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RESPA
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, . The main objective was to protect homeowners by assisting them in becoming better educated while shopping for real estate services, and eliminating kickbacks and referral fees which add unnecessary costs to settlement services. RESPA requires lenders and others involved in mortgage lending to provide borrowers with pertinent and timely disclosures regarding the nature and costs of a real estate settlement process. RESPA was also designed to prohibit potentially abusive practices such as kickbacks and referral fees, the practice of dual tracking, and imposes limitations on the use of escrow accounts. History RESPA was enacted in 1974 and was originally administered by the Department of Housing and Urban Development (HUD). In 2011, the Consumer Financial Protection Bureau (CFPB), created under the provisions of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Broker/agent
A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency. Many states require written disclosures to be signed by all parties outlining the duties and obligations. Generally, real estate brokers or agents fall into four categories of representation: *Seller's agents, commonly called "listing brokers" or "listing agents", are contracted by owners to assist with marketing property for sale or lease. *Buyer's agents are brokers or salespersons who assist buyers by helping them purchase property. *Dual agents help ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Escrow
An escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word , meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed. Types Escrow generally refers to money held by a third party on behalf of transacting parties. It is mostly used regarding the purchase of shares of a company. It is best known in the United States in the context of the real estate industry (specifically in mor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Brock
William Emerson Brock III (November 23, 1930 – March 25, 2021) was an American Republican politician who served in both chambers of the United States Congress from 1963 to 1977 and later in the United States Cabinet from 1981 to 1987. He was the grandson of William Emerson Brock Sr., a Democratic U.S. senator who represented Tennessee from 1929 to 1931. Early life and career Brock was a native of Chattanooga, where his family owned a well-known candy company. He was the son of Myra (Kruesi) and William Emerson Brock, Jr. Brock was a 1949 graduate of McCallie School and a 1953 graduate of Washington and Lee University in Lexington, Virginia, in 1953 and subsequently served in the U.S. Navy until 1956. He then worked in his family's candy business. Brock had been reared as a Democrat, but became a Republican in the 1950s. In 1962, he was elected to Congress from Tennessee's 3rd congressional district, based in Chattanooga. The 3rd had long been the only Democratic outpost in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conveyancing
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. However, it is usually sufficient that only the copy retained by each part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
93rd United States Congress
The 93rd United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, DC from January 3, 1973, to January 3, 1975, during the last 18 months of Richard Nixon's presidency, and the first 6 months of Gerald Ford's. This Congress was the first (and, to date, only) Congress with more than two Senate Presidents (the Vice President of the United States), in this case, three. After the resignation of Spiro Agnew, Gerald Ford was appointed under the authority of the newly ratified 25th Amendment. Ford became president the next year and Nelson Rockefeller was appointed in his place. The apportionment of seats in the House of Representatives was based on the Nineteenth Census of the United States in 1970. Both chambers had a Democratic majority. This is the earliest Congress to feature a member of the current 117th Congress, Represent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1974 In Law
Major events in 1974 include the aftermath of the 1973 oil crisis and the resignation of United States President Richard Nixon following the Watergate scandal. In the Middle East, the aftermath of the 1973 Yom Kippur War determined politics; following Israeli Prime Minister Golda Meir's resignation in response to high Israeli casualties, she was succeeded by Yitzhak Rabin. In Europe, the invasion and occupation of northern Cyprus by Turkish troops initiated the Cyprus dispute, the Carnation Revolution took place in Portugal, and Chancellor of West Germany Willy Brandt resigned following an espionage scandal surrounding his secretary Günter Guillaume. In sports, the year was primarily dominated by the FIFA World Cup in West Germany, in which the German national team won the championship title, as well as The Rumble in the Jungle, a boxing match between Muhammad Ali and George Foreman in Zaire. Events January–February * January 26 – Bülent Ecevit of CHP forms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Information Institute
The Legal Information Institute (LII) is a non-profit, public service of Cornell Law School that provides no-cost access to current American and international legal research sources online alaw.cornell.edu The organization is a pioneer in the delivery of legal information online. Founded in 1992 by Peter Martin and Tom Bruce, LII was the first law site developed on the internet. LII electronically publishes on the Web the U.S. Code, U.S. Supreme Court opinions, Uniform Commercial Code, the US Code of Federal Regulations, several Federal Rules, and a variety of other American primary law materials.. LII also provides access to other national and international sources, such as treaties and United Nations materials. According to its website, the LII serves over 40 million unique visitors per year. Since its inception, the Legal Information Institute has inspired others around the world to develop namesake operations. These services are part of the Free Access to Law Movement. His ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zero Sum
Zero-sum game is a mathematical representation in game theory and economic theory of a situation which involves two sides, where the result is an advantage for one side and an equivalent loss for the other. In other words, player one's gain is equivalent to player two's loss, therefore the net improvement in benefit of the game is zero. If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero. Thus, cutting a cake, where taking a more significant piece reduces the amount of cake available for others as much as it increases the amount available for that taker, is a zero-sum game if all participants value each unit of cake equally. Other examples of zero-sum games in daily life include games like poker, chess, and bridge where one person gains and another person loses, which results in a zero-net benefit for every player. In the markets and financial instruments, futures contracts and options are zero-sum games as well. In c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Captive Insurance
Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing and may not meet the specific needs of the company. By creating their own insurance company, the parent company can reduce their costs, insure difficult risks, have direct access to reinsurance markets, and increase cash flow. When a company creates a captive they are indirectly able to evaluate the risks of subsidiaries, write policies, set premiums and ultimately either return unused funds in the form of profits, or invest them for future claim payouts. Captive insurance companies sometimes insure the risks of the group's customers. This is an alternative form of risk management that is becoming a more practical and popular means through which companies can protect themselves financially while having more co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sherman Antitrust Act Of 1890
The Sherman Antitrust Act of 1890 (, ) is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce. It was passed by Congress and is named for Senator John Sherman, its principal author. The Sherman Act broadly prohibits 1) anticompetitive agreements and 2) unilateral conduct that monopolizes or attempts to monopolize the relevant market. The Act authorizes the Department of Justice to bring suits to enjoin (i.e. prohibit) conduct violating the Act, and additionally authorizes private parties injured by conduct violating the Act to bring suits for treble damages (i.e. three times as much money in damages as the violation cost them). Over time, the federal courts have developed a body of law under the Sherman Act making certain types of anticompetitive conduct per se illegal, and subjecting other types of conduct to case-by-case analysis regarding whether the conduct unreasonably restrains trade. The law attempts to prev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bait-and-switch
Bait-and-switch is a form of fraud used in retail sales but also employed in other contexts. First, customers are "baited" by merchants' advertising products or services at a low price, but when customers visit the store, they discover that the advertised goods are not available, or the customers are pressured by salespeople to consider similar, but higher-priced items ("switching"). Bait-and-switch techniques have a long and widespread history as a part of commercial culture. Many variations on the bait-and-switch appear, for example, in China's earliest book of stories about fraud, Zhang Yingyu's ''The Book of Swindles'' (c. 1617). Function The intention of the bait-and-switch is to encourage purchases of substituted goods, making consumers satisfied with the available stock offered, as an alternative to a disappointment or inconvenience of acquiring no goods (or bait) at all, and reckoning on a seemingly partial recovery of sunk costs expended trying to obtain the bait. It sug ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Truth In Lending Act
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop. It also imposes limitations on home equity plans that are subject to the requirements of and certain "higher-priced" mortgage loans (HPMLs) that are subject to the requirements of . The regulation prohibits certain acts or practice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
