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RESPA Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application. ETHICS A system of moral principles, rules and standards of conduct. PERFORMANCE BOND A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract. INDEPENDENT CONTRACTOR One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control. FIRST MORTGAGE A mortgage which is in first lien position, taking priority over all other liens. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages. REMAINDER ESTATE A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate. PLANNED UNIT DEVELOPMENT (PUD) A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces. |
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