About This Chapter
Real Estate Practices - Chapter Summary
In these lessons on real estate practices, you can review the employment classification of realtors, responsibilities of brokers, and legal guidelines for privacy. You can also get a refresher on how the Americans with Disabilities Act of 1990 applies to commercial properties. There's even information about words that cannot be used in real estate advertisements. By the end of the chapter, you should be positioned to:
- Describe the purpose of a trust account
- Recall amendments made to the Fair Housing Act of 1968 concerning real estate
- Explain how Civil Rights Acts of 1866 and 1964 can affect real estate transactions
- Define redlining and blockbusting in real estate
- Provide an overview of consumer rights during real estate transactions
- Recount a law that prevents deliberate deception in real estate advertising
- Discuss client security and privacy during real estate transactions
- Outline antitrust laws and violations in real estate
Our online platform breaks up the monotony of studying with engaging lessons that increase your understanding of real estate practices. Vocabulary words are highlighted in bold for quick reference. A brief quiz is available for each lesson to test your knowledge of the topics covered.
1. Trust Accounts: Definition & Management
Real estate salespersons and brokers routinely receive large sums of money from clients for use in real estate transactions. In this lesson, you'll learn about trust accounts, including what they are, what they are used for, and how to manage them.
2. The Impact of the Fair Housing Act of 1968 on Real Estate
Federal fair housing laws prohibit certain types of discrimination in the sale or rental of housing. In this lesson, you'll learn about the Fair Housing Act of 1968 and its amendments and exemptions.
3. How the Civil Rights Acts of 1866 & 1964 Impacted Real Estate
Participants in real estate sales and leasing transactions need to be aware of the impact of federal law on these deals. In this lesson, you'll learn about how the Civil Rights Acts of 1866 and 1964 may affect these transactions.
4. The Americans with Disabilities Act of 1990 & Real Estate
The Americans with Disabilities Act of 1990 is broad in scope and touches many types of real estate. In this lesson, you'll learn how the Americans with Disability Act applies to various types of commercial properties.
5. Redlining, Blockbusting & Steering: Definition & Differences
Real estate buyers, sellers, renters and professionals must be cognizant of certain unethical and illegal practices involving real estate transactions. In this lesson, you'll learn about redlining, blockbusting, and steering. A short quiz follows.
6. Advertising in Real Estate: Overview & Laws
Advertisers in real estate must comply with specific rules and regulations. This lesson describes how the Mortgage Acts and Practices Advertising Rule ensures honesty in advertising and helps to avoid deliberate deception among real estate actors.
7. How Advertising Restrictions Apply to Real Estate
When an advertisement showcases a home for sale, words that may help secure a sale may be restricted under the law. Learn what can and cannot be included in real estate ads.
8. Privacy Rights & Do Not Call Regulations in Real Estate Sales
Hefty penalties can be levied if a real estate buyer or seller's consumer rights are violated. This lesson will review and explain a consumer's rights in real estate transactions. Readers will learn about what should and should not be disclosed in a real estate transaction.
9. Client Privacy, Confidentiality & Security in Real Estate
Professionals involved in real estate transactions are often in possession of personal and confidential information of the participants to the transaction. In this lesson, you'll learn about laws concerning client privacy and security.
10. Real Estate Agents: Employees vs. Independent Contractors
When starting a career in real estate, it can be confusing to figure out if you are considered an employee or an independent contractor. While both styles of employment are beneficial to you in different ways, the majority of agents are considered independent contractors.
11. Real Estate Agency Supervision Responsibilities
Licensed real estate salespersons and licensed and unlicensed people assisting them are not allowed to act without supervision. In this lesson, you'll learn about the supervisory responsibilities imposed upon brokers under state law.
12. Dos & Don'ts for Unlicensed Sales Assistants in Real Estate
Unlicensed sales assistants can help agents run real estate businesses. However, sales assistants must adhere to strict legal guidelines while working. Let's explore some of the duties assistants should and shouldn't perform by law.
13. Antitrust Law: Definition, Types & Outline
Antitrust laws are statutes developed to protect consumers from rapacious business practices by making it illegal for businesses to compete in unfair ways.
14. Antitrust Violations in Real Estate: Definition and Examples
You know what you need to do as an agent. Do you know what you can't do? The antitrust violations are the activities you must avoid to follow regulations, protect your license, and follow the law.
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Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Property & Land Characteristics
- Air, Mineral & Water Rights in Real Estate
- Liens & Encumbrances in Real Estate
- Types of Property Ownership
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Agency Relationships & Agreements
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Leasing & Property Management
- Real Estate Title Transfers
- Common Real Estate Calculations
- Michigan Licensing & Statutory Requirements
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards