Unit 12: State and Federal Laws Flashcards
(50 cards)
State, federal and international Anti Trust laws
Amount of commission is NEGOTIABLE
Brokers can not conspire in price fixing. Even discussing commission.
Commission flows through ___________
Brokers
- Sellers, buyers and principals may only pay Brokers
- Sales Associate needs consent from broker and must accept everything in the brokers name
-
Brokers may only pay
- Their Sales Associates
- An authorized professional corp, LLC, or professional liability co formed by sales associate
- Other FL Brokers
- Foreign brokers who do not perform ANY real estate services in FL
- Parties to the transaction (with disclosure)
Kickback and Rebates
Are unearned fees (no service performed) paid to a licensee with a real estate transaction for services rendered by others
RESPA prohibits - CAATTS
collection or payment for referral fees for settlement services including: - Credit Report - Attorney - Appraisal - Title Search - Title Insurance - Survey CAATTS!!!
Brokers may receive kickbacks IF ________ or _________
- Does not violate Real Estate Settlement Procedures Act
- Full disclosure to all involved
- Flows throught the broker
Residential Property Managers or owners may pay up to ____________
to a tenant for a referall of a new tenant.
Residential Property Managers or owners may pay up to ____________
$50 to a tenant for a referall of a new tenant.
Trust Funds
you can hold my money because I TRUST you!
- Funds received on behalf of any person - because you TRUST them!
- Includes Earnest Money Deposit, Binder Money, Good Faith deposit
- Includes moneys on other down payments,
- rents for clients
- tax and insurance escrow payments, and damage deposits.
When counting days, for example, pick up of an escro check.
EXAM!!!
- The day the sales associate touches it, it counts as the broker touching it.
- The day the sales associate touches it is DAY ZERO.
- Then count the next day as day 1
When counting days, for example, pick up of an escrow check.
EXAM!!!
- The day the sales associate touches it, it counts as the broker touching it.
- The day the sales associate touches it is DAY ZERO.
- Then count the next day as day 1
Civil Rights Act of 1866
Prohibits discrimination based on race
Federal Fair Housing Act / Civil Rights Act 1968 and 1988
Protected classifications
- Race
- Religion
- Color
- Sex
- National origin
- Familial status (1988)
- People with kids
- Handicap/disability
- A Physical or mental problem that hinders one or more mahor life activities - alcoholism, AIDS, mental illness
Federal Fair Housing Act / Civil Rights Act 1968 and 1988
Protected classifications
- Race
- Religion
- Color
- Sex
- National origin
- Familial status (1988): People with kids
- Handicap/disability
- A Physical or mental problem that hinders one or more major life activities - alcoholism, AIDS, mental illness
Prohibitions - for protected class
- Refuse to show, rent, sell, negotiate or deal
- If asked to discriminate, cancel deal
- Offer different terms
- Advertise limited liability
STEERING is the channeling of prospective buyers or renters to or from certain neighborhoods based on protected categories
1 Only a violation if licensee selects and shows ONLY properties in a particular area based on race or national origin
TRICKY Because there is no way to know the complete population of a neighborhood!
NOT A violation if BUYER PICKS HOUSE
You give them all the OTHER
Blockbusting - Bust up the block
PANIC SELLING when licensee predicts the influx of minorities into a neighborhood and forecasts lower property values, school ratings, higher crime, & Other undesireable stuff
Red Lining - red line around a certain area, descriminate against those .
Refusal, for illegally discriminatory reasons, to make loans or provide insurance coverage on properties located in a particualr neighborhood because of the race or ethnicity of its residents.
Exemption to Do Not Call
Even if on registry, brokers and SAs may call:
1. A person with whom they have now or previously had a relationship
2. Prospective Buyer who registered at an open house
3. In response to an ad, yard sigh, or other, ON BEHALF OF A POTENTIAL BUYER BUT NOT IN AN ATTEMPT TO OBTAIN A LISTING
Can’t call FSBO in attempt to solicit a listing.
Florida Statute Chapter 475
Real Estate Professional Practice Act
Chapter ______
Administrative Rules of the FL Real Estate Commission
FL Statute Ch. ___
Powers of the Department of Business and Professional Regulation
Chapter 61J2 - within 475_
Administrative Rules of the FL Real Estate Commission
- Expands ch 475, goes into the RULES
FL Statute Ch. 455
Powers of the Department of Business and Professional Regulation - big umbrella - 13 divisions, - we care about FREC -
