Home > Flashcards > Real Estate & Planning > PA Real Estate Exam

Details Title: PA Real Estate Exam Description: Real Estate Brokerage Total Flash Cards: 25 Created: 07/19/2005 16:29:17	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Real estate brokerage Definition engaging in real estate transactions on behalf of someone else for a fee or valuable consideration Term Real estate brokerage includes the following areas Definition homes, apartments/units, retail stores, office buildings, warehouses, industrial buildings, land, farms, cemetaries, time sharing, campground memberships Term Real estate licenses are administered by the state real estate commission and they are Definition real estate broker associate broker real estate salesperson builder-owner salesperson cemetery broker cemetery associate broker cemetary salesperson timeshare salesperson campground membership salesperson rental listing referral agent Term independend contractor Definition broker cannot exert control over how the salesperson performs her work. Can make them follow laws. Salesperson receives 1099MISC Broker does not contribute to unemployment compensation, soc. security. Salesperson pays soc.sec. as if self employed May provide office equipment and general assistance/advice May be covered by errors and ommissios Term Statutory Method, qualified real estate agent Definition at least 90% of compensation must be productivity based rather than related to hours worked. Must be written contract Broker can direct and control the activities of the salespeople They receive a 1099MISC Receive a W-2 for non production income and the broker contributes to unemployment compensation and soc.sec on non production income i.e on wages not earned from commission Term Anti Trust Definition activities that are anti-competative. Price fixing, boycotting a competitor due to marketing or fees, allocating markets, creating agreements which unnecessarily bundle dissociated products or services for additional fees Term Federal Civil Rights Act of 1866 Definition All citizens of the US have the same right in every state and territory as enjoyed by white citizens. Not limited to housing, no exemptions Basically deals with racial factors. Law is invoked by filing suit in federal court Term Title 8 -feder civil rights act of 1968 Definition The law identifies protected classes and prohibits discrimination against them when it comes to housing and vacant land. Term True/False in relation to Fair Housing Laws 1968 Protected classes are Race, color, religion, sex, national origin, familial status, and handicapped status Definition TRUE Term True/False in relation to Fair Housing Laws 1968 Familial Status includes federal protection for homosexuals Definition FALSE Term True/False in relation to Fair Housing Laws 1968 Familial status means you cant descriminate against people with children, pregnant persons, or a person who is in the process of obtaining legal custody of a person under 18 Definition TRUE Term True/False in relation to Fair Housing Laws 1968 Handicapped status protection does not apply to members of a person's household or person's with whom they associate but only to the individual attempting to rent/purcahse or currently renting a property Definition FALSE Term True/False in relation to Fair Housing Laws 1968 Handicapp status applies to physical or mental impairment or the belife that a person has such an impairment, diseases such as cancer/aids, epilepsy autism or previous drug addiction. Definition TRUE Term True/False in relation to Fair Housing Laws 1968 In regards to handicapped status it is unlawful to refus to permit a person to make reasonable modifications at the renters expense Definition TRUE Term True/False in relation to Fair Housing Laws 1968 A building w/a "no pets" policy can refuse a visually impaired tenant to keep a guide dog. Definition FALSE Term True/False in relation to Fair Housing Laws 1968 Housing need not be made available to a person who is in a direct threat to the health or safety of others or who currently use illegal drugs Definition TRUE Term True/False in relation to Fair Housing Laws 1968 Buildings built after march 1991 and have an elevator and 4+ units must have accessable common areas, doors and hallways must be wide enough for wheelchairs, an accessable route through the unit, access Definition TRUE Term Discrimination against protected classes includes: Definition Refusing to rent, sell, negotiate discrimination in terms, facilities Discriminatory ads and statements Blockbusting Steering/guiding threats, interference, coersion or intimidation Term Blockbusting Definition any effort with a profit motive, to induce a person to sell or rent a dwelling by making represenations regarding the undesireable consequences that will occur because of the alleged entry into a neighborhood of any of the protected classes Term Steering / Guiding Definition actions that channel home seekers to or from a particular area to maintain homogenity within the area Term True/False in relation to Fair Housing Laws 1968 if no real estate license is used the following acts are excluded from the law The sale or rental of a single family residence if the owner does not own an interest in more than 3 single family houses a Definition TRUE Term True/False in relation to Fair Housing Laws 1968 if no real estate license is used the following acts are excluded from the law rentals of rooms or units in owner-occupied multi-dwellings for 2-6 families Definition FALSE, Only for 2-4 families if owner occupied Term True/False in relation to Fair Housing Laws 1968 if no real estate license is used the following acts are excluded from the law limiting the sale, rental, or occpancy of dwellings wich a religious organization owns or operates, to persons of the same r Definition TRUE Term True/False in relation to Fair Housing Laws 1968 if no real estate license is used the following acts are excluded from the law limiting to its own members the rental or occupancy of lodings wich a private club owns or operates for other than a commerc Definition TRUE Term True/False in relation to Fair Housing Laws 1968 If a discrimatory act fits within one of the four exception to the 1969 law, the party could still be prosecuted under the 1968 law Definition TRUE, if the discrimination is based on race.