Property Management
What is the Americans with Disabilities Act (ADA) and how does it apply to commercial property?
AThe ADA only applies to government buildings
BThe ADA requires places of public accommodation and commercial facilities to be accessible to people with disabilities✓ Correct
CThe ADA only applies to new construction
DThe ADA is identical to the Fair Housing Act
Explanation
The ADA requires places of public accommodation (businesses open to the public) and commercial facilities to provide accessibility for people with disabilities. Unlike the FHA, the ADA applies to commercial properties and has different standards.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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