5%

Civil liability for violating the prohibition against kickbacks and unearned fees is equal to how many times the amount of any charge paid for such settlement service.

A.
B.
C.
D.

GNMA stands for

A.

The loantype is VA if the loan is guaranteed by the U.S. Department of Veterans Affairs

A.
B.
C.
D.

Same as illustration 7, but B pays annual dividends in proportion to the amount of stock held by its owners, including A, and the distribution of annual dividends is not based on the amount of business referred or expected to be referred.

A.
B.
C.
D.

The Real Estate Settlement Procedures Act (RESPA) is applicable to which of the following

A.
B.
C.
D.

TRID stands for

A.
B.
C.
D.

CFPB stands for

A.
B.
C.
D.

A borrower submits all the financial info, income, property details and social security number to obtain the credit report but not in writing. Can this be considered an application?

A.
B.
C.
D.

GNMA was established in the year

A.
B.
C.
D.

A, a provider of settlement services, provides settlement services at abnormally low rates or at no charge at all to B, a builder, in connection with a subdivision being developed by B. B agrees to refer purchasers of the completed homes in the subdivision to A for the purchase of settlement services in connection with the sale of individual lots by B.

A.
B.
C.
D.

A, a real estate broker, obtains all necessary licenses under state law to act as a title insurance agent. A refers individuals who are purchasing homes in transactions in which A participates as a broker to B, an unaffiliated title company, for the purchase of title insurance services. A performs minimal, if any, title services in connection with the issuance of the title insurance policy (such as placing an application with the title company). B pays A a commission (or A retains a portion of the title insurance premium) for the transactions or alternatively B receives a portion of the premium paid directly from the purchaser.

A.
B.
C.
D.

The Closing Disclosure must be provided to consumers how many business days before they close on the loan.

A.
B.
C.
D.

B, a lender, encourages persons who receive federally related mortgage loans from it to employ A, an attorney, to perform title searches and related settlement services in connection with their transaction. B and A have an understanding that in return for the referral of this business A provides legal services to B or B's officers or employees at abnormally low rates or for no charge.

A.
B.
C.
D.

The mortgage servicing disclosure is required to be given in which of the following situations:

A.
B.
C.
D.

A is an attorney who, as a part of his legal representation of clients in residential real estate transactions, orders and reviews title insurance policies for his clients. A enters into a contract with B, a title company, to be an agent of B under a program set up by B. Under the agreement, A agrees to prepare and forward title insurance applications to B, to re-examine the preliminary title commitment for accuracy and if he chooses to attempt to clear exceptions to the title policy before closing. A agrees to assume liability for waiving certain exceptions to title, but never exercises this authority. B performs the necessary title search and examination work, determines insurability of title, prepares documents containing substantive information in title commitments, handles closings for A's clients and issues title policies. A receives a fee from his client for legal services and an additional fee for his title agent “services” from the client's title insurance premium to B.

A.
B.
C.
D.

According to the TILA, the final APR is considered accurate if it does not vary above or below the APR initially disclosed on the TIL by which of the following:

A.
B.
C.
D.

The Real Estate Settlement Procedures Act (RESPA) is also known as

A.
B.
C.
D.

For loans subject to RESPA, fee may be charged for

A.
B.
C.
D.

The lender may require a borrower to pay into the escrow account no more than

A.
B.
C.
D.

If a consumer exercises his rights to rescind the loan, all of the following statements are true except:

A.
B.
C.
D.