Term
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Definition
| Prohibits any type of discrimination based on race in any real estate transaction without exception. |
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Term
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Definition
| Containted in the Civil Rights Act of 1968. Protected classes of people and prohibits discrimination based on: FRSH CRN Familial Status (Kids) Race Sex Handicap Color Religion Nationlity |
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| Fair Housing Act - Elder Exemption |
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Definition
| Exempt from familial status provided: All units are occupied by persons 62 or older. At least 80 percent of the units are occupied by one or more persons 55 or older. |
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Term
| Fair Housing Act - Special Exemptions |
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Definition
| Housing operated by religious organizations and private clubs are exempt provided it is not operated for commercial purposes. Religious may restrict dwelling to member of their religion. Private clubs may restrict to members only. |
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Term
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Definition
| Channel homeseekers away from particular neighborhoods becasue they are memebers of a protected class. |
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Term
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Definition
| Use the entry or rumor of the entry of a protected class into a neighborhood to persuade owners to sell. |
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Term
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Definition
| Deny loans or insurance coverage by a lender or insurer that present differnt terms or conditions for homes in certain neighborhoods. |
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Term
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Definition
| Must be displayed at real estate offices and other businesses involved in the housing industry. HUD view failure to display as evidence of discrimination. |
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Term
| Americans with Disabilities Act of 1990 |
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Definition
| Prohibits discrimination in places of public accommodations, open to the public, and in commercial facilities. Also mandates accessibility standards in public accommodations through design specifications such as width of doorways, height of light switches, grab bars ..... |
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Term
| Interstate Land Sales Full Disclosure Act |
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Definition
| Anti Fraud Provision - Developers of 25 or more lots must provide each purchaser with a disclosure document referred to as a property report. Must be delivered before signing of contract. May cancel contract if not received within two years of date of signing. Registration requirement - Land developers must register subdivision of 100 or more lots with HUD. |
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Term
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Definition
| Implemented by Federal Reserve Regulation Z. Inform consumers about exact credit costs before purchase. Requires lenders to disclose the annual percentage rate of interest and finance charges imposed on consumer within threes days of loan application. Borrower has the right to rescind the loan contract within three days of signing but does apply to loans to purchase or construct homes. |
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Term
| Equal Credit Opportunity Act (ECOA) |
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Definition
| Ensures financial institutions and firms engaged in extending credit will make credit available with fairness and without discrimination. Race Color Religion National orgin Sex Maritial Status Age or receipt of income. |
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Term
| Real Estate Settlement Procedures Act RESPA |
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Definition
Law to ensure buyers are informed about amount and type of charges they will pay at closing.
1-4 family residential property. Disclosures at loan or 3 days
Special Info Book
Good Faith Estimate of closing costs Servicing Disclosure - selling the loan
Prohibits seller from requiring buyer to use a specific title company.
HUD-1 must be supplied one day before settlement.
Kickbacks are illegal and referrals need license if job is licensed. |
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Term
| RESPA Exempt Transactions |
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Definition
Finance purchase of 25 acres or more
home improvement
vacant lot if not building on lot sale with existing loan transfer
Construction Loans |
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Term
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Definition
| Prevent abusive practices regarding high cost home loans. Prepayment penalty. Lender may include for forst 36 months, but only if purchaser is offered another choice without and written disclosure is signed. No refinancing - No lender may refi to same borrowwer within the first 18 months when doing so does not benefit borrower. |
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Term
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Definition
1985.
Requires cities and counties prepart comprehensive plan of land use.
Also know as concurrency provision requiring infrastructure be in place before new development can begin. |
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Term
| Deceptive and Unfair Trade Practices Act |
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Definition
| Florida Little FTC Act Unfair methods of competition, unconscionable acts or practices and unfair or deceptive acts in the conduct of any trade or commerce are unlawful |
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Term
| Florida Landlord Tenant Act |
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Definition
| Place landlords and tenants on more equitable basis in legal relationship. Security deposit held in 1 of 3 ways - Separate noninterest bearing bank account and not commingle, hypothecate (security for debt) or use funds until due to tenant. Hold in interest bearing account and pay tenant 75% of annualized interest and not commingle. Post a surety bond with the clerk of the court in the amount of advance rents and deposits or $50000 and pay tenant 5%. Must notify tenant within 30 days of receipt where money is going. Landlord must good contition. exterminating services garbage recepacles adn pickup working equip for heat plus running water |
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Term
| Time periods on Tenant Deposits |
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Definition
| 30 Days - notify tenant in writing ow method to hold deposit 15 days - return deposit with no intent to claim 30 days - notify tenant about claim in writing certified to last know mailing address. 15 days - tenant has 15 days to object to claim. |
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Term
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Definition
| 12 hours is reasonable notice with exception of emergency. |
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Term
| Tenant Termination of Rental Agreement |
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Definition
| Landlord fails to maintian premises- Tenant give written notice w intent to cancel Landlord has 7 days to correct After 7 days, if not delivered, tenant has right to terminate. |
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Term
| Tenant Correct but not Terminate REntal Agreement |
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Definition
| Dwelling is habitable and items not fixed, tenant may stay at reduced rent. If untenable, tenant may not be liable for rent durning period in question. |
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Term
| Landlord Termination of REntal Agreement |
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Definition
| Written notice demaning payment within 3 days or possession. Tenant has 3 days to either pay or leave. If tenant leaves, landlord is required to give tenant written notice of claim on security deposit. |
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