Fair Housing
Under the Fair Housing Act, which exemption allows a private individual to sell a single-family home without complying with all fair housing rules?
AOwner-occupant exemption, if no agent is used and no discriminatory advertising is made✓ Correct
BFirst-time seller exemption
CRural property exemption
DHistoric property exemption
Explanation
The Fair Housing Act exempts private individuals who own no more than three single-family homes and sell without a licensed agent, provided they do not use discriminatory advertising or representations.
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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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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.
BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
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