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Escrow Account
An account set up for the purpose of holding funds - also called trust account, impound account and reserve account
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Commingling
The illegal act of mixing broker funds (business or personal) with client funds
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Conversion
The illegal act of spending commingled funds for broker expenses
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Civil Rights Act of 1866
A law prohibiting discrimination based on color - no exceptions or exemptions
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Title VIII of the Civil Rights Act of 1968
Part of the Federal Fair Housing Act - prohibits discrimination based on race, color, religion or national origin, sex, familial status or handicap
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Familial Status
A minor living with a parent or guardian - also called family composition
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Handicapped
Mental or physical impairment - includes recovering drug users, recovering alcoholics and HIV/aids victims
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Blockbusting
Causing panic selling by homeowners - also called panic peddling
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Steering
Taking buyers to or away from any neighborhood based on any of the protected categories under Fair Housing - race, color, religion, national origin, sex, familial status or handicap - also called channeling
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Prima Facie Evidence
Evidence so strong that the party is guilty - no further investigation is necessary
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Americans with Disabilities Act - ADA
A federal law passed to promote accessibility for those with special needs - it prohibits discrimination against those with disablities
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Independent Contractor
A licensee sponsored by a broker who is not considered an employee - there must be a written agreement, the independent contractor must be licensed and payment is on the basis of performance, not number of hours worked
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Brokerage
The overall real estate business - bringing parties together and completing transactions
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