FinanceCâu 86 / 120
The Real Estate Settlement Procedures Act (RESPA) is primarily intended to:
a.Set national property tax rates
b.Guarantee mortgage approval
c.License appraisers
d.Provide consumers disclosures about settlement costs and prohibit kickbacks
Giải thích
RESPA is a federal law requiring disclosures about closing (settlement) costs and prohibiting kickbacks and referral fees that increase costs to consumers. It applies to most federally related mortgage loans on residential property. It works alongside TILA to protect borrowers.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A prepayment penalty in a loan is a charge for:
- The federal Truth in Lending Act (TILA) primarily requires lenders to:
- A discount point paid on a mortgage loan generally equals what percentage of the loan amount, and serves to:
- A mortgage is best described as which type of instrument in the financing process?
- Which document contains the borrower's actual promise to repay the loan and the repayment terms?
- 'Equity' in a property is best defined as:
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