VOCAB & Chapter 5: Federal Fair Housing Laws Flashcards
Prohibits any form of discrimination based on race that restricts the right to inherit, purchase, lease, sell, hold and convey real/personal property
Civil Rights Act 1866
Bans all preferences, limitations, or discrimination based on race, color, religion, sex or national origin in connection with sale or rental of most residential dwellings and vacant land that is to be used for residential construction
Federal Fair Housing Act 1968
Expanded protection coverage to include handicapped and family status as protected classes
1988 Amendment to Fair Housing Act
Any building, structure or portion thereof or vacant land expect those designated or intended for occupancy as a residence by 1 or more families
Dwelling
What is the term when members of a minority group are turned away from certain neighborhoods by salesperson?
Steering
Illegal practice of inducing the sale of property or properties by overtly creating the impression that the neighborhood is about to change for the worse
Blockbusting/Panic Peddling
Unfair denial of a mortgage loan or insurance policy. Lenders mat not attempt to limit their risk by setting loan limits on particular geographic areas
Redling
Consumer Questions
If a seller asks a licensee about the race of a person who made an offer on property, the licensee should respond by saying words to the affect that “fair housing laws prohibit me from…”
OEO
Office of Equal Opportunity
H.U.D
Department of Housing and Urban Development
Federal Housing Law is administered by ______ under the direction of the ___________
- OEO
2. HUD
How long does an aggreived party have to file a complaint with HUD
1 year
How long does an aggreived party have to file a complaint with Federal Court?
2 years
False Statement or concealment of material facts
Misrepresentation
Harmless statement of exaggeration
Puffing
Use of force or threatened force, and would make a contract voidable
Duress
Law which states which contracts should be in writing
Statue of Fraudes
State laws that prescribe time limits on legal actions
Statue of Limitations
Cancelling of a contract
Rescission
Contract created by actions of the parties
Implied Contract
Contract where one party makes a promise
Unilateral Contract
Contract which has yet to be fulfilled
Executory Contract
A term of a contract or deed which is enforced only by lawsuit
Covenant
A term of a contract or deed whereby the holder could lose title
Condition
New contract replaces old
Novation
Transfer of all parties interest in contract. When one party passes responsibility on to another
Assignment
Document which allows someone else to sign contract for you
Power of Attorney
Legal concept which prevents someone from asserting or denying rights inconsistent with a previous position
Estoppel
A signed statement certifying that certain facts are correct, which cannot be later contradicted by the signer- for example, that a lease exists or that rent is paid to a certain date.
Estoppel Statement
A person who represents someone else in A particular transaction
Special Agent
Person who represents someone else in many transactions within one general field
General Agent
A person in a position of trust for someone else
A professional responsibility to act truthfully and with good faith when you are representing a client. Title agents, bankers, and real estate agents all take on this responsibility.
Fiduciary
To approve or sanction an act after the fact
Ratification
Laws which prohibit monopolistic practices
Anti Trust Laws
Collusion or cooperating between competitors about price
Price Fixing
Agreement not to compete in a particular area
Market Allocation
Requirement to buy a lesser quality product or service in order to buy a higher quality property or service
Tie-In Arrangement
Clause in listing whereby if a broker showed a property to a buyer who later bought the property after listing expired, and broker still paid
Listing Protection Clause
Unilateral contract in which multiple agents can be employed to find a buyer. If the owner finds a buyer, no commission is paid.
Open Listing
Bank or insurer who refuses to do buisness in a particular area
Redlining
Employment contract where the seller agrees to pay a broker commission if any agent/broker finds a buyer. But if the owner sells it themselves, the broker gets no commission.
Exclusive Agency Listing
Employment contract where the owner agrees to sell the property only through the listing broker. The broker gets paid no matter who finds a buyer, so does not need to prove that he/she is the “procuring cause”.
Exclusive Right to Sell Listing
Listing where the brokers commission would be any sale price in excess of specified amount
Net Listing
Contract whereby the seller finances the purchase and retain legal title until balance is paid in full
Installment Sales Contract/Land Contract
Contract whereby the buyer has a choice to buy a property @ specified price for stated period of time
Option
An agreement whereby a lessee has a 1st opportunity to purchase the property, should the lessor decide to sell
Right of First Refusal
Illegal practice of convincing people to sell their homes because the racial or ethnic characteristics of neighborhood are changing
Blockbusting
A clause in a lease whereby a lessor agrees not to rent to competitor of lessee
Protective Clause
A lease whereby the lessor agrees to pay the taxes, insurance and maintenance costs. Fixed Amount
Gross Lease
Lease whereby leasee agrees to pay tax, insurance and maintenance
Net Lease
A lease whereby at least some portion of rent is based on the sales/gross income of the leasee
Percentage Lease
Lease with predetermined rent increases
Graduated Lease
Long term lease on vacant land
Ground Lease
This occurs when a lessors actions or inaction results in premises being uninhabitable
Constructive Eviction
What measures distances and direction?
Metes
What are landmarks or momuments that serve as markers each time the distance and direction must change?
Bounds
What is a base point from which height and depth can be measured?
Datum
