Fair Housing
What is the 'Mrs. Murphy' exemption under the federal Fair Housing Act?
AAn exemption for single-family homes sold without a real estate agent
BAn exemption from certain fair housing provisions for owner-occupied buildings with four or fewer units — the owner may use personal preference in selecting tenants✓ Correct
CAn exemption for religious organizations operating housing programs
DAn exemption for senior housing communities meeting HUD requirements
Explanation
The 'Mrs. Murphy' exemption allows an owner who occupies a building with four or fewer units to discriminate in tenant selection without violating the Fair Housing Act.
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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.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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