UNIT 13 - REAL ESTATE BROKERAGE

Question 1

trust funds

Answer 1

money, or anything of value, received from the buyer by an agent on behalf of a seller

Question 2

commingling

Answer 2

mixing trust funds with non trust funds

Question 3

company dollar

Answer 3

amt a broker has left after all commissions have been paid

Question 4

desk cost

Answer 4

how much each sales associate must earn to cover expenses

Question 5

trade association

Answer 5

voluntary nonprofit org of independent and competing business units engaged in the same industry or trade, formed to help solve industry problems, promote progress, and enhance service

Question 6

real estate board

Answer 6

made up of members who share an interest in the biz of real estate.

Question 7

1968 Jones v. Mayer

Answer 7

prohibits discrimination based on race by upholding the 1866 civil rights act and the 13th amendment

Question 8

steering

Answer 8

illegal practice of only showing buyers property in certain areas

Question 9

blockbusting

Answer 9

causing panic selling, by telling people that property values in a neighborhood will decline because of a specific event, such as the purchase of homes by minorities

Question 10

redlining

Answer 10

illegal use of a property’s location to deny financing

Question 11

unruh civil rights act

Answer 11

covers illegal discrimination in all business establishments