Fair Housing
An Alaska homeowner selling their home without using a real estate agent who makes discriminatory statements in their advertising is:
AExempt from fair housing law since no agent is involved
BStill subject to the Fair Housing Act, which covers all residential housing transactions✓ Correct
CExempt under the Mrs. Murphy exception if it is a single-family home
DOnly subject to state fair housing law
Explanation
The Fair Housing Act's Mrs. Murphy exemption allows owner-occupants of 1-4 unit buildings to sell or rent without a broker and without using discriminatory advertising.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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