Alaska License LawIntermediateAlaska Exam
An Alaska salesperson who earns a referral fee from a title company for referring clients to them is likely violating:
AOnly state licensing law
BRESPA's prohibition on kickbacks for referrals of settlement service businessCorrect
CAlaska's deceptive trade practices act, though specifics can vary by situation
DThe Equal Credit Opportunity Act
Why RESPA's prohibition on kickbacks for referrals of settlement service business Is Correct
Answer B: RESPA's prohibition on kickbacks for referrals of settlement service business
RESPA Section 8 prohibits giving or accepting anything of value in exchange for referrals of settlement service business in connection with federally related mortgage transactions. A real estate agent accepting fees from title companies, lenders, or other settlement service providers for referrals violates RESPA.
Key Alaska License Law Terms in This Question
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
State-Specific Concepts
License Law
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