MODULE 2 – THE REAL ESTATE INDUSTRY Fair Housing There are a large range of regulations and laws that govern the real estate agent, but one prevailing legislation is the Fair Housing regulation. Professional assistants will need to be diligent to protect consumers by treating all parties fairly on behalf of their team and firm. Consistent practices with all clients regardless of their protected status will be a good liability practice. ▪
Protected Classes
Fair housing laws are federal, but many provinces and localities have adopted more restrictive protected classes in addition to the federal regulations. The REALTOR® Code of Ethics also outlines additional duties to REALTORS® in addition to the regulatory codes, which includes an obligation to treat parties fairly based on sexual orientation. The following federal eight protected classes exist. 1. 2. 3. 4. 5. 6. 7. 8.
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Race Colour Religion National Origin Sex Disability Family Status Support animals
Classification of Fair Housing Violations ▪
Steering is the act of alienating or discouraging a particular type of housing or geographic area based on the protected class of the client or residents who live in the area in question.
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Blockbusting is the act of attempting to manipulate sellers to sell or lower their price based on the fear of a particular type of race or person moving into the area.
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Redlining is the practice by mortgage or insurance companies to charge different rates for their services based on the racial makeup of a given area.
BrokerLogiQ | Real Estate Professional Assistant Course | 27
