Unit 7 - 4 State - Federal and State Laws Flashcards
Unit 7
If owner of rental property asks sales associate the race of possible tenants, how should sales associate respond?
Race of applicant irrelevant in transaction. Violation of Fair Housing Act to discriminate on race (no exceptions when renting through a sales associate)
Unit 7
Can landlord or rental property owner commingle deposits and advance rents?
commingle = place money in own account
*Can commingle only if surety bond posted with clerk of county circuit court
Unit 7
What details should the Closing Disclosure reflect?
Transfer of the security deposit and the advance rents to the buyer, and the prorated rent for the month of closing. Tenants’ funds must be transferred to the new owner or rental agent, together with any earned interest.
Unit 7
How long does the landlord have to notify the tenant of intentions to impose a claim on the deposit?
30 days
Unit 7
Civil Rights Act of 1866
residential and commercial sale or rental
no discrimination on race
Unit 7
Civil Rights Act of 1968:
Fair Housing Act
ONLY residential sale or rent
FRSH CRN
Familial status
Race
Sex
Handicap status
Color
Religion
National Origin
Just approved: sexual orientation
Unit 7
No protection of who (for Fair Housing Act)? (4)
age
occupation
marital status
sexual orientation (just changed to protected class 2021)
Unit 7
Residential Covered by Fair Housing Act (5)
- HUD
- privately owned property but broker hired to sell or rent
- Single-family property sold by individual who owns 4+ houses
- multifamily 5+ units
- multifamily 4 or fewer, if owner does not reside
Unit 7
Exempt from Fair Housing Act (2)
broker not involved in rent or sale of property and
- single family where seller does not own more than 3 dwellings
- multifamily with 4 or fewer and owner resides in one of the units
Unit 7
Housing of Older People exempt from following familial status of Fair Housing Act if…
at least 80% of units occupied by 1+ 55 years or older
Unit 7
Steering
cannot channel homeseekers to or away from particular neighborhoods bc member of protected class in Fair Housing Act
Unit 7
Blockbusting
Use the entry or rumor of entry, of a protected class into a neighborhood to persuade owners to sell
Unit 7
Redlining
deny loans or insurance coverage by a lender or an insurer that present different terms or conditions for homes in certain neighborhoods
Unit 7
ILSA (Interstate Land Sales full disclosure ACT)
- Developers with 100+ lots must register with Consumer Financial Protection Bureau
- Developers with 25+ provide property report prior to signing sale contract (otherwise may cancel up until midnight of the 7th day after signing contract)
Unit 7
Florida Residential Landlord and Tenant Act
- Hold money in separate non-interest bearing Florida bank account
- Hold money in interest-bearing account. Landlord must pay tenant at least 75% of annualized average interest or 5% per year simple interest, whichever the landlord elects
- commingle if surety bond with county
landlord of 5+ units, written notice of which of the above 3 they did. In lease or within 30 days of collecting
