Unit 2: Ethics, Fair Housing, Trust Funds, and Other Legal Issues Flashcards
Ethics
Ethics tends to precede the law (Goes Beyond)
Realtists
Group of African American brokers and adopted the word Realtist to designate their members.
Civil Rights Act of 1866
Intended to provide equal treatment of former slaves. All citizens of the US shall have the same rights in every state or territory as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold, and convey real and personal property.
Jones v. Mayer
Supreme Court Case: Sellers cannot discriminate on the sale of private real estate based on race.
Steering
Placement based on race. (Buyers)
Blockbusting
Panic selling or panic peddling based on the entry of a race (Sellers)
Redlining
Refusal to lend based on race/location (lenders)
Unruh Act
(Businesses) The act prohibits discrimination in all business establishments.
Rumford Fair Housing Act
(Housing) The act prohibits discrimination in supplying housing accommodations on the basis of sex, color, race, religion, marital status, family status, sexual orientation, disability, source of income, ancestry, or national origin
The Sherman Antitrust Act
Prohibits
- Price Fixing
- Market Allocation
- Group Boycotting
- Tie-in agreements
Price-Fixing
Brokers cannot agree on minimum fees to be charged
Market Allocation
it’s illegal to divide a marketplace geographically or by type of service because it reduces competition.
Group Boycotting
Firms may not agree to refuse to do business with a firm or individual.
Tie-in agreements
Agreements that require a client to buy additional goods or services as a condition of doing business or cooperating.
Trust Funds
Money or anything of value received by an agent, but not belonging to the agent, and held for the benefit of another.
