Real Estate Law/Act Flashcards
(19 cards)
Brownfields Act of 1998
encourages cleanup and redevelopment of land contaminated by hazardous waste
CERCLA
Comprehensive Environmental Response, Compensation and Liability Act of 1980; federal superfund act; cleans up contaminated sites where hazardous materials have been dumped
Coastal Zone Management Act
federal law; protects coastal zone by limiting or prohibiting development these areas
DIDMC
Depository Institutions Deregulation and Monetary Control Act; exempts many mortgage loans from state usury laws
Dodd Frank Act
changed RESPA requirement and processes to allow for more transparency
Endangered Species Act of 1973
protects endangered species by restricting property use and development in any areas that could be habitats, breeding, or nesting grounds for those species
ECOA
Equal Credit Opportunity Act; prohibits discrimination in lending
Federal Electronic Signature in Global and National Commerce Act (E-Sign)
electronic signature on contracts are binding
FHEO
the Office of Fair Housing and Equal opportunity; part of HUD, administers and enforces federal fair housing law
Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Title XI
appraisers must have a valid appraisal license to make an appraisal for all federally federally related transaction and most real estate transaction in general
Foreign Investment in Real Property Tax Act
10% of the proceeds of property sale by a non-US citizen are withheld by the buyer and forwarded to the IRS
Garn St. German Act
due on sale clause can’t be triggered in the event of a death, divorce, marriage, leasing, devising on property, or transfer into family trust
Helping Families Save Their Home Act
part of Truth in Lending Act; states that while a mortgage doesn’t have to have consent from the borrower to sell off their loan to a third party, the mortgagor must inform the borrower of the sale of their loan
Homestead laws
laws designed to protect homeowners from the forced sale of their home to pay off unsecured debts
Homeowners Protection Act of 1998
when a homeowner’s LTV dips below 78%, the PMI will automatically discharged per this act
National Flood Insurance Program
established by Congress in 1968 by the National Flood Insurance Act; administered by Federal Emergency Management Agency (FEMA); requires property owners in high-risk flood zones or who have a federally backed loan to purchase a flood insurance policy
RESPA (Real Estate Settlement Procedures Act)
a law requiring full disclosure of closing costs to buyer and seller
Safe Drinking Water Act of 1974
permits EPA to set standards for drinking water
SARA
The Superfund Amendments and Reauthorization Act; federal law; provides for innocent landowner status
