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PRINCIPLES OF REAL ESTATE EXAM 1 CHAMPION SCHOOL
WITH PROFESSOR CERTIFIED ANSWERS
VAMA (Voluntary Affirmative Marketing Agreement) - ANSWER-
Sign Place the equal housing sign in the office window
Having and adhering to standard office procedures for working with
customers
Holding regular meetings on fair housing practices
Federal Fair Housing Laws (civil right act) Penalties - ANSWER-
Violation are up to 75,000 for 1st and up to 150,000 for 2nd.
Intermediary Relationships - ANSWER-Broker reps both the buyer
and seller Broker remains neutral and avoids negotiating. The broker
must first get written consent of both parties
Intermediary with appointments - ANSWER-The appointed associate
will give advice and opinion (which means negotiate) to their
respective parties. The broker must make the appointments in writing
using the Intermediary Relationship Notice
Intermediary without appointments - ANSWER-Agent will have the
opportunity to sell their own listing
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Disclosure of Representation - ANSWER-At first contact with a party
to a potential transaction a license holder must disclose to that party
whom they represent (orally or in writing at 1st contact)
IABS (Information about Brokerage Services) - ANSWER-Provides
customers with information regarding agency relationships with
licensees. All potential parties to a transaction must be provided with
the IABS at the first substantive (any information given that is not
easily accessed by public records) discussion. A substantive discussion
doesn't always occur at the first face-to-face meeting. Form is signed
prior to listing or showing of properties
Federal Fair Housing Laws - ANSWER-Housing should be available
to all on an equal basis, subject only to the purchaser's ability to pay
(Age is not a protected category under this law)
Steering (channeling) - ANSWER-Taking buyers or renters to or
away from a particular area based on the race, religion, etc. of the
buyer or renter (most common complaint under law)
Blockbusting (panic peddling) - ANSWER-Any attempt to induce
panic selling in a neighborhood for financial gain
PRINCIPLES OF REAL ESTATE EXAM 1 CHAMPION SCHOOL
WITH PROFESSOR CERTIFIED ANSWERS
VAMA (Voluntary Affirmative Marketing Agreement) - ANSWER-
Sign Place the equal housing sign in the office window
Having and adhering to standard office procedures for working with
customers
Holding regular meetings on fair housing practices
Federal Fair Housing Laws (civil right act) Penalties - ANSWER-
Violation are up to 75,000 for 1st and up to 150,000 for 2nd.
Intermediary Relationships - ANSWER-Broker reps both the buyer
and seller Broker remains neutral and avoids negotiating. The broker
must first get written consent of both parties
Intermediary with appointments - ANSWER-The appointed associate
will give advice and opinion (which means negotiate) to their
respective parties. The broker must make the appointments in writing
using the Intermediary Relationship Notice
Intermediary without appointments - ANSWER-Agent will have the
opportunity to sell their own listing
, 2|Page
Disclosure of Representation - ANSWER-At first contact with a party
to a potential transaction a license holder must disclose to that party
whom they represent (orally or in writing at 1st contact)
IABS (Information about Brokerage Services) - ANSWER-Provides
customers with information regarding agency relationships with
licensees. All potential parties to a transaction must be provided with
the IABS at the first substantive (any information given that is not
easily accessed by public records) discussion. A substantive discussion
doesn't always occur at the first face-to-face meeting. Form is signed
prior to listing or showing of properties
Federal Fair Housing Laws - ANSWER-Housing should be available
to all on an equal basis, subject only to the purchaser's ability to pay
(Age is not a protected category under this law)
Steering (channeling) - ANSWER-Taking buyers or renters to or
away from a particular area based on the race, religion, etc. of the
buyer or renter (most common complaint under law)
Blockbusting (panic peddling) - ANSWER-Any attempt to induce
panic selling in a neighborhood for financial gain
