PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
RESPA is the federal law governing specified settlement practices for covered federally related mortgage loans.
Financing
Federal mortgage law
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Real Estate Settlement Procedures Act (RESPA) mean?
RESPA is the federal law governing specified settlement practices for covered federally related mortgage loans. Among other protections, it prohibits kickbacks and unearned referral fees for settlement-service business and requires disclosures implemented by Regulation X.
How do you separate the nearest exam answer?
RESPA focuses on settlement practices and referral compensation. TILA focuses on the cost and terms of consumer credit, implemented by Regulation Z.
What changes or stays the same in Georgia?
RESPA applies to covered Georgia transactions as federal law. A state licensee's separate Georgia compensation and disclosure duties still apply alongside it.
A title provider pays an agent solely for sending closing clients, with no actual compensable service performed. The arrangement raises RESPA Section 8 concerns.
A referral payment is not lawful simply because it is disclosed to the consumer.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
A title company offers a Georgia licensee $150 for every buyer the licensee sends to it for closing. The buyers are financing with federally related mortgage loans. The licensee would perform no services for the money and would disclose the payment to each buyer in writing. How does RESPA treat this?
- A
Allowed, because the fee is disclosed in writing
- B
Allowed, if the fee stays under a set amount
- C
Prohibited as an unearned referral fee
- D
A Truth in Lending disclosure issue only
RESPA Section 8 prohibits giving or accepting anything of value just for referring settlement-service business on a federally related mortgage loan. Disclosure does not cure the problem when no actual service is performed for the payment. TILA deals with the cost of credit, not referral fees.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Financing complete lesson
https://www.passgeorgiarealestate.com/study-guide/financing/federal-lending-laws
Official exam administration and content-outline source.
https://test-takers.psiexams.com/api/content/bulletin/4672Official implementing regulation for RESPA and covered settlement practices.
https://www.consumerfinance.gov/rules-policy/regulations/1024/