Unit 7 : Federal and State Laws Pertaining to Real Estate
Terms in this set (13)
Civil Rights Act of 1866
Prohibits any type of discrimination based on Race in any real estate transaction (sale or rental) without exception. Still in force today
Civil Rights Act of 1964 (Titles II and III)
Landmark legislation that ended racial segregation in schools, workplaces, and public accommodations.
Civil Rights Act of 1968: The Fair Housing Act
The act prohibits discrimination on the basis of race, color, religion, sex, and national origin.
Civil Rights Act of 1988: The Fair Housing Act Amended
Added Familial Status and Handicap Status to the Race, Color, Religion, Sex, and National Origin.
Fair Housing Poster
The 1988 Amendment also created the equal housing opportunity poster, which must be displayed at real estate offices and other businesses involved in the housing industry.
Channel home seekers to or away from particular neighborhoods because they are members of a protected class
Use the entry, or rumor of the entry, of a protected class into a neighborhood to persuade owners to sell
Deny loans or insurance coverage by a lender or an insurer that present different terms or conditions for homes in certain neighborhoods
Florid Fair Housing Act Fines
$10,000 for first offense and up to $25,000 if the violator has been found guilty of a prior violation
Interstate Land Sales (ILSA)
Intended to prevent fraudulent marketing schemes when land is sold without being seen by purchasers. Administered by the director of the Bureau of Consumer Financial Protection. Developer of 25 or more lots must provide buyers with a Property Report prior to signing the sale contract
Report that contains important information about the property
Landlord has 15 days to return the security deposit if the landlord does not intend to make a claim on the security deposit. 30 days to notify the tenant of intentions to impose a claim on the deposit.
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