Hawaii License Law
In Hawaii, what is the 'Real Estate Settlement Procedures Act' (RESPA) primarily concerned with?
AA. Licensing requirements for real estate settlement agents
BB. Prohibiting kickbacks and requiring disclosure of closing costs for most residential mortgages✓ Correct
CC. Setting maximum closing cost amounts for buyers
DD. Regulating the escrow company's conduct in Hawaii
Explanation
RESPA prohibits kickbacks for settlement service referrals, requires disclosure of closing costs (GFE/Loan Estimate), and prohibits sellers from requiring use of a specific title company.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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.
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
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