RESPA Has Three Specific Objectives

question 15

Multiple Choice

RESPA has three specific objectives. Which of the following is NOT one of those objectives?

• A) More effective advance disclosure of settlement costs
• B) More informative of the cost of credit
• C) Elimination of kickbacks and unearned fees
• D) A reduction in the amount of escrow placed in accounts for homeowners

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Definitions:

Moratorium

A temporary prohibition or suspension of an activity or law, often used during emergencies or when deemed necessary for public welfare.

Administrative Law

The collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes.

Decision-making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Applications

Formal requests or submissions for a specific purpose, such as employment, membership, or use of a service.