Fair Housing
Under the federal Fair Housing Act, which exemption allows a private individual who owns no more than three single-family homes to sell without a broker WITHOUT complying with fair housing rules?
AThe Mrs. Murphy exemption
BThe private owner exemption✓ Correct
CThe FSBO exemption
DNone — no exemption exists for individual sales
Explanation
An individual owner of up to three single-family homes may sell without a broker and without violating the Fair Housing Act, provided no discriminatory advertising is used. This is the private owner exemption.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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