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NMLS Exam Study Guide: RESPA
Questions and Answers 100% Pass
Real Estate Settlement Procedures Act (RESPA) - ANS This act provides consumer protection
for loans on residential properties of 1-4 units.
Nothing of Value - ANS __________ 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.
Thing of Value - ANS 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.
True (Promotional items with the company logo are permitted to be given) - ANS True or
False: Promotional items with the company logo are permitted to be given.
Regulation X - ANS What regulation is RESPA?
RESPA (Regulation X) - ANS Primarily involved with the disclosure of closing costs and the
prevention of kickbacks, which may raise the closing costs to the consumer:
Consumer Financial Protection Bureau - ANS Enforces the RESPA regulations. HUD was the
previous enforcer.
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False (RESPA does NOT apply to loans secured by commercial properties) - ANS True or False:
RESPA applies to loans secured by commercial properties.
Vacant Land - ANS RESPA does not apply to __________ (unless a dwelling is intended to be
constructed on the land within two years):
25 or more acres - ANS RESPA does not apply to properties containing __________ or more
acres:
True - ANS True or False: RESPA does not apply to temporary financing, such as bridge loans
and construction loans.
Section 6 - ANS Which section of RESPA deals with the mortgage servicer and the mortgage
servicing abuses?
37 days, and 30 days - ANS 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.
90 Days
(A foreclosure sale is delayed until a loan modification is denied, appealed, or canceled due to
nonperformance) - ANS The borrower may appeal a decision if the complete application
package was submitted at least __________ days before a scheduled foreclosure sale
Section 8 - ANS Which section of RESPA prohibits kickbacks, fee splitting, and unearned fees?
Kickbacks - ANS Illegal referring fees are known as:
NMLS Exam Study Guide: RESPA
Questions and Answers 100% Pass
Real Estate Settlement Procedures Act (RESPA) - ANS This act provides consumer protection
for loans on residential properties of 1-4 units.
Nothing of Value - ANS __________ 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.
Thing of Value - ANS 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.
True (Promotional items with the company logo are permitted to be given) - ANS True or
False: Promotional items with the company logo are permitted to be given.
Regulation X - ANS What regulation is RESPA?
RESPA (Regulation X) - ANS Primarily involved with the disclosure of closing costs and the
prevention of kickbacks, which may raise the closing costs to the consumer:
Consumer Financial Protection Bureau - ANS Enforces the RESPA regulations. HUD was the
previous enforcer.
, ©THESTAR 2025 ALL RIGHTS RESERVED
False (RESPA does NOT apply to loans secured by commercial properties) - ANS True or False:
RESPA applies to loans secured by commercial properties.
Vacant Land - ANS RESPA does not apply to __________ (unless a dwelling is intended to be
constructed on the land within two years):
25 or more acres - ANS RESPA does not apply to properties containing __________ or more
acres:
True - ANS True or False: RESPA does not apply to temporary financing, such as bridge loans
and construction loans.
Section 6 - ANS Which section of RESPA deals with the mortgage servicer and the mortgage
servicing abuses?
37 days, and 30 days - ANS 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.
90 Days
(A foreclosure sale is delayed until a loan modification is denied, appealed, or canceled due to
nonperformance) - ANS The borrower may appeal a decision if the complete application
package was submitted at least __________ days before a scheduled foreclosure sale
Section 8 - ANS Which section of RESPA prohibits kickbacks, fee splitting, and unearned fees?
Kickbacks - ANS Illegal referring fees are known as:
