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Definition
| An agent authorized under state real estate licensing laws to operate independently in a real estate brokerage business. |
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| Payment by a seller of real estate to a real estate broker for finding a buyer. |
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| An agent authorized under state real estate licensing laws to act in real estate brokerage transactions only under the control and direction of a licensed real estate broker. |
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Definition
| A contract between a seller of real estate and a real estate broker in which the broker is authorized to serve as the seller's agent. |
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| A listing agreement between a seller of real estate and real estate broker that gives the broker the sole right to sell the property and to receive a commission on the sale regardless of whether the broker is responsible for the sale. |
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Term
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Definition
| a listing agreement between the seller of real estate and a real estate broker that gives the broker the sole right to sell the property and to receive a commission on the sale regardless of whether the broker is responsible for the sale. |
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Term
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Definition
| a contract between a seller of real estate and a real estate broker in which the broker has nonexclusive right to sell the property. |
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| the actions of a real estate broker that are the direct and primary cause of a real estate sale. |
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Definition
| a contract between a seller of real estate and a real estate broker in which the broker is paid as a commission the amount the sale price exceeds the price set by the seller. |
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Definition
| a service that provides a listing of real estate for sale by competing brokers. |
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Definition
| an agent who represents the interests of another agent. In real estate brokerage law, a broker who assists the listing broker and acts as an agent on behalf of the seller to find a buyer. |
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Definition
| an 1890 federal statute that regulates anticompetitive behavior in interstate commerce. |
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Definition
| state antitrust laws designed to regulate anticompetitive behavior within the state. |
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Definition
| an agent with broad authority to act on behalf of the principal. |
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Term
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Definition
| an agent with authority to conduct a single transaction or a limited series of transactions. |
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Term
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Definition
| the authority a principal specifically grants an agent. |
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Term
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Definition
| the implementation authority; that authority necessary to carryout the express authority that the principal grants the agent. |
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Term
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Definition
| the authority that a person appears to have to act as an agent of another if the other party's actions led a third party to reasonably believe the agency relationship existed, when, in fact, it did not. |
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Definition
| a principal whose existence and identity are unknown to the third party with whom its agent is dealing. |
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Term
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Definition
| an agent who represents a principal whose existence and identity are unknown to the third party with whom the agent is dealing. |
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Term
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Definition
| a duty to act for someone else's benefit while subordinating one's personal interests to that of another person. It is the highest standard of duty imposed by law. |
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| Mandatory agency disclosure laws |
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Definition
| state laws requiring agents to disclose to consumers the type of agents they are and the rights and duties that exist in their relationships with the consumers. |
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Term
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Definition
| a relationship created when an agent simultaneously represents opposite sides in a transaction. |
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Term
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Definition
| a real estate agent who acts on behalf of the buyer. |
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Term
| Interstate Land Sales Full Disclosure Act |
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Definition
| a 1968 federal statute that regulates the sale of property across state lines by requiring certain advance filings and disclosures to prospective buyers. |
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Definition
| a post-Civil War federal statute prohibiting race discrimination in connection with real and personal property transactions. |
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Term
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Definition
| A title VII of the Civil Rights Act of 1968 that prohibits discrimination in housing based on race, color, religion, sex, and national origin. It does not apply to rentals in woner-occupied apartment buildings that house fewer than five families as long a discriminatory advertising is not used; religious organizations that limit the sale or rental of noncommercial dwelling to people of the same religion if the religion is not restricted on the basis of race, color, or national origin. |
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Term
| Fair Housing Amendments Act of 1988 |
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Definition
| The Act incorporated into the Fair Housing Act of 1968 that added familial status and handicap as protected classifications and strengthened enforcement procedures. The FHAA prohibits the follwing actions against members of the protected groups: SEE NEXT CARD |
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Term
FHAA prohibits what
as part of Fair Housing Amendments Act of 1988 |
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Definition
| Refusing to sell to, rent to, deal, or negotiate with any person - that is, denying housing because of membership in a protected category; manifesting discrimination in the terms or conditions for buying or renting housing; discrimination by advertising that housing is available only to persons of a certain race, color, religion, or national origin or indicating a discriminatory preference through the use of human models; denying that housing is available for inspection, sale, or rent when it really is available; steering and blockbusting.. |
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Term
| Examples of Fair Housing Amendments Act of 1988 |
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Definition
| Persuading owners to sell or rent housing by telling them that minority groups are moving into the neighborhood; denying or establishig different housing by telling them that minority groups are moving into the neighborhood; denying or establishing different terms for home loans by commercial lenders; denying someone the use of real estate services; using interference, coercion, or intimidation to chill the exercise of fair housing rights; discriminating in financing and insurance. |
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Term
Three new enforcement methods
of FHA strengthened by Fair Housing Amentment Act of 1988 |
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Definition
1)HUD may initiate cases that will be heard in a federal court or(if all parties agree) by an administrative law judge. The penalties for violating the law might include actual and punitive damages; a civil penalty of up to $50,000; an equitable relief such as issuance of an injunction. U.S. Attorney Gen. may also enforce FHA
2)A person who has been subjected to discrimination may file a private suit in a federal or state court, which is authorized to award actual damages, punitive damages, and equitable relief...3)if a pattern or practice of discrimination is alleged, the attorney general may commence a civil action to enforce the Act. In such cases, a court may award damages and equitable relief and may assess a civil penalty of up to $100,000.00 |
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Term
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Definition
| the practice of showing different properties to people of different backgrounds in an attempt to "steer" them to neighborhoods of like composition. |
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Definition
| the atttempt to promote sales in a racially transitional heighborhood by encouraging the idea that the transition is harmful. |
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Term
| Americans with Disabilities Act of 1990 |
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Definition
| A federal statute that prohibits discrimination based on disability and requires reasonable accommodation by employers and landowners. |
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Term
| FHAA requires (as part of Americans with Disabilities Act of 1990 |
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Definition
| New multifamily dwelling on or after March 13, 1991, must be made accessible to the disabled. These dwellings, which include most apartments and condominiums, must have the following seven modifications in place: 1) accessible building entrance on accessible routes; 2) accessible and usable public and common use areas, such as swimming pools and laundry rooms; 3) usable doors within the emtore [re,osed. wotj c;ear [assage pf tjortu-two inches opening to ninety degrees; 4) routes into and through the dwelling unit, including only a half-inch to three quarter inch threshold; 5)light switches, electrical outlets, thermostats, and other environmental controls in accessible locations; 6)reinforced walls for grab bars; 7) usuable kitchens and bathrooms for wheelchair maneuverability. |
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