What is steering in property management?

What is an example of steering?

Steering occurs, for example, when real estate agents do not tell buyers about available properties that meet their criteria, or express views about communities, with the purpose of directing buyers away from or towards certain neighborhoods due to their race or other protected characteristic.

What is house steering?

Steering is a form of discrimination whereby a real estate professional influences someone’s housing decision based on their race, religion, or another protected characteristic covered by the 1968 Fair Housing Act.

What is steering in regards to real estate?

Steering refers to the illegal practice of directing a prospective homebuyer to or away from a neighborhood based on the presence or absence of protected classes.

What is steering in leasing?

In its most basic form, steering refers to situations in which landlords discourage people from renting apartments at their property for a discriminatory reason. This is a violation of the Fair Housing Act (FHA), even if a landlord hasn’t imposed an outright ban on renting to certain types of people.

What’s the difference between blockbusting and steering?

Steering is guiding, encouraging, or inducing people in some way to move to or stay away from a certain area or neighborhood, and it’s illegal. Overt steering is easy to understand and avoid. … For example, if a couple asks to be shown houses “only in White neighborhoods” you can’t accommodate them.

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What are ways to avoid steering?

Tips to Avoid Steering

Always be objective when providing information. … If there are 3rd party information and resources available concerning the community, such as from the city, school district, police department, or census bureau, provide that information to the buyer or refer them to those official local entities.

What is blockbusting in real estate terms?

Blockbusting refers to the practice of introducing African American homeowners into previously all white neighborhoods in order to spark rapid white flight and housing price decline. Real estate speculators have historically used this technique to profit from prejudice-driven market instability.

What is Novation mean in real estate?

Novation in real estate occurs when a party, term, or obligation in a contract is replaced with another. When this happens — and it happens quite often in both residential and commercial real estate transactions — the original contract is voided and replaced with the new agreement.

What is the difference between redlining and steering?

Steering: Steering is a FORM of redlining. Steering is the specific term used in real estate where mortgage lenders will flat out refuse to give a loan based on the neighborhood a home is located.

What does a net lease provide?

In a net lease, the tenant pays a portion or all of the taxes, insurance fees, and maintenance costs for a property in addition to rent. Net leases are commonly used in the commercial real estate sector.

Which agency has the lead role in administering the Fair Housing Act?

HUD’s Office of Fair Housing and Equal Opportunity (FHEO) works to eliminate housing discrimination and promote civil rights and economic opportunity through housing. FHEO enforces fair housing laws. One of its roles is to investigate complaints of housing discrimination.

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