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Real Estate Settlement Procedures Act
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Brock
William Emerson Brock III (November 23, 1930 – March 25, 2021) was an American politician from the state of Tennessee. A member of Republican Party, he served in both chambers of the United States Congress. He was a member of the U.S. House of Representatives for four terms from 1963 to 1971 and a senator for one term from 1971 to 1977. He later served in the Cabinet of the United States from 1981 to 1987 under President of the United States Ronald Reagan. He was the grandson of William E. Brock Sr., a Democratic U.S. senator from Tennessee who served from 1929 to 1931. Early life and career Brock was born on November 23, 1930, in Chattanooga, Tennessee, where his family owned a well-known candy company. He was the son of William Emerson Brock Jr. and Myra (Kruesi). Brock is named after his grandfather, William Emerson Brock, who also served in the U.S. Senate. His maternal great-grandfather was John Kruesi, a machinist and close Thomas Edison associate who was originall ... [...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 p ... [...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, D.C., from January 3, 1973, to January 3, 1975, during the last 18 months of Presidency of Richard Nixon, Richard Nixon's presidency, and the first 6 months of Presidency of Gerald Ford, Gerald Ford's. This Congress was the first (and, to date, only) Congress with more than two Vice President of the United States, Senate presidents (in this case, three). After the resignation of Spiro Agnew, Gerald Ford was appointed under the authority of the newly ratified Twenty-fifth Amendment to the United States Constitution. Ford became president the next year and Nelson Rockefeller was appointed in his place. The apportionment of seats in the United States House of Representatives, House of Representatives was based on the 1970 United States census. Both chambers had a D ... [...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 President of the United States, United States President Richard Nixon following the Watergate scandal. In the Middle East, the aftermath of the 1973 Yom Kippur War determined politics; following List of Prime Ministers of Israel, Israeli Prime Minister Golda Meir's resignation in response to high Israeli casualties, she was succeeded by Yitzhak Rabin. In Europe, the Turkish invasion of Cyprus, invasion and occupation of northern Cyprus by Turkey, Turkish troops initiated the Cyprus dispute, the Carnation Revolution took place in Portugal, the Greek junta's collapse paves the way for the establishment of a Metapolitefsi, parliamentary republic and Chancellor of Germany, Chancellor of West Germany Willy Brandt resigned following an Guillaume affair, espionage scandal surrounding his secretary Günter Guillaume. In sports, the year was primarily dominated by the 1974 FIFA World Cup, FIFA World ... [...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. 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. History LII was established in 1992 at Cornell Law School by Peter Martin and Tom ... [...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 that involves two competing entities, 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, with the result that 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, sport 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Captive Insurance
Captive insurance is an alternative to self-insurance in which insured parties establish a licensed insurance company for their own use and benefit. The company focuses its service on the specific risks of the insureds and is incentivized to price the insurance near cost, since it has no separate investors. A captive insurance company helps its sponsors establish regular cash flow for their risks and offers them a direct choice of reinsurance. It also provides a tax benefit, since insurance premiums are a deductible business expense while directly held reserves are not. 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 throu ... [...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 and consequently prohibits unfair monopolies. 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 unreasonab ... [...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, the merchant "baits" the customer by advertising a product or service at a low price; then when the customer goes to purchase the item, they discover that it is unavailable, and the merchant pressures them instead to purchase a similar but more expensive product ("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 (bait) at all, and reckoning on a seemingly partial recovery of sunk costs expended trying to obtain the bait. It suggests tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Broker/agent
Real estate agents and real estate brokers are people who represent 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. Categories of representation A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region. Real estate licensing and education In most jurisdictions in the United States, a person must have a license to perform licensed activities, and these activities are defined within the statutes of each state. The main feature of the requirement for having a license to perform those activities is the work don ... [...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 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 practices i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gerald Ford
Gerald Rudolph Ford Jr. (born Leslie Lynch King Jr.; July 14, 1913December 26, 2006) was the 38th president of the United States, serving from 1974 to 1977. A member of the Republican Party (United States), Republican Party, Ford assumed the presidency after the resignation of President Richard Nixon, under whom he had served as the 40th vice president of the United States, vice president from 1973 to 1974 following Spiro Agnew's resignation. Prior to that, he served as a member of the U.S. House of Representatives from 1949 to 1973. Ford was born in Omaha, Nebraska, and raised in Grand Rapids, Michigan. He attended the University of Michigan, where he played for Michigan Wolverines football, the university football team, before eventually attending Yale Law School. Afterward, he served in the U.S. Naval Reserve from 1942 to 1946. Ford began his political career in 1949 as the U.S. representative from Michigan's 5th congressional district, serving in this capacity for nearly 25 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
