The Real Estate Settlement Procedures Act (RESPA) allows lenders to accept kickb
ID: 395200 • Letter: T
Question
The Real Estate Settlement Procedures Act (RESPA)
allows lenders to accept kickbacks that are from blood relatives.
encourages lenders to take kickbacks to increase yield.
prohibits lenders from taking kickbacks or unearned fees.
allows lenders to accept kickbacks that are less than $100.
What clause is sometimes inserted in a mortgage note in which the lender waives the right to a deficiency judgment?
An exculpatory clause
A reversal clause
An impound clause
A disintermediation clause
There are ____ sections in a township and each section is ______.
12, ten square miles
24, six square miles
36, one square mile
48, one square kilometer
Explanation / Answer
Answer- prohibits lenders from taking kickbacks or unearned fees.
Explanation- Section 8 of the RESPA act clearly states that the act prohibits taking kickbacks or unearned fees given or accepted or settlement service for lenders of federally related mortgage loan.
Answer- EXCULPATORY CLAUSE
Explanation- Exculpatory is a provision in contracts which usually relieves one party of any liability of damages that are caused at the time of executing the contractual terms.
Answer- 36, one square mile
Explanation- In a township, the sections are numbered from 1-36. Each section is measurement area of one square mile which is 2.6 square kilometers.
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