Respa Study guides, Class notes & Summaries

RESPA Exam Review Questions and answers, VERIFIED/ What does RESPA stand for? - -Real Estate Settlement Procedures Act What regulation does RESPA fall under? - -Regulation X Define RESPA - -protects consumers by regulating cost and business arrangement disclosures. What loans does RESPA exempt? - -Agriculture Business Commercial Temporary Time share 25 acres or more Who does RESPA impact? - -federally regulated mortgage loans are that secured by a first or subordinated lien on resi...

FAA Aircraft Dispatcher Practical Exam Questions With 100% Correct Responses

RESPA Federal Mortgage-Related Law questions with correct answers

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - Answer- Closing The primary determinants of real estate values are supply and _____. - Answer- Demand _____ is something of value that can be pledged as security for repayment of a loan. - Answer- Collateral Servicing includes which of the following activities? - Answer- Maintaining records of payment The monet...

NMLS Exam Study Guide: RESPA Exam Questions with Correct Answers True (Promotional items with the company logo are permitted to be given) - Answer-True or False: Promotional items with the company logo are permitted to be given. Regulation X - Answer-What regulation is RESPA? RESPA (Regulation X) - Answer-Primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the closing costs to the consumer: Consumer Financial Protection Bureau - An...

An appraisal can be completed by which of the following? A home inspector A real estate broker A licensed appraiser using USPAP standards A mortgage loan originator - ANSWERA licensed appraiser using USPAP standards What is a BPO? Broker Price Opinion Best Practice Organization Best Prospective Offer Beyond Present Opportunities - ANSWERBroker Price Opinion Which of the following is incorrect? Farming methods include Direct Mail and Just Listed Post Cards. Farming only invo...

RESPA Exam Review Questions and answers, VERIFIED/ RESPA - -Real Estate Settlement Procedures Act When was RESPA enacted? - -This was enacted in 1974 Who was in charge of RESPA - -HUD has administered and endforced RESPA and Regulation X When was CFPB established? - -July 21, 2011 Under what act was CFPB created? - -Dodd-Frank Wall Street Reform and COnsumer Protection Act Who assumed the over RESPA? - -CFPB has the authority to enforce and make rules over RESPA. What are the purposes o...

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) (CFPB) QUESTIONS AND ANSWES WITH SOLUTIONS 2024

A required, standardized Good Faith Estimate (GFE) does this: - Facilitates shopping among settlement service providers and improves disclosure of settlement costs and interest rate related terms. A revised GFE must be issued: - Within three business days of the loan originator becoming aware of information that constitutes changed circumstances. Borrower Credit: - "yield spread premium" (YSP), the borrower credit is a fee paid to the loan originator or mortgage broker by the lender when ...

SAFE NMLS Exam Prep Questions and Answers 100% Correct SAFE NMLS Exam Prep Questions and Answers 100% Correct SAFE NMLS Exam Prep Questions and Answers 100% Correct SAFE NMLS Exam Prep Questions and Answers 100% Correct Real Estate Settlement Procedures Act (RESPA) is implemented as: - ANSWER-A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - ANSWER-A. CFPB B. FCC C. FHA D. FTC A. RESPA is con...