Escrow & TitleIntermediateDelaware Exam
What is a 'RESPA' disclosure, and when is it required in Delaware?
AA property condition disclosure required for all listings
BA federal closing cost disclosure required for most residential mortgage loansCorrect
CA state transfer tax disclosure required at settlement
DA disclosure about neighborhood conditions required before contract signing
Why A federal closing cost disclosure required for most residential mortgage loans Is Correct
Answer B: A federal closing cost disclosure required for most residential mortgage loans
RESPA (Real Estate Settlement Procedures Act) requires lenders to provide borrowers with a Loan Estimate and Closing Disclosure for most residential mortgage loans, detailing all settlement costs.
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
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