Finance
What is the purpose of RESPA (Real Estate Settlement Procedures Act) in Nevada real estate transactions?
ATo regulate Nevada state property tax assessments
BTo require disclosure of settlement costs and prohibit kickbacks in federally related mortgage transactions✓ Correct
CTo set maximum commission rates for Nevada agents
DTo govern the transfer of title between parties
Explanation
RESPA requires lenders to provide disclosures about settlement costs, prohibits kickbacks and referral fees between settlement service providers, and mandates proper handling of escrow accounts in federally related mortgage transactions.
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