Question

1. What is the purpose of the fail lending laws in Real Estate?

2. What are the duties and responsibilities of a Property Manager?

Answer 1

1. Fair lending consists of a closely coordinated mixture of demands and prohibitions contained in several legislation and regulations on consumer protection and civil rights. The Fair Lending Laws are generally considered to be: Regulation B – Equal Credit Opportunity Act (ECOA); Fair Housing Act; Regulation V – Fair Credit Reporting Act (FCRA); and Regulation C – Home Mortgage Disclosure Act (HMDA).

Regulation B and ECOA protect loan candidates and borrowers from discrimination on the grounds of race, colour, religion, national origin, sex, marital status, age, whether the applicant derives revenue from a program of public assistance or whether the applicant has exercised any right under the Consumer Credit Protection Act in good faith. The legislation relates to consumer and business operations, does not depend on collateral, and involves end-to-end loan transactions

The Fair Housing Act protects anyone from discrimination on the grounds of race, colour, religion, sex, disability, family status, or national origin in selling, renting, or advertising dwellings, providing brokerage services, or making residential real estate transactions available.

Regulation V and FCRA lay down guidelines for credit reporting and consumer reporting organizations to collect and disseminate customer data for use in loan assessments and for other reasons, including apps for insurance and jobs. It also lays down guidelines for loan journalists and reports to customers such as banks and other creditors

2. Property Manager Job Duties:

Sets rental rates by surveying local rental rates; calculates overhead costs, depreciation, taxes, and profit objectives.
Attracts tenants through publicity vacancies; get referrals from present tenants; explain location and service benefits; display units.
Contracts with tenants through lease negotiation; security deposit collection.
Meets financial goals by collecting rents; paying bills; forecasting requirements; preparing an annual budget; scheduling expenditure; analyzing variances; initiating remedial action.

Maintains property by researching and resolving complaints from tenants; implementing occupancy laws; inspecting vacant units and finishing repairs; planning renovations; contracting with landscaping and snow removal services Maintains construction systems through contracting for maintenance services; overseeing repairs.
Property is secured by contracting with security patrol service; security devices are installed and maintained; precautionary policies and procedures are established and enforced; emergency response.
Enforces policies and processes for occupancy through confrontation with violators.
Prepare reports by gathering information and trends, analyzing and summarizing them.