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Question 1 of 5
1. Question
During a purchase transaction, a real estate brokerage refers a borrower to a title company for settlement services. The borrower later learns the broker owns 2% of the title company. The file does not contain any disclosure about this relationship. Based on RESPA requirements, what must have occurred?
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Question 2 of 5
2. Question
A loan officer refers a borrower to a settlement services provider owned by the lender’s parent company. The disclosure omits estimated charges. What must the AfBA disclosure include?
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Question 3 of 5
3. Question
A borrower is told they must use an affiliated settlement provider, even though the provider is not an attorney, appraiser, or credit reporting agency. How does RESPA treat this situation?
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Question 4 of 5
4. Question
A lender refers a borrower to an appraiser used to protect the lender’s interest. The borrower asks if another appraiser may be used. How does RESPA apply?
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Question 5 of 5
5. Question
A settlement service provider is partially owned by a referring party with exactly 1% ownership. How does RESPA classify this relationship?
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