Explore tens of thousands of sets crafted by our community.
Real Estate Laws and Regulations
29
Flashcards
0/29
Fair Housing Act
Prohibits discrimination in the sale, rental, and financing of dwellings based on race, color, national origin, religion, sex, familial status, or disability.
Real Estate Settlement Procedures Act (RESPA)
Requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process.
Truth in Lending Act (TILA)
Designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs.
Americans with Disabilities Act (ADA)
Prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public. This affects real estate in terms of accessibility and accommodations in commercial properties.
Economic Growth and Tax Relief Reconciliation Act of 2001
Introduced multiple tax cuts and includes provisions that affect real estate such as the increase in the amount taxpayers could exclude from taxes on the sale of a personal residence.
Dodd-Frank Wall Street Reform and Consumer Protection Act
Imposed regulations on financial institutions to reduce risk and prevent a recurrence of the 2008 financial crisis; it also created the Consumer Financial Protection Bureau (CFPB), which enforces consumer protection laws.
Home Mortgage Disclosure Act (HMDA)
Requires financial institutions to maintain and annually disclose data about home purchases, home purchase pre-approvals, home improvement, and refinance applications involving mortgage loans.
Uniform Commercial Code (UCC)
A comprehensive set of laws governing all commercial transactions in the United States. It is important for real estate because it covers secured transactions, including the creation of a security interest in personal property, fixtures on real property, and negotiable instruments.
Community Reinvestment Act (CRA)
Encourages banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations.
The Interstate Land Sales Full Disclosure Act
Protects consumers from fraud and abuse in the sale or lease of land. Initially, it targeted land sales across interstate lines, but it is now important in the sale and lease of lots.
Foreign Investment in Real Property Tax Act (FIRPTA)
Requires foreign persons to pay U.S. income tax on the gains they make from selling U.S. real estate.
Servicemembers Civil Relief Act (SCRA)
Provides legal protections to military members as they enter active duty, including in areas like mortgage interest rates, foreclosure defense, and lease terminations.
The Taxpayer Relief Act of 1997
One of the most significant aspects for real estate was the change in the treatment of capital gains on the sale of personal residences. It allows for an exclusion (500,000 for married couples filing jointly) on gains from the sale of a home.
The Protecting Tenants at Foreclosure Act
Provides that tenants must receive a minimum of 90 days' notice before being required to move out in the event that the property they are renting is foreclosed upon.
Federal Fair Credit Reporting Act
Promotes the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It's important for real estate transactions as it impacts consumer's credit reports, which are essential for mortgage approvals.
Real Estate Brokerage Relationships Act
Governs the relationship between real estate brokers and their clients. It may define the duties and responsibilities of real estate brokers and mandate disclosure of the nature of the brokerage relationship.
Uniform Residential Landlord and Tenant Act (URLTA)
Provides a uniform set of laws to govern the rental of residential properties, aiming to balance the rights and obligations of landlords and tenants.
Mortgage Forgiveness Debt Relief Act
Gives taxpayers relief by excluding income from the discharge of debt on their principal residence. Specifically, up to 1 million if married filing separately).
Bank Secrecy Act (BSA)
Requires financial institutions to assist U.S. government agencies in detecting and preventing money laundering, including filing reports of cash transactions exceeding
Section 1031 of the Internal Revenue Code
Allows investors to defer paying capital gains taxes on an investment property when it is sold, as long as another 'like-kind property' is purchased with the profit gained by the sale of the first property.
Tenant Protection Ordinance
A law that provides renters, especially those in rent-controlled units, with certain protections, such as protection from unjust evictions, rights for tenants during building sales or conversions, and sometimes limits on rent increases.
Rent Stabilization Ordinance (RSO)
Regulates how much the rent can be increased every year, stabilizing the rental cost in areas where housing prices are very volatile. It also provides other protections for tenants.
The Right to Farm Act
Aims to protect qualifying farmers and ranchers from nuisance lawsuits filed by individuals who move into a rural area where normal farming operations exist, and who then try to stop those ongoing operations.
Lead-Based Paint Hazard Reduction Act
Imposes requirements for notification, evaluation and reduction of lead-based paint hazards in dwelling units built before 1978, protecting tenants and purchasers from the health hazards associated with lead paint.
Landlord and Tenant Act
A law that outlines the duties and responsibilities of both landlords and tenants. It includes clauses about security deposits, notice periods for ending tenancies, and maintenance responsibilities.
Construction Lien Law
Gives builders, contractors, and suppliers legal recourse to receive payment for their work or materials by placing a lien on the improved property if they do not receive payment.
Capital Gains Tax Laws
Impose taxes on the profits from the sale of non-inventory assets when those sales exceed the purchase price or basis. This is especially relevant in real estate when selling investment properties.
Homeowner Association (HOA) Regulations
Governs the operation of a community's homeowners association, including the collection of HOA dues, maintenance of common areas, and enforcement of community rules.
Eviction Protection Laws
Define the legal process by which a landlord can remove a tenant from a rental property, usually for reasons such as non-payment of rent, violation of the rental agreement, or damage to the property.
© Hypatia.Tech. 2024 All rights reserved.