real estate lesson 15 Flashcards

real estate lesson 15 Flashcards Washington law against discriminationThe Washington Law Against Discrimination prohibits discrimination in employment, insurance and credit transactions, and public accommodations, as well as real estate transactions.steeringIt's steering when a real estate agent channels prospective buyers or tenants toward or away from particular neighborhoods based on their race, religion, or national origin.Steering is illegal.Washington real estate license lawThe Washington Real Estate License Law also prohibits discrimination by real estate licensees.It provides that a real estate agent who violates any fair housing law or civil rights law may have her license suspended or revoked and could be subject to a fine.redliningIt is redlining for a lender to refuse to make a loan because of the racial or ethnic composition of the neighborhood in which the property is located.Redlining is illegal.disabilityIn the Fair Housing Act, 'disability' refers to both physical and mental disabilities that substantially limit one or more major life activities.group boycottA group boycott is an agreement between two or more competing businesses to exclude another business from fair participation in the market.Antitrust laws prohibit group boycotts.tie in arrangementA tie-in arrangement is an agreement to sell one product only on the condition that the buyer also purchases a different product.Tie-in arrangements violate antitrust laws.Washington fairness in lending actThe Washington Fairness in Lending Act prohibits redlining.blockbustingIt's called blockbusting when a real estate agent induces homeowners to sell or list their homes by predicting that members of another race or ethnic group, or people suffering from some disability, will be moving into the neighborhood.Blockbusting is illegal.CAN-SPAM actThe CAN-SPAM Act requires unsolicited emails to provide a way for recipients to opt out of receiving future emails from the sender.equal credit opportunity actIn credit transactions, including mortgage lending, the Equal Credit Opportunity Act prohibits discrimination based on race, color, religion, national origin, sex, marital status, age, or because of receipt of public assistance.

market allocationMarket allocation occurs when competing businesses agree to divide up their market in some way, allocating certain products or customers or locations between them as their exclusive domains.This allocation violates antitrust laws.price fixingPrice fixing is the cooperative setting of prices by competing firms, in violation of antitrust laws.In the real estate context, examples include agreements between competing brokerage firms to set commission rates, and the establishment of uniform commission rates by a multiple listing service. Both of these would be illegal price fixing.antitrust lawsAntitrust laws, including the federal statute known as the Sherman Act, are intended to promote business competition for the public good. They prohibit agreements (called conspiracies in the Sherman Act) that have the effect of an unreasonable restraint of trade.Practices that violate antitrust laws include price fixing, group boycotts, tie-in arrangements, and market allocation.Americans with disabilities actThe Americans with Disabilities Act is a federal law intended to ensure that disabled persons have equal access to public facilities.familial statusFamilial status is a protected class including persons who have a child living with them. The protection also extends to persons who are pregnant or securing custody of a child.home mortgage disclosure actTo help prevent redlining, the Home Mortgage Disclosure Act requires lenders to prepare annual reports on their residential mortgage loans.disabilityAs defined by the ADA, a disability is a physical or mental impairment that substantially limits one or more major life activities.do not call registryReal estate agents who are cold calling must avoid calling households that are included on the Do Not Call Registry, which is maintained by the Federal Trade Commission.public accommodationA public accommodation is a nonresidential place that is owned, operated, or leased by a private entity and open to the public, as long as operation of the facility affects commerce.