Check Your Understanding-Answers
- Which California fair housing law(s) apply to financial institutions?
Both the Unruh Civil Rights Act and the Holden Act.
- Define panic selling.
Panic selling is soliciting a listing or inducing someone to sell by telling him or her that persons of a certain protected class are moving into the neighborhood.
- Broker Sam receives a deposit check from a client, along with the purchase contract. How long does he have to deposit it into his trust account?
Sam has three business days to deposit the check, unless the buyer authorizes him to hold the uncashed check until the offer is accepted.
- How much of his own money can broker Jake keep in a trust account and not be considered guilty of commingling?
Up to $200 to use for service fees on the account
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