Finance
Under RESPA Section 9, a seller in Ohio who requires the buyer to use a specific title company may be:
APermitted because sellers control the transaction
BIn violation of RESPA, which prohibits sellers from requiring buyers to use a specific title company✓ Correct
CPermitted if the title company is affiliated with the listing broker
DPermitted if disclosed in the listing agreement
Explanation
RESPA Section 9 prohibits sellers from requiring buyers to purchase title insurance from a specific company as a condition of sale in a federally related mortgage transaction.
People Also Study
Related Ohio Questions
- In Ohio, which party typically selects the title insurance company in a residential sale?Escrow & Title
- In Ohio, which type of mortgage clause requires the entire loan balance to become due upon sale of the property?Finance
- Which of the following is NOT a federally related mortgage under RESPA?Finance
- Under Ohio law, a title insurance company may refuse to insure title if:Escrow & Title
- In Ohio, 'subrogation' in title insurance means the title company, after paying a claim, has the right to:Escrow & Title
- What is the primary purpose of private mortgage insurance (PMI) in Ohio conventional loans?Finance
- In Ohio, which professional is licensed to perform appraisals for federally related transactions over $400,000?Property Valuation
- A seller in Ohio agrees to carry back a second mortgage to help the buyer purchase the home. This is known as:Finance
Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Study This Topic
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →