NMLS Exam Study Guide questions and
answers 2024\2025
Real Estate Settlement Procedures Act (RESPA)
- correct answer This act provides consumer protection for loans on residential properties of 1-4 units.
Nothing of Value
- correct answer __________ 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
- correct answer 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)
- correct answer True or False: Promotional items with the company logo are permitted to be given.
Regulation X
- correct answer What regulation is RESPA?
RESPA (Regulation X)
- correct answer 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
- correct answer Enforces the RESPA regulations. HUD was the previous enforcer.
False (RESPA does NOT apply to loans secured by commercial properties)
- correct answer True or False: RESPA applies to loans secured by commercial properties.
, Vacant Land
- correct answer RESPA does not apply to __________ (unless a dwelling is intended to be constructed
on the land within two years):
25 or more acres
- correct answer RESPA does not apply to properties containing __________ or more acres:
True
- correct answer True or False: RESPA does not apply to temporary financing, such as bridge loans and
construction loans.
Section 6
- correct answer Which section of RESPA deals with the mortgage servicer and the mortgage servicing
abuses?
37 days, and 30 days
- correct answer 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)
- correct answer The borrower may appeal a decision if the complete application package was submitted
at least __________ days before a scheduled foreclosure sale
Section 8
- correct answer Which section of RESPA prohibits kickbacks, fee splitting, and unearned fees?
Kickbacks
- correct answer Illegal referring fees are known as:
answers 2024\2025
Real Estate Settlement Procedures Act (RESPA)
- correct answer This act provides consumer protection for loans on residential properties of 1-4 units.
Nothing of Value
- correct answer __________ 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
- correct answer 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)
- correct answer True or False: Promotional items with the company logo are permitted to be given.
Regulation X
- correct answer What regulation is RESPA?
RESPA (Regulation X)
- correct answer 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
- correct answer Enforces the RESPA regulations. HUD was the previous enforcer.
False (RESPA does NOT apply to loans secured by commercial properties)
- correct answer True or False: RESPA applies to loans secured by commercial properties.
, Vacant Land
- correct answer RESPA does not apply to __________ (unless a dwelling is intended to be constructed
on the land within two years):
25 or more acres
- correct answer RESPA does not apply to properties containing __________ or more acres:
True
- correct answer True or False: RESPA does not apply to temporary financing, such as bridge loans and
construction loans.
Section 6
- correct answer Which section of RESPA deals with the mortgage servicer and the mortgage servicing
abuses?
37 days, and 30 days
- correct answer 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)
- correct answer The borrower may appeal a decision if the complete application package was submitted
at least __________ days before a scheduled foreclosure sale
Section 8
- correct answer Which section of RESPA prohibits kickbacks, fee splitting, and unearned fees?
Kickbacks
- correct answer Illegal referring fees are known as:
