Finance
The primary purpose of RESPA (Real Estate Settlement Procedures Act) in Arizona is to:
ASet maximum interest rates for mortgages
BRequire disclosures about settlement costs and prohibit kickbacks in federally related mortgage transactions✓ Correct
CRegulate real estate agent licensing
DSet standards for property appraisals
Explanation
RESPA protects consumers by requiring disclosure of settlement costs, prohibiting kickbacks and unearned fees in settlement service arrangements, and regulating escrow accounts for federally related mortgage transactions.
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