FINAL STUDY GUIDE - Study Guide (Real Estate Marketing; Dr....

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Study Guide (Real Estate Marketing; Dr. Sirgy; Spring 2011) Lectures on Ethics in Real Estate (Cumulative) 1. Real estate professionals use a series of ethical tests to help them make effective and ethical decisions. One of these tests is the legal test. Describe this test. Real estate laws o The Deceptive Trade Practices Act Ex: you say all’s good, when the foundation is cracked o Interstate Land Sales Full Disclosure Act Report conditions of sales and properties to HUD o Real Estate Settlement Procedures Act (RESPA) o Equal Credit Opportunity Act Can’t deny anyone a house (mostly single moms) o Truth in Lending Act Can’t say interest is 8% when it’s really 10% o Fair Housing Law Can’t discriminate on race, color, familial status, etc. o National Environmental Policy Act (NEPA) Housing can’t impact environment in negative way (pollution, animals, etc.) o Flood Disaster Protection Act
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o Clear Air Amendment o Federal Water Pollution Control Act o Noise Pollution and Abatement Act o Coastal Zone Management Act Won’t affect habitat of the coastal region 2. Describe the motive test and use a real estate marketing example to
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FINAL STUDY GUIDE - Study Guide (Real Estate Marketing; Dr....

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