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Real estate > Chapter 8- Math and Equal Opportunity > Flashcards

Chapter 8- Math and Equal Opportunity Flashcards

1
Q

Pro forma

A

financial projections

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2
Q

Property value is based on ability to generate income

Income=

A

means=yield=capital

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3
Q

Potential Gross Income

A

Total income from all possible sources on annual basis

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4
Q

TIMM- Operator expenses

A

Taxes-property
Insurance
Maintenance
Management

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5
Q

DIDI (Not expenses)

A

D-Debt Service (Principal Interest)
I- Income Taxes (Property Taxes Are)
D-Depreciation
I- Improvements- Pool, New roof, New Parking lot,

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6
Q

CAP Rate=

A

Risk number

Higher the CAP rate the higher the risk

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7
Q

Cap Rate includes

A

Return on investment:
Return on investment in the improvements
Return of investments in the improvements (opportunity cost, depreciation, ect)

Assumes an all cash purchase
A higher cap rate favors the buyer
A lower cap rate favors the seller.

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8
Q

What is good CAP rate

A

1.25 plus is good

For every dollar of debt a dollar of income.

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9
Q

1978 US Constitution

A

Allowed continuation of slavery

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10
Q

Dred Scott v. Sanford 1857

A

African decent not protected by constitution

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11
Q

XIII Amendment (1865)

A

Abolished Slavery

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12
Q

Civil Rights Act of 1866

A

Illegal to discriminate based on Race- was not defined and no penalty.

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13
Q

Plessy v. Ferguson (1896)

A

Allowed continuation of segregation - separate but equal.

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14
Q

Brown V. Board of Education (1954)

A

Abolished Slavery

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15
Q

Civil Rights Act Title VIII (1968)

A 
Fair Housing Act 
Race
Color 
Religion 
National Origin
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16
Q

Blockbusting

A

Fear or panicked selling - sell before they get here- glasses person.

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17
Q

Steering

A

Agent steers buyer to property where safer, happier, or better off.

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18
Q

Redlining

A

Do not accept loans or insurance based on other than economic qualifications-

19
Q

3 groups that can discriminate

A

1) Private owner
2) Religious Organizations
3) Private Clubs

20
Q

Private owner guidelines for discriminating

A

1) No more than 3 single family homes
2)No broker services used
3)No discriminatory advertising
4) Not a dealer
5Mrs. Murphys Boarding House Rule

21
Q

Mrs. Murphys boarding house rule

A

Allowed to discriminate if in a 4-plex or less

22
Q

Jones Vs Mayer

A

Bans racial discrimination

HOA rules discriminate they are uninforcable.

23
Q

Fair Housing Act Amendment

A

Adds gender/sex, 1974

24
Q

Changes to Title VIII (1988)

A

Added Familial Status and Handicapped

25
Q

Familial Status

A

Any place you could live
Pregnant women is family
Per person, not per child
2 person per bedroom to be legal when renting

26
Q

Housing for older person exception

A

62 YEARS-100% of occupants must be 62+
55 years- 80% 1 occupant in 80% in neighborhood
Facilities and services not longer required
Anyone can own

27
Q

Handicap/Disability

A

Any limitation of life activity

1) Exception: Current alcohol or drug use-not recovery
2) Existing Structures Prior to 1988-dont have to change
3) Rights to modify-Can modify but have to pay and put back.
4) Landlord can require liscensed contractors

28
Q

New construction for 1988 Fair housing

A

Accommodations- wider hallways ect
Parking- Have to provide parking-if none available, next in line.
Accessible to common areas-

29
Q

Pets VS assistive animals

A

cannot charge assisted animals anything until they do damage.

30
Q

RE Advertising logo Classified VS Display add

A

Classified- Text

Display Add- Need Logo

31
Q

Fliers and promo material

A

logo

32
Q

Internet advertizing

A

Logo on every page

33
Q

Broker office

A

Must have HUD poster

34
Q

Human models

A

May not be used to discriminate in social settings or demographics.

35
Q

Regulator Agency of Fair Housing Act

A

HUD

36
Q

HUD- Length of time to complain

A

1 year

37
Q

HUD- Length of time to investigate

A

10 days

38
Q

HUD- 1st fine

A

$16,000

39
Q

Equal Credit Opportunity

A

ECOA-1974
Prohibits credit discrimination on Race, color, religion, national origin, gender, age, marital status, or dependency on public services

Protected by ECOA, but not protected classes
30 days to explain why loan denial
borrower can rebuttal

40
Q

Title 1 ADA- Employment

A

Hiring and overseeing disabled employees
15 or more
You must make accomodations

41
Q

Title lll Public Accommodations

A

Commercial- Mall, movie theater- Equal access to non disabled or disabled consumer
Agents duties to disclose
Penalties- $75,000-First offense, $150, 000 second

42
Q

How does ADA differ from Fair Housing

A

ADA is public or Work
Fair Housing is housing
New home development- only office and public space

43
Q

Equal Employment Opportunity Commission

A

20 or more

Equal pay for men and women

Real estate (14 decks)

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