©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
NMLS Exam Study Guide: RESPA Exam
Study Guide Solutions
This act provides consumer protection for loans on residential properties of 1-4 units. - ANSWER✔✔-
Real Estate Settlement Procedures Act (RESPA)
__________ can be given in exchange for the referral of business with the exception of real estate
brokerage firms that are allowed to exchange referrals between themselves. - ANSWER✔✔-Nothing of
Value
A __________ may include gift cards, sports tickets, advertising space, marketing material bearing a real
etate agent's information to give to his/her client, etc. - ANSWER✔✔-Thing of Value
True or False: Promotional items with the company logo are permitted to be given. - ANSWER✔✔-True
(Promotional items with the company logo are permitted to be given)
What regulation is RESPA? - ANSWER✔✔-Regulation X
Primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise
the closing costs to the consumer: - ANSWER✔✔-RESPA (Regulation X)
Page 1/13
, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
Enforces the RESPA regulations. HUD was the previous enforcer. - ANSWER✔✔-Consumer Financial
Protection Bureau
True or False: RESPA applies to loans secured by commercial properties. - ANSWER✔✔-False (RESPA does
NOT apply to loans secured by commercial properties)
RESPA does not apply to __________ (unless a dwelling is intended to be constructed on the land within
two years): - ANSWER✔✔-Vacant Land
RESPA does not apply to properties containing __________ or more acres: - ANSWER✔✔-25 or more
acres
True or False: RESPA does not apply to temporary financing, such as bridge loans and construction loans.
- ANSWER✔✔-True
Which section of RESPA deals with the mortgage servicer and the mortgage servicing abuses? -
ANSWER✔✔-Section 6
According to RESPA Section 6, if the servicer receives the loss mitigation application __________ days
before a foreclosure sale, the borrower's situation must be evaluated for all applicable options
(modification, short sale, etc, within __________ days. - ANSWER✔✔-37 days, and 30 days
The borrower may appeal a decision if the complete application package was submitted at least
__________ days before a scheduled foreclosure sale - ANSWER✔✔-90 Days
Page 2/13
FIRST PUBLISH OCTOBER 2024
NMLS Exam Study Guide: RESPA Exam
Study Guide Solutions
This act provides consumer protection for loans on residential properties of 1-4 units. - ANSWER✔✔-
Real Estate Settlement Procedures Act (RESPA)
__________ can be given in exchange for the referral of business with the exception of real estate
brokerage firms that are allowed to exchange referrals between themselves. - ANSWER✔✔-Nothing of
Value
A __________ may include gift cards, sports tickets, advertising space, marketing material bearing a real
etate agent's information to give to his/her client, etc. - ANSWER✔✔-Thing of Value
True or False: Promotional items with the company logo are permitted to be given. - ANSWER✔✔-True
(Promotional items with the company logo are permitted to be given)
What regulation is RESPA? - ANSWER✔✔-Regulation X
Primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise
the closing costs to the consumer: - ANSWER✔✔-RESPA (Regulation X)
Page 1/13
, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
Enforces the RESPA regulations. HUD was the previous enforcer. - ANSWER✔✔-Consumer Financial
Protection Bureau
True or False: RESPA applies to loans secured by commercial properties. - ANSWER✔✔-False (RESPA does
NOT apply to loans secured by commercial properties)
RESPA does not apply to __________ (unless a dwelling is intended to be constructed on the land within
two years): - ANSWER✔✔-Vacant Land
RESPA does not apply to properties containing __________ or more acres: - ANSWER✔✔-25 or more
acres
True or False: RESPA does not apply to temporary financing, such as bridge loans and construction loans.
- ANSWER✔✔-True
Which section of RESPA deals with the mortgage servicer and the mortgage servicing abuses? -
ANSWER✔✔-Section 6
According to RESPA Section 6, if the servicer receives the loss mitigation application __________ days
before a foreclosure sale, the borrower's situation must be evaluated for all applicable options
(modification, short sale, etc, within __________ days. - ANSWER✔✔-37 days, and 30 days
The borrower may appeal a decision if the complete application package was submitted at least
__________ days before a scheduled foreclosure sale - ANSWER✔✔-90 Days
Page 2/13
