Texas Real Estate

Card Set Information

Author:
leakinmysoul
ID:
252851
Filename:
Texas Real Estate
Updated:
2013-12-12 16:03:39
Tags:
09 Practice Real Estate
Folders:

Description:
Practice of Real Estate
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  1. Escrow Account
    An account set up for the purpose of holding funds - also called trust account, impound account and reserve account
  2. Commingling
    The illegal act of mixing broker funds (business or personal) with client funds
  3. Conversion
    The illegal act of spending commingled funds for broker expenses
  4. Civil Rights Act of 1866
    A law prohibiting discrimination based on color - no exceptions or exemptions
  5. 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
  6. Familial Status
    A minor living with a parent or guardian - also called family composition
  7. Handicapped
    Mental or physical impairment - includes recovering drug users, recovering alcoholics and HIV/aids victims
  8. Blockbusting
    Causing panic selling by homeowners - also called panic peddling
  9. 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
  10. Prima Facie Evidence
    Evidence so strong that the party is guilty - no further investigation is necessary
  11. Americans with Disabilities Act - ADA
    A federal law passed to promote accessibility for those with special needs - it prohibits discrimination against those with disablities
  12. 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
  13. Brokerage
    The overall real estate business - bringing parties together and completing transactions

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