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NMLS Exam Study Guide: RESPA Test with Verified Solutions $12.99   Add to cart

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NMLS Exam Study Guide: RESPA Test with Verified Solutions

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NMLS Exam Study Guide: RESPA Test with Verified Solutions

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  • September 12, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
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NMLS Exam Study Guide: RESPA Test with Verified
Solutions

37 days, and 30 days CORRECT ANS-According to RESPA Section 6, if the servicer receives

the loss mitigation application __________ days before a foreclosure sale, the borrower's

situation must be evaluated for all applicable options (modification, short sale, etc, within

__________ days.




90 Days




(A foreclosure sale is delayed until a loan modification is denied, appealed, or canceled due to

nonperformance) CORRECT ANS-The borrower may appeal a decision if the complete

application package was submitted at least __________ days before a scheduled foreclosure

sale




Section 8 CORRECT ANS-Which section of RESPA prohibits kickbacks, fee splitting, and

unearned fees?




Kickbacks CORRECT ANS-Illegal referring fees are known as:

, NMLS Exam Study Guide: RESPA Test with Verified
Solutions
Thing of Value CORRECT ANS-RESPA Section 8 prohibits giving or accepting a __________

in exchange for the referral of settlement services.




True CORRECT ANS-True or False: RESPA does NOT prohibit payment of fair market value

for goods or services that were actually received or performed.




Section 9 CORRECT ANS-Which section of RESPA prohibits the seller from requiring the

buyer to use a particular title company AS A CONDITION OF THE SALE?




3x the amount paid for the service




(Also known as "Treble Damages") CORRECT ANS-If RESPA Section 9 is violated, the seller

could be sued for __________ the amount paid for the service.




Section 10 CORRECT ANS-Which section of RESPA requires lenders to conduct an annual

escrow analysis if the account has impounds(escrow account/reserve account)?

, NMLS Exam Study Guide: RESPA Test with Verified
Solutions
Real Estate Settlement Procedures Act (RESPA) CORRECT ANS-This act provides consumer

protection for loans on residential properties of 1-4 units.




Nothing of Value CORRECT ANS-__________ can be given in exchange for the referral of

business with the exception of real estate brokerage firms that are allowed to exchange

referrals between themselves.




Thing of Value CORRECT ANS-A __________ may include gift cards, sports tickets,

advertising space, marketing material bearing a real etate agent's information to give to

his/her client, etc.




True (Promotional items with the company logo are permitted to be given) CORRECT ANS-

True or False: Promotional items with the company logo are permitted to be given.




Regulation X CORRECT ANS-What regulation is RESPA?




RESPA (Regulation X) CORRECT ANS-Primarily involved with the disclosure of closing costs

and the prevention of kickbacks, which may raise the closing costs to the consumer:

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