A developer in Norman, Oklahoma is building a 55-unit apartment complex and wants to restrict it to residents aged 55 and older. The developer's attorney advises that the project may qualify for an exemption from the familial status protections of the Oklahoma Fair Housing Act. Which of the following conditions is required for this exemption to apply?
Correct Answer
D) At least 80% of the units must be occupied by at least one person aged 55 or older
Under the Housing for Older Persons Act (HOPA), which is incorporated into both the federal Fair Housing Act and mirrored in Oklahoma's fair housing framework, a housing community qualifies for the '55 and older' exemption from familial status protections if at least 80% of the occupied units have at least one resident aged 55 or older, the community publishes and follows policies demonstrating intent to be senior housing, and it complies with HUD rules for age verification. The 80% threshold is the correct standard for this exemption.
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Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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