust funds are to be treated with the highest level of care, within 3 days they must be given to the principal, deposited into escrow or placed in a broker’s trust account.
