Real Estate Agency and Housing Law Review

A set of vocabulary flashcards covering real estate agency relationships, broker responsibilities, and federal and state housing laws.

Special agencies

The most common type of agency relationship in real estate transactions involving a broker.

Seller's broker

A professional who is required to transmit all written offers to her principal.

Exclusive agency listing

A contract where the owners owe no commission to the broker if they sell the property themselves.

Open listing

A listing contract in which the broker's commission is based upon procuring a buyer before the property is sold by the owner or another broker.

Property manager

A role most accurately described as a fiduciary.

Rental property owner

The person generally responsible for investing profits, even when the property is managed by an agent.

Multiple offers order

The requirement that a broker present all offers received on the same day in no specific order.

Transaction broker duties

A role in which there are no fiduciary duties required.

Lead

The substance whose presence triggers a federal mandated disclosure.

Lead Based Paint Hazard Reduction Act

A law for which listing agents must ensure compliance.

Civil Rights Act of 1866

The law that prohibits all racial discrimination in housing, with no exceptions.

Federal fair housing law intent

To allow people to buy a home in whatever neighborhood they can afford.

Non-profit club

An entity that can legally restrict its housing to its members only under federal fair housing law.

Age

According to the transcript, a classification not discussed in the New Jersey Law Against.

NJ Fair Chance in Housing Act

A law that prohibits any discussion or consideration of the criminal history of rental applicants.