RESPA applies to Louisiana real estate transactions involving:
Correct Answer
B) Federally related mortgage loans, prohibiting kickbacks and requiring disclosure of settlement costs
RESPA (Real Estate Settlement Procedures Act) applies to residential transactions involving federally related mortgage loans. It prohibits kickbacks/referral fees for settlement services and requires lenders to provide settlement cost disclosures.
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The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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