3/8/13 11:45 PM
CHAPTER FOUR - FINANCING & CREDIT DISCLOSURES Chapter 4 Quiz
NAME: Lisa Torres PIN: CRE120421
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Chapter 4 of 4
83/100 1: The Real Estate Settlement Procedures Act (RESPA) is applicable to the sale of: (a) Commercial property financed by a conventional lender. (b) Industrial property financed by a federally related mortgage loan. (c) Residential real estate financed by a federally related mortgage loan. (d) Agricultural land guaranteed by the Farmers Home Administration. Your answer is correct.
Section 15 of 15
2: RESPA does NOT apply to:
(a) A loan to finance the purchase or transfer of property of 25 or more acres. (b) A loan to finance the purchase of a vacant lot where none of that loan will be used for construction of a home on the lot. (c) A loan to refinance where the proceeds are not used to finance the purchase or transfer of legal title to the property. (d) All of these. Your answer is correct.
3: To accomplish the purpose of providing greater and more timely information on settlement costs, RESPA requires the lender to give the borrower a(n): (a) Special Information Booklet and Good Faith Estimate. (b) Finance Charge Disclosure Statement. (c) Annual Percentage Rate (APR) Disclosure. (d) All of these are required under RESPA. Your answer is not correct.
4: In addition to requiring disclosure of settlement costs, RESPA also prohibits: (a) Payment of fees to a title company for services actually performed. (b) Accepting a kickback for referral of a customer or business. (c) Offering free receptions and seminars. (d) Offering free computerized reports of record...