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There are many legislations that the federal government has passed to ensure the protection of the home buyer, seller and the home owner. Below is a list that we thought might be useful for you to know or at least recognize in case of a violation. We have also included the name of the government agency that is responsible for the enforcement of these regulations.
Home Mortgage Disclosure Act (1975)
Provides public loan data used to determine if the communities housing needs are being met by the local financial institutions, helps public officials stimulate the private investment environment and checks for patterns of discrimination. Federal Home Loan Bank Board, Comptroller Of Currency, Federal Deposit Insurance Corporation, Federal Reserve System.
Interstate Land Sales Full Disclosure Act (1968) and Amendments (1979)
This act specifies that any development with 25 lots or more requires a report to be filed with the Office of Interstate Land Sales and also the secretary of the Department of Housing and Urban Development before advertising or selling. The amendments specify filing methods and various regulations. Department of Housing and Urban Development.
Land and Water Conservation Act (1965) Provides funds for all levels of government to be used for land acquisition for public use. Bureau of Resources.
Magnuson-Moss Warranty - Federal Trade Commission Improvement Act (1975)
This act related to real estate in that the appliances and all the heating/cooling, plumbing, electrical systems that have a warranty must be explained in clear, simple and understandable terms to prevent deception. Federal Trade Commission.
National Historic Preservation Act (1966)
Allows for the preservation of property with historical, architectural, cultural and archeological significance by granting authority to the Secretary of the Interior grant funds designated for this purpose, and also by financially helping states to accomplish this purpose. Department of the Interior.
National Mobile Home and Construction Safety Standards Act (1974)
Ensures the safety and performance of mobile homes by establishing and enforcing standards of construction. Department of Housing and Urban Development.
Neighborhood Self-Help Development Act (1978)
Encourages improve low and moderate income neighborhoods by allowing the secretary of the Department of Housing and Urban Development grant financial and other various forms of aid to neighborhood communities. Department of Housing and Urban Development.
Real Estate Settlement Procedures Act - RESPA (1974)
RESPA reduces closing costs and consumer awareness by requiring that consumers be aware of settlement procedures. The purpose of this act is to encourage home ownership. Federal Home Loan Bank Board, Department of Housing and Urban Development, Federal Deposit Insurance Program, Comptroller of Currency.
Section 8 Program (1974)
Provides decent rental housing for moderate to low income families in the hopes of diversifying housing status among economic classes while improving the living conditions of the families in question. Department of Housing and Urban Development.
Senior Citizens Housing Act (1933)
Increases housing aid for the elderly by establishing loan programs that serve to build low-income housing. Farmers Home Administration.
Sherman Anti-Trust Act (1890)
Was created to destroy and avoid monopolistic practices and applies to real estate by prohibiting price-fixing, sabotaging competition, attempting to attain an environment without competition, establishing geographical marketing boundaries and "black listing." Federal Trade Commission.
Tax Equity and Fiscal Responsibility Act (1982)
Federal tax legislation affecting real estate with tax breaks relating to accelerated cost recovery and investment tax credits. Internal Revenue Service.
Tax Reform Act (1984)
Federal tax legislation that affects the Federal Investment Real Property Tax Act Withholding Provisions, extends the recovery period for real estate assets and allows for a holding period for capital gains. Internal Revenue Service.
Tax Reform Act (1986)
Federal tax legislation that inhibits the use of real estate tax shelters by eliminating the capital gains tax differentia, reducing number of tax brackets available to the individual, lengthening the period of tax write-off for real property and eliminating some itemized deductions. Internal Revenue Service.