Finance
What is the purpose of RESPA (Real Estate Settlement Procedures Act) in a North Carolina transaction?
ATo set maximum interest rates
BTo require disclosure of settlement costs and prohibit kickbacks✓ Correct
CTo regulate appraisal fees
DTo mandate flood insurance
Explanation
RESPA requires lenders to provide a Loan Estimate and Closing Disclosure and prohibits kickbacks and unearned fees in the settlement process.
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