Chapter 13: Escrow Flashcards
1
Q
FIRPTA
A
The Foreign Investment in Real Property Tax Act is a federal law intended to prevent foreign investors from evading their U.S. tax liability.
2
Q
RESPA
A
The Real Estate Settlement Procedures Act is a federal law that requires lenders to use the loan estimate and closing disclosure forms to disclose closing cost information to home loan borrowers.
3
Q
Closing Disclosure
A
The closing disclosure shows actual closing costs (as opposed to estimated costs) in a settlement statement format.
The borrower must receive the disclosure form at least three business days before closing.
4
Q
A
