88 Which of the following situations isacceptable according to the Real EstateSettlement Procedures Act (RESPA)?A) A mortaage broker refers a settlement to aborrower and discloses that the agent willreceive a portion of the settiefee.B) A mortgage broker refers a borrower to asettlement attorney in exchange for free legalservices in the futureC) A mortgage lender refers a title company to aborrower and provides a disclosure detailing thenature of the business relationshio and theestimated charges.the title company.D) A mortgage lender refers a real estate brokerto a borrower after giving the borrower aprequalification, and the lender receives aportion of the real estate broker's commission.

RESPA prohibits kickbacks, which are payments made in exchange for referring business. This means…

Answered: 88 Which of the following situations is…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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51 Which of the following actions should a mortgage loan originator (MLO) take if she determines a borrowers failed to disclose a loan on a rental home is refinancing A) Decline the loan B) Report the existing mortgage to the local registry C) Report the loan to the underwriter and management D) Ignore it because the loan will show on the title report
Calculator A producer has taken an application for an individual Disability Income policy, collected a premium, and given the applicant a conditional receipt, which of CORRECT about this situation? OA COB. O C O D. Since the producer collected a premium when taking the application, the insured is guaranteed coverage as of the date of the application As soon as the insurance company receives the application and premium, it will sue a policy to the applicant with the date of receipt becoming the effective dotos of the policy. The insurance company will issue a policy to the applicant only if the company has sed the applicant a life polley on a standard beds within the previous 6 months The Insurance company will complete standard anderweiting procedures before making a decen about whether to insure the applicant
after a salesperson inspected a property and completed a brokerage engagement, the seller examined and signed that contract. And Georgia, if the salesperson sponsoring broker had mentioned in the salesperson written affiliation agreement that the salesperson could sign a listing agreement as the agent, because this person legally have done so? Yes, because the seller had already examined and signed the contract Yes, because the salesperson was the agent of the broker No, unless the salesperson had completed all the education courses required of a broker No, because a sponsoring broker was the sellers agent
114 The Real Estate Settlement Procedures Act (RESPA) requires lenders, mortgage brokers or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding: A) the nature and costs associated with the settlement process. B) the right to receive a copy of their appraisal before the settlement process. C) their right to cancel the private mortgage Insurance (PMt) on their loan at time of settiement. D) whom to contact if they belleve they have been discriminated against during the settlement process
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