Alaska License LawIntermediateAlaska Exam
In Alaska, a real estate licensee who pays a kickback to a lender in exchange for loan referrals:
AIs permitted if both parties disclose it in writing, in general
BViolates RESPA and may also face state disciplinary actionCorrect
CIs permitted as long as the fee is under $50
DIs permitted in commercial transactions only
Why Violates RESPA and may also face state disciplinary action Is Correct
Answer B: Violates RESPA and may also face state disciplinary action
Kickbacks between real estate licensees and lenders for referrals violate the federal Real Estate Settlement Procedures Act (RESPA) and may also constitute grounds for state disciplinary action by the Alaska Real Estate Commission. No exemption exists for small amounts or written disclosure.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Math Concepts
State-Specific Concepts
License Law
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