VOCAB & Chapter 5: Federal Fair Housing Laws

Question 1

Prohibits any form of discrimination based on race that restricts the right to inherit, purchase, lease, sell, hold and convey real/personal property

Answer 1

Civil Rights Act 1866

Question 2

Bans all preferences, limitations, or discrimination based on race, color, religion, sex or national origin in connection with sale or rental of most residential dwellings and vacant land that is to be used for residential construction

Answer 2

Federal Fair Housing Act 1968

Question 3

Expanded protection coverage to include handicapped and family status as protected classes

Answer 3

1988 Amendment to Fair Housing Act

Question 4

Any building, structure or portion thereof or vacant land expect those designated or intended for occupancy as a residence by 1 or more families

Answer 4

Dwelling

Question 5

What is the term when members of a minority group are turned away from certain neighborhoods by salesperson?

Answer 5

Steering

Question 6

Illegal practice of inducing the sale of property or properties by overtly creating the impression that the neighborhood is about to change for the worse

Answer 6

Blockbusting/Panic Peddling

Question 7

Unfair denial of a mortgage loan or insurance policy. Lenders mat not attempt to limit their risk by setting loan limits on particular geographic areas

Answer 7

Redling

Question 8

Consumer Questions

Answer 8

If a seller asks a licensee about the race of a person who made an offer on property, the licensee should respond by saying words to the affect that “fair housing laws prohibit me from…”

Question 9

OEO

Answer 9

Office of Equal Opportunity

Question 10

H.U.D

Answer 10

Department of Housing and Urban Development

Question 11

Federal Housing Law is administered by ______ under the direction of the ___________

Answer 11

1. OEO

2. HUD

Question 12

How long does an aggreived party have to file a complaint with HUD

Answer 12

1 year

Question 13

How long does an aggreived party have to file a complaint with Federal Court?

Answer 13

2 years

Question 14

False Statement or concealment of material facts

Answer 14

Misrepresentation

Question 15

Harmless statement of exaggeration

Answer 15

Puffing

Question 16

Use of force or threatened force, and would make a contract voidable

Answer 16

Duress

Question 17

Law which states which contracts should be in writing

Answer 17

Statue of Fraudes

Question 18

State laws that prescribe time limits on legal actions

Answer 18

Statue of Limitations

Question 19

Cancelling of a contract

Answer 19

Rescission

Question 20

Contract created by actions of the parties

Answer 20

Implied Contract

Question 21

Contract where one party makes a promise

Answer 21

Unilateral Contract

Question 22

Contract which has yet to be fulfilled

Answer 22

Executory Contract

Question 23

A term of a contract or deed which is enforced only by lawsuit

Answer 23

Covenant

Question 24

A term of a contract or deed whereby the holder could lose title

Answer 24

Condition

Question 25

New contract replaces old

Answer 25

Novation

Question 26

Transfer of all parties interest in contract. When one party passes responsibility on to another

Answer 26

Assignment

Question 27

Document which allows someone else to sign contract for you

Answer 27

Power of Attorney

Question 28

Legal concept which prevents someone from asserting or denying rights inconsistent with a previous position

Answer 28

Estoppel

Question 29

A signed statement certifying that certain facts are correct, which cannot be later contradicted by the signer- for example, that a lease exists or that rent is paid to a certain date.

Answer 29

Estoppel Statement

Question 30

A person who represents someone else in A particular transaction

Answer 30

Special Agent

Question 31

Person who represents someone else in many transactions within one general field

Answer 31

General Agent

Question 32

A person in a position of trust for someone else A professional responsibility to act truthfully and with good faith when you are representing a client. Title agents, bankers, and real estate agents all take on this responsibility.

Answer 32

Fiduciary

Question 33

To approve or sanction an act after the fact

Answer 33

Ratification

Question 34

Laws which prohibit monopolistic practices

Answer 34

Anti Trust Laws

Question 35

Collusion or cooperating between competitors about price

Answer 35

Price Fixing

Question 36

Agreement not to compete in a particular area

Answer 36

Market Allocation

Question 37

Requirement to buy a lesser quality product or service in order to buy a higher quality property or service

Answer 37

Tie-In Arrangement

Question 38

Clause in listing whereby if a broker showed a property to a buyer who later bought the property after listing expired, and broker still paid

Answer 38

Listing Protection Clause

Question 39

Unilateral contract in which multiple agents can be employed to find a buyer. If the owner finds a buyer, no commission is paid.

Answer 39

Open Listing

Question 40

Bank or insurer who refuses to do buisness in a particular area

Answer 40

Redlining

Question 41

Employment contract where the seller agrees to pay a broker commission if any agent/broker finds a buyer. But if the owner sells it themselves, the broker gets no commission.

Answer 41

Exclusive Agency Listing

Question 42

Employment contract where the owner agrees to sell the property only through the listing broker. The broker gets paid no matter who finds a buyer, so does not need to prove that he/she is the “procuring cause”.

Answer 42

Exclusive Right to Sell Listing

Question 43

Listing where the brokers commission would be any sale price in excess of specified amount

Answer 43

Net Listing

Question 44

Contract whereby the seller finances the purchase and retain legal title until balance is paid in full

Answer 44

Installment Sales Contract/Land Contract

Question 45

Contract whereby the buyer has a choice to buy a property @ specified price for stated period of time

Answer 45

Option

Question 46

An agreement whereby a lessee has a 1st opportunity to purchase the property, should the lessor decide to sell

Answer 46

Right of First Refusal

Question 47

Illegal practice of convincing people to sell their homes because the racial or ethnic characteristics of neighborhood are changing

Answer 47

Blockbusting

Question 48

A clause in a lease whereby a lessor agrees not to rent to competitor of lessee

Answer 48

Protective Clause

Question 49

A lease whereby the lessor agrees to pay the taxes, insurance and maintenance costs. Fixed Amount

Answer 49

Gross Lease

Question 50

Lease whereby leasee agrees to pay tax, insurance and maintenance

Answer 50

Net Lease

Question 51

A lease whereby at least some portion of rent is based on the sales/gross income of the leasee

Answer 51

Percentage Lease

Question 52

Lease with predetermined rent increases

Answer 52

Graduated Lease

Question 53

Long term lease on vacant land

Answer 53

Ground Lease

Question 54

This occurs when a lessors actions or inaction results in premises being uninhabitable

Answer 54

Constructive Eviction

Question 55

What measures distances and direction?

Answer 55

Metes

Question 56

What are landmarks or momuments that serve as markers each time the distance and direction must change?

Answer 56

Bounds

Question 57

What is a base point from which height and depth can be measured?

Answer 57

Datum