Fair Housing
A real estate licensee who observes a colleague engaged in discriminatory practices should:
AIgnore it as it is not their responsibility
BReport it to their broker and/or the appropriate enforcement agency✓ Correct
CWarn the colleague privately and take no further action
DOnly act if personally harmed by the practice
Explanation
A licensee who witnesses discriminatory practices by a colleague has both an ethical and potentially legal obligation to report it to their supervising broker and/or appropriate authorities such as HUD or the New York Division of Human Rights.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
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