Ch 21: Ethics in Real estate Flashcards

Ch 21: Ethics in Real estate Flashcards

An agreement between members of a trade to exclude other members from fair participation in the trade is known as...?Group boycott The Sherman Anti-Trust Act was enacted in 1890 in order to...?stop practices that restrain trade and encourage competition in the marketplace. and stop monopolies An agreement between members of a trade to refrain from competition in specific market areas is known as...?Market Allocation Which is true about penalties for breaking anti-trust laws?It could mean having a permanent felony charge on your record. Anti-trust violations typically lead to felony charges.The purpose of preventing group boycotts is...? To stop a group of agencies from joining forces to prevent competition.Group boycotts violate anti-trust laws because they discourage competition.A contract where a transaction depends upon another is known as...?Tie-in arrangement(illegal) Over the last 5 years, the average price for a home in Bellevue has been over $200,000, but recently the market has been in a slump, and the average sale price of the last 12 months has dropped to below $150,000. A group of real estate brokers get together and decide that none of them will sell a Bellevue home for less than $200,000. They are engaging in...?Price fixing The Federal Trade Commission Act...?was created to help enforce the Sherman and Clayton Anti-Trust Laws.Violating an anti-trust law could mean which of the following?All of theseUp to three years in jailUp to a $100,000 fine for an individualUp to a $1,000,000 fine for a business