A Typical RESPA Closing Statement Has Which of the Following

question 13

Multiple Choice

A typical RESPA closing statement has which of the following characteristics?

• A) 2columns - Summary of borrower's and seller's transactions
• B) 2columns - Summary of borrower's and broker's transactions
• C) 3columns - Summary of borrower's,seller's,and broker's transactions.
• D) 3columns - Summary of borrowers,seller's,and lender's transactions.

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Definitions:

Gains

Increases in economic benefits, such as profit, revenue, or utility, often resulting from investments, trade, or improvements in productivity.

Precommitments

Actions taken ahead of time that make it difficult for the future self to avoid doing what the present self desires. See time inconsistency and self-control problems.

Imposed Costs

Costs that are not chosen but are forced on a party, often by external factors or requirements such as government regulations, taxes, or fines.

Weight On Future

The importance or impact that future events or expectations have on current decision-making or attitudes.