A title search is an examination of public records to determine and confirm a property’s legal ownership, and find out what claims or liens are on the property.
What action identifies if any liens are on a property? equitable title. quiet title.
What should a real estate professional do if it appears a seller is looking for a non-minority buyer? … d) The agent should advise the seller of his or her legal and contractual obligation not to discriminate.
A: There are three key pillars to building and maintaining an ethical business culture: principled leadership, equitable systems and ethical citizenship. Principled leaders articulate their values, make decisions guided by their values and consistently model their values.
|What form notifies the borrower of the total amount of interest and property taxes paid in the previous year?||1098|
|On what form would you find information regarding itemized closing costs due to other parties, such as tax assessments, recording fees and attorney’s fees?||Closing Disclosure form|
A mortgage lien is a voluntary lien against real property that pledges the property as security for the debt.
What does the Supreme Court say regarding fair housing testers? Testers must be pre-approved by State Board of Ethics. Testers must give the subject 120 days notice. Testing is illegal.
What is a good policy regarding a seller who refuses to accept an offer from a potential buyer that is in a specific protected class? Terminate the listing. What is NOT a licensee’s responsibility when complying with fair housing laws?
Keep in mind that once you present an offer, the seller can take one of three actions: Accept the offer exactly as it is written. Reject the offer totally. Reject the offer and submit a counteroffer to the buyer for his or her consideration.
The 1968 Act expanded on previous acts and prohibited discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, sex, (and as amended) handicap and family status. Title VIII of the Act is also known as the Fair Housing Act (of 1968).
What is not considered unethical business practice? Treating employees unfairly. Training employees right out of school. Selling substandard product.
Morality is based on duty. When you do the right thing, it is not the outcome of the act that is the measure of its morality, but rather your intent. An act is moral if it could become a universal rule of society. On deciding the morality of an act, you must consider the perspective of the doer and the recipient.
The answer is judgment, attachment, mortgage. Judgments, attachments, and mortgages are all considered liens.
Transaction information includes names and addresses for both the borrowers and sellers and the lender’s name.
A voluntary lien is a claim that one person has over the property of another as security for the payment of a debt. Liens are attached to the property and not to a person.
Voluntary liens are liens the property owner agrees to in a contract: a mortgage or deed of trust lien.
special lien—a possessory lien by which the possessor of goods has the right to retain specific goods until a debt incurrent in connection with the goods has been paid (also referred to as a particular lien).
Housing providers who refuse to rent or sell homes to people based on race, color, national origin, religion, sex, familial status, or disability are violating federal law, and HUD will vigorously pursue enforcement actions against them.
The purpose of fair housing testing is to determine the likelihood that illegal housing discrimination is occurring.
Blockbusting is a business process in which U.S. real estate agents and building developers convince property owners to sell their houses at low prices, which they do by telling house owners that racial minorities will soon move into their neighborhoods, in order to instill fear in them.
What is the best test to evaluate if an act is ethical? The Golden Rule (How would you want to be treated?) steering.
|Non-judicial foreclosure is required to foreclose on a||Deed of Trust.|
|Which statement about a deed in lieu of foreclosure is false?||It gives the borrower an opportunity to change the loan terms.|
|The cost to replace an improvement with original materials is known as||reproduction cost.|
In California, sellers must provide a Transfer Disclosure Statement (TDS) to any potential buyer whose offer has been accepted. This form asks specific questions about defects or malfunctions the seller may be aware of.
The contract has yet to be signed – If the contract hasn’t been officially signed, a seller can back out of the deal at any time without any issues. … If the seller doesn’t want to wait for the buyer to find another source of financing, then they are allowed to walk away from the deal.
Whoever makes an offer can revoke it as long as it hasn’t yet been accepted. This means that if you make an offer and the other party wants some time to think it through, or makes a counteroffer with changed terms, you can revoke your original offer. … Revocation must happen before acceptance.
The real estate agent’s main advantage is that the seller will accept a higher offer. Essentially lying about multiple offers is an attempt to get the sale done and put money in the realtor’s pocket. However, the realtor is not automatically lying when they tell you that multiple offers are on a property.
Race, color, religion, sex, handicap, familial status, national origin. Although some interest groups have tried to lobby to include sexual orientation and marital status, these aren’t protected classes under the federal law, but are sometimes protected by certain local state fair housing laws.
The Fair Housing Act covers most housing. In very limited circumstances, the Act exempts owner-occupied buildings with no more than four units, single-family houses sold or rented by the owner without the use of an agent, and housing operated by religious organizations and private clubs that limit occupancy to members.
Behaviors that are illegal but are thought by many to be ethical include jaywalking, mixing food and paper waste, cheating taxes, spitting inside a city and driving over the speed limit.
Unethical behavior can be defined as actions that are against social norms or acts that are considered unacceptable to the public. … Ethical behavior follows the majority of social norms and such actions are acceptable to the public.
So when looking at an act we can focus on the nature of the act itself or on the consequences. We can say the act is right or wrong because it is a certain kind of act, it fits in with certain principles or rules, or we can say the act is right or wrong because it results in good or bad consequences.