Final answer:
The term for an expression or exaggeration made by a salesperson about the quality of real property is called puffing. Puffing involves optimistic statements that are legally permissible, unlike steering, which is discriminatory and illegal.
Step-by-step explanation:
An expression or exaggeration made by a salesperson that concerns the quality of real property offered for sale or lease is known as puffing. This term refers to a sales tactic where optimistic statements about a property are made to entice potential buyers. Whilst puffing can involve a degree of exaggeration, it is typically legal and falls within the realm of promotional opinion rather than factual misrepresentation. However, if statements cross the line into deceit, it could become a legal issue.
In contrast, steering is the unethical practice where realtors guide prospective buyers towards or away from certain neighborhoods based on the buyer's ethnicity, which can be a form of discrimination and is legally questionable. Advertisements and marketing strategies can also sometimes push ethical boundaries, with the aim of persuading consumers to make a purchase. An example of this type of marketing includes real estate ads from the 1920s that used hard-sell tactics and promised easy financial gains. Such overpromising led many to invest in what turned out to be unstable real estate ventures.