NC Real Estate Acts Flashcards

NC Real Estate Acts Flashcards Housing and Community Development Act of 1974 Added gender to the list of protected classes Real Estate Settlement Procedures Act (RESPA) Federal law insures that residential buyer and seller receive full disclosure of all settlement charges when a 1-4 family unit is financed by a federally related first mortgage loan Americans with Disabilities ActImplements regulations to protect citizens with disabilities.Applies to public housing and accommodations Uniform Electronic Transactions ActNC version of the federal e-sign legislation that validates electronic contracts, documents, and signatures.Marketable Title ActDesigned to eliminate obsolete defects in a chain of title. If title can be traced back 30 years with no breaks in the title it is marketable Regulation XImplements and interprets RESPA Interstate Land Full Disclosures ActRegulating the interstate advertising and sale or lease of lots in a subdivision with 25 or more lots. Developer must provide a property report and register the subdivision with HUD Lead Based Paint Hazard Reduction Act of 1978 Required sellers to disclose the known prescenceof lead based paint on a property to potential buyers NC Condominium Act of 1986Specifies that a condo is created and established when the developer executes and records a declaration of its creation in the county where it's located Machinery ActNC General Statutes that govern the ad valorem taxation of property NC Intestate Succsession ActLaw of decent that dictates distribution of the real and personal property of the deceased that dies without a will Regulation ZImplements truth in lending act requiring credit institutions to inform borrowers of true cost of obtaining credit Civil Rights Act of 1866Prohibits racial discrimination in sale and rental of all real and personal property Equal Credit Opportunity ActFederal law prohibits discrimination in the extension of credit because of protected classes Dodd-Frank Wall St Reform & Consumer Act Affects financial institutions and consumers in an effort to prevent the economic recession and the mortgage market meltdown in the mid 2000s NC Timeshare ActThe portion of NC real estate law that defines time shares and regulates their development and sales TILA/RESPA Integrated Disclosure (TRID)Integrates truth in lending act with real estate settlement procedures act disclosures and regulations. Rule describes the use of the loan estimate and buyer closing disclosure NC Uniform Commercial CodeStatute which may protect the buyers from a sellers unpaid debts

NC Residential Property Disclosure ActRequires sellers to provide a property disclosure statement to any prospective buyer prior to the presentation of first offer on the property Federal Fair Housing ActFederal law that prohibits discrimination in housing based on race,color, national origin, religion, sex, handicap, or familial status Connor ActNC law that requires real estate documents to be recorded for protection against third party claims Residential Rental Agreement ActNC state law that mandates delivery of habitable residential units NC Fair Housing ActFair housing law containing similar prohibitions to federal fair housing law.