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RESPA (Real Estate Settlement Procedures Act) applies to which type of loans?

Correct Answer

B) Federally related mortgage loans for 1-4 family residential properties

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.

Answer Options
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
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Related Topics & Key Terms

Related Topics:

disclosure-requirementsconsumer-protection-lawsresidential-mortgage-regulations

Key Terms:

RESPAfederally related mortgage1-4 family residentialsettlement procedureskickbacks
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