Escrow & Title
RESPA (Real Estate Settlement Procedures Act) prohibits:
ACharging buyers for title insurance
BPaying or receiving kickbacks or referral fees for settlement services✓ Correct
CRequiring an escrow account for property taxes
DSellers from paying buyer's closing costs
Explanation
RESPA prohibits kickbacks, fee-splitting, and referral fees among settlement service providers (lenders, title companies, attorneys, etc.) unless they are for actual services rendered. Section 8 of RESPA is the anti-kickback provision.
Related Oklahoma Escrow & Title Questions
- A standard coverage title insurance policy vs. an ALTA (American Land Title Association) extended policy in Oklahoma — which provides broader coverage?
- Oklahoma's 'race-notice' recording system means that to be fully protected as a bona fide purchaser, one must:
- Which type of title insurance policy protects the lender's interest in a property?
- The Oklahoma Abstractors Act requires:
- In Oklahoma, a survey of a property is important because it:
- A deed in lieu of foreclosure in Oklahoma is an alternative to foreclosure where:
- In Oklahoma, the HUD-1 Settlement Statement has been replaced for most residential transactions by:
- Oklahoma's 'race' recording statute has been clarified to be a 'race-notice' statute. This means the first person to record prevails ONLY IF they:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →