P5-10 Quiz

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Question 1 of 9

1. Question
How often must a lender perform an escrow account analysis under Section 10 of RESPA?
- A) Once every two years
- B) Once during the year
- C) Once every quarter
- D) Only at loan origination
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Question 2 of 9

2. Question
What must a lender do if an escrow analysis shows an excess of $50 or more?
- A) Apply it to future escrow payments only
- B) Keep it in the escrow account as an additional cushion
- C) Apply it to principal reduction
- D) Return the excess of $50 or more to the borrower
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Question 3 of 9

3. Question
Under RESPA, when is a lender allowed to pay a fee to a third party in connection with a transaction?
- A) When the third party actually performs a service relating to the transaction
- B) Whenever the lender chooses, regardless of services performed
- C) Only when the borrower requests the payment
- D) Only if the fee is less than $100
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Question 4 of 9

4. Question
Which of the following is generally NOT construed as a kickback under RESPA?
- A) Giving gift certificates for each closed loan
- B) Providing season tickets to a sports team for referrals
- C) Taking a Realtor or builder to a reasonable lunch or dinner to discuss potential business
- D) Giving expensive concert tickets for every referral
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Question 5 of 9

5. Question
Which of the following may be construed as a kickback under RESPA?
- A) Providing a rate sheet to a Realtor
- B) Answering borrower questions at an open house
- C) Mailing general marketing flyers to the public
- D) Giving gift certificates or tickets to events to Realtors, builders, or borrowers for referrals
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Question 6 of 9

6. Question
Which enforcement example did HUD recently take action on related to kickbacks?
- A) A lender who hosted a free educational seminar
- B) A mortgage broker who gave theater and sporting tickets to borrowers for referrals
- C) A builder who allowed buyers to choose any lender
- D) A Realtor who distributed free market reports
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Question 7 of 9

7. Question
Which statement best describes an allowed educational event under RESPA?
- A) Sponsoring an educational lunch for Realtors with company speakers, but without providing continuing education certificates
- B) Paying Realtors cash each time they attend a lunch
- C) Providing CE certificates in exchange for referrals
- D) Holding weekly luxury dinners exclusively for top-referring Realtors
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Question 8 of 9

8. Question
Which open house practice is RESPA-compliant for a loan originator?
- A) Paying for food at an open house with no attribution or materials
- B) Providing cash to the listing agent to cover open house costs
- C) Providing a food tray and posting a sign and brochures showing the mortgage company is sponsoring the event
- D) Giving gift cards to visitors who agree to apply for a loan
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Question 9 of 9

9. Question
Why might simply paying for food or refreshments at an open house be construed as a kickback under RESPA?
- A) Because food and refreshments are never allowed at open houses
- B) Because open houses are not covered by RESPA
- C) Because RESPA requires cash payments instead of food
- D) Because paying for food without clear sponsorship signage and brochures can be seen as an improper inducement
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