Finance
RESPA (Real Estate Settlement Procedures Act) applies to South Dakota transactions involving:
AAll cash sales of real property
BFederally related mortgage loans for 1–4 family residential properties✓ Correct
CCommercial real estate transactions over $1 million
DOnly transactions involving FHA-insured loans
Explanation
RESPA applies to federally related mortgage loans for 1–4 family residential properties. It requires disclosures about settlement costs and prohibits kickbacks and referral fees.
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