Industry News

NAR offers RESPA guidelines to Realtors

Awareness campaign aims to spread word on federal real estate law

The National Association of Realtors has launched four new tools to help real estate professionals better understand and comply with the requirements of the federal Real Estate Settlement Procedures Act (RESPA), the association announced this week. RESPA was enacted in 1974 to provide for the advance disclosure of closing costs and to prohibit kickbacks and excessive fees in the home-buying process. "NAR takes RESPA very seriously and supports (the U.S. Housing and Urban Development Department's) enforcement efforts. Our RESPA Awareness Campaign helps Realtors understand the do's and don'ts of the law when it comes to their day-to-day business," said Thomas M. Stevens, NAR president and senior vice president of NRT Inc. "We're doing all we can to help our members comply with RESPA." Among the new training tools that NAR unveiled: "RESPA: A Guide to Complying with the Real Estate Settlement Procedures Act." This new pocket guide provides an overview of RESPA's requirements and prohib...

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