Finance (alternative)
The primary purpose of the Real Estate Settlement Procedures Act (RESPA) is to:
ASet maximum mortgage interest rates
BEnsure consumers receive disclosures and eliminate kickbacks in settlement services✓ Correct
CRequire appraisals for all home purchases
DRegulate real estate commissions nationally
Explanation
RESPA protects consumers by requiring disclosure of settlement costs, prohibiting kickbacks and unearned fees among settlement service providers, and limiting escrow account amounts.
Related Maryland Finance (alternative) Questions
- A Maryland homebuyer's annual property taxes are $3,600. Their lender requires them to be escrowed. Monthly escrow for taxes is:
- Maryland's foreclosure process requires judicial proceedings, which means:
- A Maryland veteran using a VA loan benefits from which unique feature?
- A Maryland borrower who selects a 'no-cost mortgage' should understand that:
- A Maryland 'wraparound mortgage' is a form of seller financing where:
- In Maryland, a 'wraparound mortgage' involves:
- A Maryland borrower using an FHA loan is required to pay Mortgage Insurance Premium (MIP). The MIP differs from PMI because it:
- The 'yield spread premium' (YSP) paid by lenders to mortgage brokers was regulated by RESPA because it:
Practice More Maryland Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maryland Quiz →