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controlled business arrangement |
Also found in: Medical | 0.02 sec. |
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controlled business arrangement (CBA) A business arrangement recognized under the Real Estate Settlement and Procedures Act (RESPA) allowing a real estate brokerage office to provide financing, title insurance, and hazard insurance through the vehicle of subsidiary companies that operate within the brokerage office.Restrictions include the requirement that written disclosure of the affiliation be made to consumers,an estimated charge for the services is provided,consumers are free to obtain the services elsewhere,and referral fees are not charged among the various subsidiary companies. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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This article will address these elements and what a joint venture must do to avoid a HUD determination that the joint venture is a sham controlled business arrangement. RESPA, it's legal to require a buyer to use a specific lender (or lenders) as long as no referral fee is paid to a lender and the situation is not what's called "a controlled business arrangement. BUSINESS WIRE)--July 16, 1997--SummerHill Homes, a premium builder of luxury homes, announced the formation of a Controlled Business Arrangement with E-Loan, a Palo Alto-based Internet mortgage company. |
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