Real Estate Flashcards
Terms
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Americans with Disabilities Act
ADA - Passed in 1990, the act has had a significant impact on the responsibilities of the property manager, both in building amenities and in employment issues. Title I - of the ADA provides for the employment of qualified job applicants regardless of their disability. Any employer with 15 or more employees must adopt nondiscriminatory employment procedures, and make reasonable accommodations to enable the disabled to perform essental job functions. Title III - requires that managers ensure that people with disabilities have full and equal access to facilities and services. Property manager is typically responsible for determining whethter a building meets the ADA's accessibiliyt requirements. It is the property manager who must also prepare and execute a plan for restructuring or retrofitting a building that is not in compliance. ADA experts and architectural designers may need to be consulted.
- Blockbusting
- The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin into the neighborhood.
- Civil Rights Act of 1866
- An act that prohibits racial discrimination in the sale and rental of housing.
- Code of Ethics
- A written system of standards for ethical conduct.
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Department of Housing and Urban Development
HUD - Government body that administer the Fair Housing Act. HUD has established rules and regulations that further interpret impacted housing practices. Distributes the equal housing opportunity poster that should be displayed in every real estate office.
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Equal Credit Opportunity Act
ECOA - The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national origin, sex, age, or marital status.
- ethics
- The systems of moral principles and rules that become standards for professional conduct.
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Fair Housing Act
FHA - The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin.
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Home Mortgage Disclosure Act
HMDA - Requires that all institutional mortgage lenders with assets in excess of $10 million and one or more offices in a given geographic area make annual reports. The reports must detail all mortgage loans the institution has made or purchased, broken down by census tract. Helps detect patterns of lending behavior that might constitue redlining.
- redlining
- The illegal practice of a lending institution denying loans or restricting their number for certain areas of a community.
- steering
- The illegal practice of channeling homeseekers to particular areas, either to maintain the homogeneity of an area or to change the character of an area, which limits their choices of where they can live.
- U.S. Administrative Law Judge (ALJ)
- Formal charge of discrimination leads to a formal hearing, either the complainant or the respondent may force the hearing to District Court by means of what is called an election. This must be mad within 20 days after charges are issued. If election is made, the case goes to a U.S. District Court Judge (no fair housing specialization, under the Department of Justice, and a jury trial may be requested).
- U.S. District Court Judge
- Formal charge of discrimination leads to a formal hearing, either the complainant or the respondent may force the hearing to District Court by means of what is called an election. This must be mad within 20 days after charges are issued. If election is made, the case goes to a U.S. District Court Judge (no fair housing specialization, under the Department of Justice, and a jury trial may be requested).
- Title VIII of the Civil Rights Act of 1968
- Prohibits discrimination in housing based on race, color, religion, and national origin.
- building codes
- An ordinance that specifies minimum standards of construction for buildings to protect public safety and health.
- comprehensive plan
- A comprehensive plan to guide the long-term physical development of a particular area.
- conditional-use permit
- Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area.
- deed restriction
- Clauses in a deed limiting the future uses of the property.
- density zoning
- Zoning ordinances that restrict the maximum average number of houses per acre that may be built within a particular area, generally a subdivision.
- developer
- One who attempts to put land to its most profitable use through the construction of improvements.
- enabling acts gridiron
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State legislation that confers zoning powers on municipal governments.
This act prohibits restrictive covenants that discriminate on the basis of race, color, religion, or national origin. - master plan
- A comprehensive plan to guide the long-term physical development of a particular area.
- nonconforming use
- A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.
- plat
- A detailed map that illustrates the geographic boundaries of individual lots. It shows the blocks, sections, streets, public easements, and monumnets in the prospective subdivision. May also include engineering data and restrictive covenants.
- Disclosure Act
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An ordinance that specifies minimum standards of construction for buildings to protect public safety and health.
The grouping of homesites within a subdivision on smaller lots than normal, with the remaining land used as common areas.
A comprehensive plan to guide the long-term physical development of a particular area.
Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area.
Clauses in a deed limiting the future uses of the property.
Zoning ordinances that restrict the maximum average number of houses per acre that may be built within a particular area, generally a subdivision.
One who attempts to put land to its most profitable use through the construction of improvements.
State legislation that confers zoning powers on municipal governments.
This act prohibits restrictive covenants that discriminate on the basis of race, color, religion, or national origin.
Regulates the sale or promotion of subdivided land within Illinois. Regulates the offering, sale, lease or assignment of any improved or unimproved land divided into 25 or more lots and offered as a part of a common promotional plan. Subdividers must register with the state and file a full disclosure report containing information on the land, location, tax status, financial arrangements, and liens associated with the offering. Purchaser who does not receive a copy of the public property report at least 48 hours before signing a binding contract of sale has the option of voiding the contract within 48 hours after signing.
The act that regulates the interstate sale of unimproved lots. Administered by the Secretary of Housing and Urban Development (HUD) through the office of Interstate Land Sales Registration. Designed to prevent fraudulent marketing schemes that may arise when land is sold without being seen by the purchasers.
A comprehensive plan to guide the long-term physical development of a particular area.
A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.
A detailed map that illustrates the geographic boundaries of individual lots. It shows the blocks, sections, streets, public easements, and monumnets in the prospective subdivision. May also include engineering data and restrictive covenants. - Interstate Land Sales Full
- The act that regulates the interstate sale of unimproved lots. Administered by the Secretary of Housing and Urban Development (HUD) through the office of Interstate Land Sales Registration. Designed to prevent fraudulent marketing schemes that may arise when land is sold without being seen by the purchasers.