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NMLS Exam Study Guide: RESPA Test with Verified Solutions
NMLS Exam Study Guide: RESPA Test with Verified Solutions
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NMLS Exam Study Guide: RESPA Test with VerifiedSolutions
37 days, and 30 days CORRECT ANS-According to RESPA Section 6, if the servicer receives
the loss mitigation application __________ days before a foreclosure sale, the borrower's
situation must be evaluated for all applicable options (modification, short sale, etc, within
__________ days.
90 Days
(A foreclosure sale is delayed until a loan modification is denied, appealed, or canceled due to
nonperformance) CORRECT ANS-The borrower may appeal a decision if the complete
application package was submitted at least __________ days before a scheduled foreclosure
sale
Section 8 CORRECT ANS-Which section of RESPA prohibits kickbacks, fee splitting, and
unearned fees?
Kickbacks CORRECT ANS-Illegal referring fees are known as:
, NMLS Exam Study Guide: RESPA Test with Verified
Solutions
Thing of Value CORRECT ANS-RESPA Section 8 prohibits giving or accepting a __________
in exchange for the referral of settlement services.
True CORRECT ANS-True or False: RESPA does NOT prohibit payment of fair market value
for goods or services that were actually received or performed.
Section 9 CORRECT ANS-Which section of RESPA prohibits the seller from requiring the
buyer to use a particular title company AS A CONDITION OF THE SALE?
3x the amount paid for the service
(Also known as "Treble Damages") CORRECT ANS-If RESPA Section 9 is violated, the seller
could be sued for __________ the amount paid for the service.
Section 10 CORRECT ANS-Which section of RESPA requires lenders to conduct an annual
escrow analysis if the account has impounds(escrow account/reserve account)?
, NMLS Exam Study Guide: RESPA Test with Verified
Solutions
Real Estate Settlement Procedures Act (RESPA) CORRECT ANS-This act provides consumer
protection for loans on residential properties of 1-4 units.
Nothing of Value CORRECT ANS-__________ can be given in exchange for the referral of
business with the exception of real estate brokerage firms that are allowed to exchange
referrals between themselves.
Thing of Value CORRECT ANS-A __________ may include gift cards, sports tickets,
advertising space, marketing material bearing a real etate agent's information to give to
his/her client, etc.
True (Promotional items with the company logo are permitted to be given) CORRECT ANS-
True or False: Promotional items with the company logo are permitted to be given.
Regulation X CORRECT ANS-What regulation is RESPA?
RESPA (Regulation X) CORRECT ANS-Primarily involved with the disclosure of closing costs
and the prevention of kickbacks, which may raise the closing costs to the consumer:
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