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AZK RE - Abbreviations 1

  1. NAR
    • - National Association of Realtors
    • - composed of state, regional and local associations
    • - members - realtors or realtor associates
  2. NAREB
    • - National Association of Real Estate Brokers
    • - members are known as "realtists"             
    • - dedicated to Equal Housing Opportunity
  3. HUD
    Department of Housing and Urban Development
  4. HUD controls
    • - Ginnie Mae
    • - (FHFA controls Fannie Mae and Freddie Mac)
  5. HUD administrates
    • - Fair Housing Act
    • - building standards
  6. HUD deals with
    - housing issues
  7. HOPA
    • Housing for Older Persons Act
    • - "significant facilities and services" designed for seniors (55+)
    • - at least 80% of occupied units have one person age of 55 or older
  8. ADA
    • Americans with Disabilities Act
    • - requires reasonable accommodations in employment and access
    • - requires that commercial nonresidential property be free of barriers
  9. Title I
    - 15 or more employees must adopt non-discriminatory
  10. Title III
    - prohibits discrimination in commercial properties
  11. ALJ
    • Administrative Law Judge
    • 1) Award actual damages to an aggrieved party
    • 2) Impose a Monetary penalty
  12. CC&Rs
    • Covenants, Conditions and Restrictions
    • - used by Subdivision Developer to maintain Specific Standards
  13. LLC
    • Limited Liability Companies
    • - combines futures off Limited Partnerships and Corporations
    • - NO double taxation
  14. PUDs
       - or jQuery112404839563926760204_1560005166897?
    • Planned unit development
    • - or Master-Planned Communities
    • - Type of Housing
    • - horizontally
  15. MUDs
    • Mixed-use developments 
    • - Type of Housing
    • - vertical community
  16. CDCP
    • Connecticut Department of Consumer Protection
    • - any time share sold in the must be registered with CDCP
  17. GIS
    Geographic Information System
  18. CAD
    • Computer Assisted Design
    • - used by GIS (Geographic Information System)
  19. NILS
    National Integrated Land System
  20. NILS compatible with
    Metes and bounds and Rectangular
  21. ILC
    • Improvement Location Certificate
    • - not a full survey, but may be sufficient for some purposes
  22. IDX
    • Internet Data Exchange
    • - MLS members to have equal rights to display MLS data
  23. UETA
    • Uniform Electronic Transactions Act
    • - to remove barriers in electronic (PC and cell) commerce that prevent enforceability of contracts
    • - not adopted by Illinois, NY, Washington
  24. TCPA
    Telephone Consumer Protection Act
  25. FCC
    Federal Communications Commission
  26. COPPA
    • Children's Online Privacy Protection Act
    • - limits the professional information that can be collected from children younger than 13
  27. FHA
    • Federal Housing Administration
    • - can affect people's ability to buy homes
  28. CHFA
    • Connecticut Housing Finance Authority
    • - provides additional source of mortgage financing for a low-moderate-income family
    • - offers Below-Market Interest Rate (BMIR) program
  29. FHFA
    Federal Housing Finance Agency
  30. FHFA controls
    Fannie Mae and Freddie Mac
  31. FHFA publishes the
    - maximum loan limits for loans $417,000 to $625,500
  32. FHFA requires
    MIP - Mortgage Insurance Premium
  33. FICO
    • Fair Isaac & Company
    • - Credit Score Range
    • - 400 – 620 – 660 – 900 
  34. BMIR
    Below-Market Interest Rate
  35. HMDA
    • Home Mortgage Disclosure Act
    • - requires that depository institution with assets in excess of 10 million
    • - disclose where they made their mortgage loans
  36. OCC
    • Office of the Controller of the Currency
    • - regulates Fiduciary Lenders
  37. FDIC
    • Federal Deposit Insurance Corporation
    • - covers deposits up to the limit $250,000 per depositor per account
  38. NCUA
    • National Credit Union Association
    • - regulates Credit Union
    • - insures deposit up to $250,000
  39. SAFE Act
    • Secure And Fair Enforcement for Mortgage Licensing Act
    • - requires to license MLOs (Mortgage Loan Organizations)
  40. NMLS
    • Nationwide Mortgage Licensing System and Registry
    • - sole system of licensure for mortgage companies
  41. MLOs
    • Mortgage Loan Originators
    • - loan organizations must register annually 
  42. MIP
    • Mortgage Insurance Premium
    • - required by FHFA
  43. GSEs
    • Government-Sponsored Enterprises
    • - includes
    •    1) Fannie Mae
    •    2) Freddie Mac
    •    3) Ginnie Mae
  44. FNMA
    • Fannie Mae
    • - Federal National Mortgage Association
    • - conventional, FHA-insured, VA-guaranteed loans
  45. Fannie Mae is under
    FHFA (Federal Housing Finance Agency )
  46. FHLMC
    • Freddie Mac
    • - Federal Home Loan Mortgage Corporation
    • - mostly conventional loans
  47. Freddie Mac is under
    FHFA (Federal Housing Finance Agency )
  48. GNMA
    • Ginnie Mae
    • - Government National Mortgage Association
    • - can affect people's ability to buy homes
    • - guarantees investment securities issued by private efforts (banks, mortgages companies...)
