Download US Laws and Acts Regulating Real Estate and Consumer Protection and more Quizzes Architecture in PDF only on Docsity! TERM 1 The Deceptive Trade Practices Act DEFINITION 1 is a US law providing protection for consumers from unscrupulous business practices. firms can be prosecuted for false misleading or deceptive practices. Applied to real estate, commission or omission. FTC regulates TERM 2 Interstate Land Sales Full Disclosure Act DEFINITION 2 The Interstate Land Sales Full Disclosure Act of 1968 was an act of Congress passed in 1968 to facilitate regulation of interstate land sales, to protect consumers from fraud and abuse in the sale or lease of land HUD and the bureau of consumer financial protection regulate this issues. . TERM 3 Real Estate Settlement Procedures Act DEFINITION 3 TheThe Real Estate Settlement Procedures Act, was an act passed by the United States Congress in 1974. Its purpose is to crack down on real estate companies that engage in providing undisclosed kickbacks to each other. These kickbacks often result in an inflated cost of transactions.HUD and the bureau of consumer financial protection regulate this issues. TERM 4 Equal Credit Opportunity Act DEFINITION 4 The Equal Credit Opportunity Act is a United States law (codified at 15 U.S.C. 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant-s income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. TERM 5 Truth in Lending Act DEFINITION 5 The Truth in Lending Act of 1968 is 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. Cost of credit is transparent to the buyer. Federal trade commission enforces these TERM 6 Fair Housing DEFINITION 6 The federal Fair Housing Act (codified at 42 U.S.C. 3601- 3619, penalties for violation at 42 U.S.C. 3631), Title VIII of the Civil Rights Act of 1968, was intended to protect the buyer/renter of a dwelling from seller/landlord discrimination. us department of housing and urban development TERM 7 National Environmental Policy act DEFINITION 7 The National Environmental Policy Act is a United States environmental law that established a U.S. protection and enhancement of the environment. HUD TERM 8 National Flood Insurance Act DEFINITION 8 The National Flood Insurance Act of 1968 is a piece of legislation passed in the United States that led to the creation of the National Flood Insurance Program. Provide flood insurance for real estate property in floodplains, and to identify areas of high and low hazard. Federal insurance agency and HUD TERM 9 Clean Air Act DEFINITION 9 This is legislation related to clean air governing the emission of air pollutants from human sources into the atmosphere. Effects parking and development. EPA TERM 10 The Clean Water Act (CWA) DEFINITION 10 Law related to water pollution goal to eliminate toxic substances into water systems and to ensure surface water. restricts building permits, affects zoing ordinances and utilities EPA
