This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What are the goals of the Real Estate Settlement Procedures Act? What will be an ideal ... (Read 77 times)

xclash

  • Hero Member
  • *****
  • Posts: 681
on: Aug 2, 2018
What are the goals of the Real Estate Settlement Procedures Act?
 
  What will be an ideal response?

Question 2

What is the purpose of the HUD-1 Settlement Statement?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

stano32

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Aug 2, 2018
Answer to Question 1

RESPA was enacted to regulate and reform lending practices and closing and settlement procedures. The goal was to ensure that consumers are advised of all the costs related to the real estate transaction in easily understood terms. Another goal is to give regularity to the settlement process and to thwart unfair and fraudulent practices.

Answer to Question 2

The HUD-1 Settlement Statement is the summary of the financial transaction for the purchase and sale of the real estate. It is typically prepared by the closing agent, but all of the parties have some statutory responsibility to provide the seller or the buyer with an estimate of closing costs during the pendency of the sale.


xclash

  • Member
  • Posts: 681
Reply 2 on: Aug 2, 2018
:D TYSM

cici

  • Member
  • Posts: 325
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

German and Irish Settlement in the Northeastern United States, 1870 German and Irish Settlement in the Northeastern United States, 1870
Procedures and Diagnostic Tests Related to the Integumentary System Procedures and Diagnostic Tests Related to the Integumentary System
Procedures for Diagnostic Tests Related to the Digestive System Procedures for Diagnostic Tests Related to the Digestive System
Procedures and Diagnostic Tests Related to the Ear Procedures and Diagnostic Tests Related to the Ear
Procedures and Diagnostic Tests Related to the Urinary System Procedures and Diagnostic Tests Related to the Urinary System
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately
Video: Cellular defenses (natural killer cells, phagocyte types & process of phagocytosis)

For a complete list of videos, visit our video library