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An unenforceable contract is valid in structure but cannot be enforced in court due to legal technicalities, such as expiration of the statute of limitations or lack of written form where required. This differs from void contracts (invalid from inception) and voidable contracts (can be rescinded by one party). Agents should recognize enforceability issues to protect clients.

Steering occurs when an agent limits a client’s housing choices based on personal opinions, discrimination, or assumptions. This restricts client decision-making and may violate fair housing laws. Agents must provide clients with full access to properties within their criteria and allow them to decide what is “worth their time.” Ethical practice requires neutrality and transparency.

Down payment = $360,000 × 25% = $90,000. Loan amount = $360,000 − $90,000 = $270,000. Calculating down payments and loan amounts is essential for determining LTV ratios and qualifying buyers for mortgages. Agents must be proficient with these numbers to guide clients effectively.

Net Operating Income (NOI) is calculated as total income minus operating expenses: $24,000 − $4,000 = $20,000. NOI measures the property’s profitability before financing and taxes. Investors use NOI to determine capitalization rates, evaluate cash flow, and compare potential acquisitions. Accurate calculation is critical for investment analysis and financial planning, preventing overestimation of returns or misinformed purchase decisions.

The Equal Credit Opportunity Act ensures fair access to credit by prohibiting discrimination in lending based on protected categories. While the Fair Housing Act governs housing discrimination, ECOA specifically regulates lending practices. Agents must understand both laws to protect clients’ rights and ensure compliance in financing transactions.