| commingling | mixing client monies with personal or general business funds is illegal |
| conversion | illegal use of entrusted money |
| escrow account | most state laws required money to be deposited into an escrow account immediately |
| confidentiality | key element of fiduciary duties. agent cannot disclose clients financial status - seller will take lower than asking price, buyer willingness to pay higher price |
| escrow account | trust account established by an escrow agent to hold funds pending distribution at the closing of a transaction |
| Fair Housing Act of 1968 | Title VIII of the Civil rights act - prohibits discrimination in housing based on race, color, national origin, religion, sex, familail status, or diability |
| HUD | Housing of Urban Development administers the Fair Housing Act |
| ADA | Americans with Disabilities Act - make reasonable accommadations that enable an individual with a disability to perform essential job function and or have full accessibility to businesses goods and public services |
| steering | channeling of homeseekers to particular neighborhoods or discouraging potential buyers from considering some areas |
| redlining | refusing to make mortgage loans or issue insurance policies for reasons other than economic qualifications |
| Exemptions of Fair Housing Act | rentals in owner occupied buildings with no more than 4 untis, organizations/private clubs that limit occupancy to members, the sale or rental of a single family home |
| Race | includes ancestoral and ethnic charatersitics |
| HOPA | Housing for Older Persons Act - repealed facilities and services for hosuign intended for persons age 55 or older |
| Housing is exempt form familial status protection | if it is restrcited to persons age 62 or older or if 80% of the units are occupied by persons age 55 or older |
| Familial status | - extends fair houisng protections to families with children meaning a family including a woman who is pregnant or in which more individuals under the age 18 live |
| antitrust laws | price-fixing, group boycott, allocation of customers, allocation markets, tie-in agreements |
| price fixing | competing brokers agree to set sales commissions, fees, or management rates, illegal... must independetly determine commission rates or fees for their own firms only |
| group boycott | two or more businesses conspire against another business |
| allocation of customers or markets | involves an agreement between real estate brokers to divide their markets and refrain from competing for each others business |
| tie-in agreements | are agreements to sell one product only if the buyer purchases another product as well |
| penalties | Sherman anti-trust - the penalty for fixing prices or allocating markets is a maximum $1 fine and 10 years in prison |
