Fair Housing
The Fair Housing Act exempts certain properties from its coverage. Which of the following is an exempt property?
AA 20-unit apartment building managed by a broker
BA single-family home sold by the owner without using a real estate agent, with no discriminatory advertising✓ Correct
CA 4-unit building where the owner does not live
DAny property sold by a real estate agent
Explanation
The Fair Housing Act exempts single-family homes sold or rented by the owner (without a broker and without discriminatory advertising) from its provisions. This is sometimes called the 'Mrs.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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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