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Real Property Management Exam 3

Terms in this set (19)

antitrust laws
laws aimed at eliminating collusion and promoting competition among firms
price-fixing
an agreement between two or more firms on the price they will charge for a product
blockbusting
The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact on property values.
steering
The channeling of prospective home purchasers or renters, by real estate brokers or salespersons, into racially homogeneous neighborhoods, and actively discouraging them away from neighborhoods of different racial or ethnic composition.
credit reports
reports provided by credit bureaus to document a person's credit payment history
testers
gather evidence for fair housing complaints
Conciliation
a method of outside resolution of labor and management differences in which a third party is brought in to keep the two sides talking
Actual Damages
damages awarded to a plaintiff in a lawsuit based on proof of actual harm to the plaintiff
Punitive Damages
Monetary damages that may be awarded to a plaintiff to punish the defendant and deter similar conduct in the future.
Equal Credit Opportunity Act
was passed in 1974 to open borrowing doors to women. Gives all applicants the same rights. Credit providers may not discriminate based on: Age, Social Security, Housing loans.
Megan's Law
legislation requiring that communities be alerted to the presence of sex offenders
Lead based paint
Once widely used wall covering containing a now banned metal
The Uniform Residential Landlord and Tenant Act
drafted in 1972, was designed to standardize and regulate the relationship between property owners and their tenants
security deposits
A guarantee payment of rent that safeguards against a tenet's destruction of the property. It may be established by: contracting for a lien on the tenets property, requiring the tent to pay a portion of the rent in advance, requiring the tenet to pay post security, or requiring the tent have a third party guarantee the payment of the rent.
garden apartments
designed for family living, usually in a sprawling two-story building or buildings in a project containing predominantly two-bedroom and three-bedroom units
walkup building
usually found in urban areas, in older more concentrated sections of the suburbs. Generally preferred by couples and singles, most walkups include one-bedroom or two-bedroom apartments
multistory elevator buildings
these contain efficiency and one-bedroom units and are concentrated primarily on the edges of downtown areas of large cities, although they also are found in suburban locations
high-rise luxury properties
emphasize view, amenities, and prestigious addresses and are often located either near the central city or in more affluent outlying areas.
loft conversions
Interior floor space is not specialized. These are attractive to singles, young adults, artists, and older couples who are downsizing
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