Real Estate Settlement Procedures Act (RESPA) - Questions/Answers Exam Questions and Answers
1 view 0 purchase
Course
RESPA
Institution
RESPA
Real Estate Settlement Procedures Act
(RESPA) - Questions/Answers Exam
Questions and Answers
Which of the following would most likely not be considered a federally-regulated mortgage loan as
defined by RESPA?
A. Hard money, privately-placed loan
B. Subprime loan
C. FHA loan
D. Conventional ...
D. Regulation Y - ANSWER✔✔-The answer is: B. Regulation Z. Regulation Z implements the Truth-in-
Lending Act and provides rules requiring the disclosure of material information related to the terms and
costs of a specific mortgage loan. Cost of credit is expressed with Finance Charges and APR.
Which of the following circumstances is least likely to lead to a determination that two entities are
operating a sham affiliated business arrangement under RESPA?
A. The same person owns both entities
B. One entity shares office space with the other entity
C. One entity's business comes exclusively from referrals from another entity
D. Both entities share the same employees - ANSWER✔✔-The answer is: A. the same person owns both
entities. An affiliated business arrangement is an arrangement in which a person or his or her associate is
in a position to refer real estate settlement service business for a federally-related mortgage loan and
has either an affiliate relationship with, or ownership interest of more than 1% in, a provider of
settlement services and refers business to or influences the selection of that provider. As ownership in an
affiliated business is part of the definition of an affiliated business relationship, such ownership does not
necessarily point to a sham operation.
Which of the following would not be considered a settlement service as defined by RESPA?
Page 2/7
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Emillect. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
