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Chapter 11

Chapter 11 Mass Real Estate

TermDefinition
Accrued Items that have been accumulated over time. Such as depreciation or taxes.
Blockbusting The practice of attempting to influence one to sell or rent with threats, that persons of a particular protected class are entering the neighborhood.
Book Value Value remaining after depreciation. Original cost less accrued depreciation.
Federal Civil Rights Act-1866 The first of three major pieces of legislation, that affects fair housing and prohibits any discrimination, including housing, when that discrimination is based on race.
Federal Fair Housing Act-1968 (Title VIII) Federal law know as Title VIII, that addresses discrimination in matters of housing including protected classes, prohibited practices, new construction, financing, providing brokerage services, and appraisal reports.
Mass Commission Against Discrimination (MCAD) The state agency responsible for the administration of Mass Fair Housing Law. This includes receiving any complements in the state regarding fair housing.
Mass Fair Housing Law (MGL 1 51 B) Mass. state law, that addresses discrimination in matters of housing. Covers similar areas as Federal Title VIII, but goes much further in who is protected under the law. More protected classes.
MGIC Mortgage Guaranty Insurance Corporation One of a number of Private Mortgage Insurance (PMI) companies that privately insure a portion of the mortgage risk, when a lending institution is not willing to assume it (typical with down payments of less than 20%).
Protected Class A group of people under fair housing legislation, that have been identified as receiving protection under the law. Usually because they have specifically experienced discrimination.
Redlining The practice of a lending institution identifying a certain geographic area, to receive different lending practices, and other geographic areas. Identified with discrimination, because this is often done in minority neighborhoods.
Steering The attempt to influence buyers, by showing members of a protected class a property in neighborhoods, made up predominately of the same protected class, while not showing properties and other neighborhoods.
Useful Life The number of years a thing will last before needing replacement.
Created by: sunaecm4
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