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5 Cards in this Set
- Front
- Back
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RESPA |
Is intended to ensure that consumers are provided with information on the nature and costs of settlement cost. Also eliminate kickbacks and referral fees. |
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Penalties for violation of RESPA/section 8 |
Fines up to 10K and up to one year in prison. |
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RESPA stands for |
Real Estate Settlement Procedures Act |
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According to RESPA, a loan estimate must be delivered or mailed 3 business days after receipt of application and no later than |
7 business days before the transaction is consummated |
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Warranty deed |
Conveys full ownership of land. It also contains the promise of a clear title. Meaning the property is free of encumbrances |