  49. Ginnie Mae is under
    HUD - Department of Housing and Urban Development
  50. FAMC
    • Farmer Mac
    • - Federal Agriculture Mortgage Corporation
    • - to create a secondary market for agricultural mortgage
  51. Conventional loans
    PITI
  52. Conventional loans if down payment 20%+
    - no additional insurance
  53. Conventional loans is most secure, why
    - most secure b/c LTV are often lowest 80% or less
  54. PMI
    • Private Mortgage Insurance
    • - required by FHFA if down payment less than 20%
  55. PMI Covers fixed-rate loans for how long?
    - 10 to 30 years
  56. PMI allows low down payment?
    - 3.5% of the purchase price
  57. At closing buyers pay PMI when and for how long?
    - buyer pays 1 year's PMI at closing
  58. MIP
    • Mortgage Insurance Premium
    • - required for borrower of FHA loan
  59. FSA
    • Farm Service Agency
    • - Federal agency of the Department of Agriculture
    • - provides Agricultural Loan Program
  60. CRV
    • Certificate of Reasonable Value
    • - issued by VA and states the property's current market value based on a VA-approved appraisal
  61. TILA
    • Truth in Lending Act
    • - requires that Credit Institution inform borrowers of the true cost of credit
  62. TILA penalties
    • - x2 the amount of the finance charge
    • - min of $100
    • - max of $1,000
  63. Tila-Respa Integrated Disclosure Rule
    • 1) Loan Estimate must be provided w/i 3 business days after a loan application is submitted
    • 2) Closing Disclosure
  64. ECOA
    • Equal Credit Opportunity Act
    • - race, religion...
    • - what you do for one, do for all
  65. FCRA
    • Fair Credit Reporting Act
    • - requires that a creditor truthfully record credit remarks on an individual's credit report
    • - law applicant who is rejected must be provided with statement of the reason w/i 30 days
  66. CRA
    • Community Reinvestment Act
    • - responsibility of financial institutions to help meet their communities’ needs
  67. RESPA
    • Real Estate Settlement Procedure Act
    • - requirements apply when property is financed with a federally-related mortgage loan
    • - includes all government financed loans
    •    - FHA, VA, Fannie Mae, Ginnie Mae, or Freddie Mac
    • - buyer and the seller fully informed of all costs related to closing the transaction
  68. RESPA includes
    • all government financed loans
    •    - FHA, VA, Fannie Mae, Ginnie Mae, or Freddie Mac
  69. RESPA apply to
    • - first-lien Residential Mortgage Loan to 1 to 4 family home, cooperative or condominium
    • - second or subordinate liens for Home Equity Loans
  70. RESPA does not apply to
    • - more than 25 acres
    • - business or agricultural
    • - construction loans
    • - vacant land
    • - Installment Contract (contract for deed)
    • - buyer's assumption
  71. CLO
    • Computerized Loan Organization System
    • - to earn to 1/2 point of the loan amount for providing a borrower access to a lender available throws a brokerage
  72. AIR
    Appraiser Independence Requirements
  73. FIRREA
    • Financial Institution Reform Recovery and Enforcement Act
    • - any appraisal be performed by competent individual who is licensed
  74. AQB
    • Appraiser Qualifications Board
    • - confirms State Licensing and Certification Criteria for appraisers
  75. APB
    • Appraisal Practice Board
    • - offers voluntary guidance to appraisers
  76. ASB
    Appraisal of Standards Board
  77. USPAP
    • Uniform Standards of Professional Appraisal Practice
    • - book established by ASB
  78. URAR
    • Uniform Residential Appraisal Report
    • - illustrates the type of detail information required of an appraisal
  79. Section 9
    - prohibits home seller from requiring buyer to purchase Title Insurance from a practical company
  80. Section 10
    - prohibits the lender from requiring excessive escrow deposits for taxes and Hazard insurance
  81. ABA
    • Affiliated Business Arrangement
    • - package of service to consumers
  82. CAM
    • Community Association Management
    • - mostly for commercials (snow, landscaping…)
  83. BRI
    • Building Related Illness
    • - asthma, hypersensitivities, allergies
  84. SBS
    • Sick Building Syndrome
    • - fatigue, nausea dizziness, headache
  85. EPA
    • Environmental Protection Agency
    • - require that residential dwelling built before 1978
    • 1) LL and sellers must disclose known information
    • 2) All are required to disclose any prior test results
    • 3) Buyers must have up to 10 days to conduct a risk assessment or inspection
    • 4) “Protect Your Family from Lead in Your Home” the pamphlet
    • 5) Anyone who disturbs paint in housing built before 1978 must be trained and certified
    • ) REP must ensure that all parties comply with the law
  86. RR&P
    • Renovation, Repair and Painting Program
    • - involves prerenovation education
  87. VOC
    • - Volatile (во’латил - летучий) Organic Compounds
    • - Formaldehyde       - can be measured
  88. PCBs
    • Polychlorinated Biphenyls (поли-кло’ринэйтэд ба’йфэнилс)
    • - consists of more than 200 chemical compounds
    • - used in transformers, electrical motors, refrigerators
    • - can be destroyed only burning at more than 2,400 degrees
  89. CFCs
    • Chlorofluorocarbons (клоро-флуро-карбонс)
    • - non-toxic nonflammable chemical
    • - used as refrigerant in air conditioners, refrigerators and freezers (destroys Ozone layer)
  90. USTs
    Underground storage tanks
  91. CERCLA
    • Comprehensive Environmental Response, Compensation, and Liability Act
    • - to clean up uncontrolled hazardous waste sites
  92. SARA
    • Superfund Amendment and Rasterization Act
    •     (rasterize (ра’стэрайзэйшон) – third person present)
    • - created an "innocent land owner" immunity status
  93. ESA
    • Environmental Site Assessments
    • - Phase 1 - to determine whether any potential environmental problems exist
    • - Phase 2 - includes soil water and other testing and is performed if warranted
  94. EIS
    • Environmental Impact Statements
    • - details impact the Federally Funded Project (required) will have on the environment
Author
flashsmilenet
ID
347373
Card Set
AZK RE - Abbreviations 1
Description
AZK RE - Abbreviations 1
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