03 Flashcards
(25 cards)
the agent of the agent; they owe the agent’s client the same fiduciary duties as the agent.
subagent
the full sum of obligations owed to the client in an agency relationship that ensures that the agent always acts in the best interest of the client.
fiduciary duties
a misstatement made intentionally to deceive.
fraud
a federal civil rights law passed in 1990 which prohibits discrimination against and create standards for people with disabilities.
Americans with Disabilities Act (ADA)
a federal law that prohibits discrimination in housing based on race.
Civil Rights Act of 1866
the concept that everyone will have equal access to housing with no discriminatory actions taking place.
equal opportunity in housing
a federal law that prohibits discrimination in housing based upon race, color, religion, or national origin and was amended to include sex, disability, and familial status.
Fair Housing Act of 1968
the illegal act of guiding prospective home buyers toward or away from certain neighborhoods because of their membership in a protected class; aka channeling.
steering
a change in rules, policies, or practices that may be necessary to afford a person with a disability, an equal opportunity to use or enjoy a dwelling.
reasonable accommodation
the illegal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area; aka panic peddling.
blockbusting
under the Fair Housing Act, a protected class composed of families who have children under 18, pregnant women, and people in the process of obtaining legal custody of a child.
familial status
a 1988 amendment to the Fair Housing Act that added familial status and disability to the list of protected classes.
Housing & Community Development Act
groups of people whom it is illegal to discriminate against, as provided by the Fair House Act, ECOA, and other acts.
protected classes
a fair lending law that aims to bar discriminatory lending practices.
Equal Credit Opportunity Act (ECOA)
legislation that seeks to enable all parts of a community to have access to credit.
Community Reinvestment Act (CRA)
requires lenders to disclose specific lending information, which HUD then uses to map lending patterns.
Home Mortgage Disclosure Act
the illegal act of a lender refusing to issue mortgages in a specific area.
redlining
a physical or mental impairment that substantially limits one or more major life activities, the record of such impairment, or being regarded as having such an impairment.
disability
member of a local board who is affiliated with the National Association of REALTORS.
REALTOR
the ethical and professional standard for the real estate industry in Texas.
Canons of Professional Ethics and Conduct
a group of nine people appointed by the governor and confirmed by the state senate that are to set policy and rules from the real estate license act.
Texas Real Estate Commission. (TREC)
a law that governs the licensing, education, and activities of real estate license holders practicing brokerage in that state.
Texas Real Estate License Act (TRELA)
a person who is licensed to give legal advice.
attorney
a licensee who holds a broker license and who engages in an activity enumerated in the license law for a commission or other valuable consideration.
broker
