Respa applies to - Study guides, Class notes & Summaries

Superior NC Real Estate Important Final Exam questions (Answered 100% Correctly) 2024 RESPA -Real Estate Settlement Procedures Act: applies ONLY to 1-4 family residential transactions, transactions involving a "federally related" mortgage (conventional, FHA, VA) Which party's signature is required on a deed of trust? A. the trustee B. the beneficiary C. the trustor(s) D. the grantee(s) C. the trustor(s) The trustor is the borrower in a lending situation using a trust deed. The b...

Practice SAFE Exam Questions Which federal law requires that the Good Faith Estimate be provided to the borrower within three business days of the time, a loan application is taken? A. ECOA B. HMDA C. RESPA D. TILA - C What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? A. extreme lending B. loan flipping C. property skimming D. reverse equity - B After a loan closing, funds are disbursed. When ar...

RESPA Exam Review Questions and answers, rated A+ What is RESPA? - -Law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships RESPA is overseen (regulated) by - -CFPB What is the purpose of RESPA? - -1. Ensures that consumers receive information on pre-arranged business agreements, costs of closing a mortgage loan and be protected from excessive settlement costs ...

NMLS Test Questions and Answers All Correct The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer-a mobile home to be used as a residence, even if it i...

f a borrower is required to pay alimony or child support, it must be included as a(n): - Asset - Liability - Qualifier - Mitigating circumstance - Answer-Liability. Alimony and child support must be included in a borrower's liabilities if they are required to pay. A lender who refuses to originate loans in a particular neighborhood or ZIP code because of the perceived creditworthiness of consumers living in the area is in violation of: - FCRA - ECOA - HOEPA - RESPA - Answer-ECOA. Re...

National Real Estate Exam Prep With Correct Answers Unilateral Contract - answerContract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract - answerContract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal - answerA person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer - answerAny 3rd party w/ whom a licensee works In-Company Tra...

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

MLO Josh must provide a(n) _____ when quoting an interest rate and terms to a consumer who has inquired about mortgage loan interest rates correct answers Corresponding APR When an MLO receives an inquiry related to mortgage loan interest rates, a corresponding annual percentage rate (APR) must be provided to the inquiring consumer at the same time a rate quote is delivered. What document can be used as a tool for explaining the APR to an applicant? correct answers Loan estimate When a con...

National Real Estate Exam Prep With Correct Answers Unilateral Contract - answerContract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract - answerContract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal - answerA person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer - answerAny 3rd party w/ whom a licensee works In-Company Tra...

NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - answerTILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - answerLoan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...