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REAL ESTATE > VOCAB & Chapter 5: Federal Fair Housing Laws > Flashcards

VOCAB & Chapter 5: Federal Fair Housing Laws Flashcards

1
Q

Prohibits any form of discrimination based on race that restricts the right to inherit, purchase, lease, sell, hold and convey real/personal property

A

Civil Rights Act 1866

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2
Q

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

A

Federal Fair Housing Act 1968

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3
Q

Expanded protection coverage to include handicapped and family status as protected classes

A

1988 Amendment to Fair Housing Act

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4
Q

Any building, structure or portion thereof or vacant land expect those designated or intended for occupancy as a residence by 1 or more families

A

Dwelling

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5
Q

What is the term when members of a minority group are turned away from certain neighborhoods by salesperson?

A

Steering

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6
Q

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

A

Blockbusting/Panic Peddling

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7
Q

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

A

Redling

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8
Q

Consumer Questions

A

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…”

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9
Q

OEO

A

Office of Equal Opportunity

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10
Q

H.U.D

A

Department of Housing and Urban Development

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11
Q

Federal Housing Law is administered by ______ under the direction of the ___________

A
  1. OEO

2. HUD

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12
Q

How long does an aggreived party have to file a complaint with HUD

A

1 year

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13
Q

How long does an aggreived party have to file a complaint with Federal Court?

A

2 years

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14
Q

False Statement or concealment of material facts

A

Misrepresentation

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15
Q

Harmless statement of exaggeration

A

Puffing

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16
Q

Use of force or threatened force, and would make a contract voidable

A

Duress

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17
Q

Law which states which contracts should be in writing

A

Statue of Fraudes

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18
Q

State laws that prescribe time limits on legal actions

A

Statue of Limitations

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19
Q

Cancelling of a contract

A

Rescission

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20
Q

Contract created by actions of the parties

A

Implied Contract

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21
Q

Contract where one party makes a promise

A

Unilateral Contract

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22
Q

Contract which has yet to be fulfilled

A

Executory Contract

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23
Q

A term of a contract or deed which is enforced only by lawsuit

A

Covenant

24
Q

A term of a contract or deed whereby the holder could lose title

A

Condition

25
Q

New contract replaces old

A

Novation

26
Q

Transfer of all parties interest in contract. When one party passes responsibility on to another

A

Assignment

27
Q

Document which allows someone else to sign contract for you

A

Power of Attorney

28
Q

Legal concept which prevents someone from asserting or denying rights inconsistent with a previous position

A

Estoppel

29
Q

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.

A

Estoppel Statement

30
Q

A person who represents someone else in A particular transaction

A

Special Agent

31
Q

Person who represents someone else in many transactions within one general field

A

General Agent

32
Q

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.

A

Fiduciary

33
Q

To approve or sanction an act after the fact

A

Ratification

34
Q

Laws which prohibit monopolistic practices

A

Anti Trust Laws

35
Q

Collusion or cooperating between competitors about price

A

Price Fixing

36
Q

Agreement not to compete in a particular area

A

Market Allocation

37
Q

Requirement to buy a lesser quality product or service in order to buy a higher quality property or service

A

Tie-In Arrangement

38
Q

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

A

Listing Protection Clause

39
Q

Unilateral contract in which multiple agents can be employed to find a buyer. If the owner finds a buyer, no commission is paid.

A

Open Listing

40
Q

Bank or insurer who refuses to do buisness in a particular area

A

Redlining

41
Q

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.

A

Exclusive Agency Listing

42
Q

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”.

A

Exclusive Right to Sell Listing

43
Q

Listing where the brokers commission would be any sale price in excess of specified amount

A

Net Listing

44
Q

Contract whereby the seller finances the purchase and retain legal title until balance is paid in full

A

Installment Sales Contract/Land Contract

45
Q

Contract whereby the buyer has a choice to buy a property @ specified price for stated period of time

A

Option

46
Q

An agreement whereby a lessee has a 1st opportunity to purchase the property, should the lessor decide to sell

A

Right of First Refusal

47
Q

Illegal practice of convincing people to sell their homes because the racial or ethnic characteristics of neighborhood are changing

A

Blockbusting

48
Q

A clause in a lease whereby a lessor agrees not to rent to competitor of lessee

A

Protective Clause

49
Q

A lease whereby the lessor agrees to pay the taxes, insurance and maintenance costs. Fixed Amount

A

Gross Lease

50
Q

Lease whereby leasee agrees to pay tax, insurance and maintenance

A

Net Lease

51
Q

A lease whereby at least some portion of rent is based on the sales/gross income of the leasee

A

Percentage Lease

52
Q

Lease with predetermined rent increases

A

Graduated Lease

53
Q

Long term lease on vacant land

A

Ground Lease

54
Q

This occurs when a lessors actions or inaction results in premises being uninhabitable

A

Constructive Eviction

55
Q

What measures distances and direction?

A

Metes

56
Q

What are landmarks or momuments that serve as markers each time the distance and direction must change?

A

Bounds

57
Q

What is a base point from which height and depth can be measured?

A

Datum

REAL ESTATE (14 decks)

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