Finance
Which federal law prohibits lenders from charging excessive fees for settlement services and requires disclosure of kickbacks?
ATILA (Truth in Lending Act)
BRESPA (Real Estate Settlement Procedures Act)✓ Correct
CECOA (Equal Credit Opportunity Act)
DHMDA (Home Mortgage Disclosure Act)
Explanation
RESPA prohibits kickbacks and referral fees between settlement service providers and requires disclosure of affiliated business arrangements. It protects consumers from unnecessarily high settlement costs.
Related South Carolina Finance Questions
- In South Carolina, RESPA (Real Estate Settlement Procedures Act) prohibits:
- In South Carolina, what is 'credit scoring' and how does it affect mortgage lending?
- In South Carolina, 'seasoning requirements' for a mortgage typically refer to:
- A South Carolina home's appraised value is $320,000. The buyer is getting an 80% LTV loan. What is the maximum loan amount?
- In South Carolina, what is 'due diligence' in a commercial real estate transaction?
- What does PMI (Private Mortgage Insurance) protect in a South Carolina home loan?
- What is 'curtailment' of a mortgage in South Carolina?
- A South Carolina buyer uses a 'piggyback loan' (80-10-10 structure). This means they:
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →