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Financing Practice Question

RESPA (Real Estate Settlement Procedures Act) applies to which type of loans?
A
All real estate loans
B
Federally related mortgage loans for 1-4 family residential properties
C
Commercial real estate loans only
D
Cash transactions over $100,000
Explanation

RESPA applies to federally related mortgage loans on 1-4 family residential properties, including purchase loans, refinances, and home equity loans. It does not apply to commercial properties, loans for more than 25 acres, or business purpose loans.

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