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 31 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
Thanks for the timely response, appreciate it

ASDFGJLO

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Procedures and Diagnostic Tests Related to the Endocrine System Procedures and Diagnostic Tests Related to the Endocrine System
Procedures for Diagnostic Tests Related to the Musculoskeletal system Procedures for Diagnostic Tests Related to the Musculoskeletal system
Procedures and Diagnostic Tests Related to the Urinary System Procedures and Diagnostic Tests Related to the Urinary System
Population and Settlement Population and Settlement
Administrative and Clinical Procedures for the Canadian Health Professional, 4/E Administrative and Clinical Procedures for the Canadian Health Professional, 4/E
Please help me with a Real Estate Course Problem Please help me with a Real Estate Course Problem
Video: Nervous pathway to the Neuromuscular (NMJ)

For a complete list of videos, visit our video library