History /Real Estate Exam Prep: Practice of Real Estate Part 2
Licensees may call consumers with whom they have had an established business relationship for
18 months after the last interaction
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Key Terms
Term
Definition
Licensees may call consumers with whom they have had an established business relationship for
18 months after the last interaction
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Those who violate the DNC may be subject to penalties in excess of
$40,000 per violation/separate call.
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What does caveat emptor states mean?
non-full disclosure states
Let the buyer beware = caveat emptor
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Its primary purpose is to prevent monopolies that would cause a restraint of trade.
The Sherman Act of 1890
It prohibits mergers that would result in a monopoly.
The Clayton Act supports the Sherman Act
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It investigates antitrust violations and penalizes violators.
The Federal Trade Commission, created by the Federal Trade Commission Act
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| Term | Definition |
|---|---|
Licensees may call consumers with whom they have had an established business relationship for | 18 months after the last interaction |
Those who violate the DNC may be subject to penalties in excess of | $40,000 per violation/separate call. |
What does caveat emptor states mean? | non-full disclosure states Let the buyer beware = caveat emptor |
Its primary purpose is to prevent monopolies that would cause a restraint of trade. | The Sherman Act of 1890 |
It prohibits mergers that would result in a monopoly. | The Clayton Act supports the Sherman Act |
It investigates antitrust violations and penalizes violators. | The Federal Trade Commission, created by the Federal Trade Commission Act |
It involves an agreement (or collusion) between competitors (brokers) to fix contract terms, services, or products at a specific price or level, such as suggesting there’s a “standard” fee for broker compensation. | Price fixing |
It involves an agreement between brokers to divide up the market and then refrain from competing for business. | Market allocation |
It includes providing a service dependent on the customer/client obtaining (or not obtaining) another service from a specific provider. | Tie-in arrangements |
It is an agreement between two or more parties who conspire to not do business with a particular person or company. | Group boycotting |
It is one in which the competing firms agreed to violate antitrust laws. It means that authorities don’t need to make any additional inquiries about the violation to impose penalties. The fact that collusion existed is enough. | A per se antitrust violation |
Penalties for antitrust violations may be as much as | $1 million and 10 years in prison; for corporations, penalties may be as much as $100 million. |
Brokerage firms found guilty of violations may be subject to | Court-ordered supervision for up to 10 years. |
It provided consumers with remedies if they became victims of discrimination in housing and also added familial status and disability to the list of protected classes. | Fair Housing Amendments Act of 1988 |
Is filling in the contract blanks considered practicing outside your expertise? | No |
It included gender or a person's sex in the list of protected classes. | Housing and Community Development Act of 1974 |
What does the Federal Trade Commission consider to be an unfair ad? | Any ad that is likely to mislead consumers acting reasonably under the circumstances |
The Federal Trade Commission is concerned with all ad claims but is most likely to be most concerned with | Any ad that makes a health or safety claim or any claim that's difficult for the consumer to evaluate |
Which of the following strategies would help to make a 'Choose Your Neighbor' marketing letter non-discriminatory in its effect? | Listing the property on the MLS |
This act expressly prohibits collusive acts that result in an unreasonable restraint of trade or reduced competition. | The Sherman Antitrust Act of 1890 |
Who is responsible for ensuring accessibility requirements for a commercial property are met? | Property owners and property managers |
The Controlling the Assault of Non-Solicited Pornography And Marketing Act of 2003, | CAN-SPAM |
Which act created an agency to investigate antitrust practices? | Federal Trade Commission Act |
What does the Federal Trade Commission consider to be an unfair ad? | Any ad or business practice that causes or is likely to cause injury is considered an unfair ad |
Which agency is charged with enforcing fair housing laws and holding all parties accountable for compliance with these laws and regulations? | Office of Fair Housing and Equal Opportunity |
When federal and/or state law interfere, which one should you use? | The more strict one |
What form are independent contractors required to fill out? | W-9 |
What is true about existing buildings when it comes to ADA regulations? | Existing buildings do not have strict regulations such as new construction |
The Office of Fair Housing and Equal Opportunity is a part of which federal department? | HUD |