The underlying purpose of RESPA requirements is to:
A) require disclosures that give a buyer/borrower sufficient information to make informed decisions
B) increase federal control over real estate deals
C) introduce complex questions that necessitate employing legal counsel
D) limit costs of closing a real estate transaction

Question

Quizplus · Accepted Answer

RESPA (Real Estate Settlement Procedures Act) requirements aim to provide disclosures that give buyers/borrowers sufficient information to make informed decisions. This includes disclosing settlement costs, services that can be shopped for, and affiliated business relationships. The purpose is to protect consumers from hidden fees and ensure they have a full understanding of the transaction they are entering into.

The Underlying Purpose of RESPA Requirements Is To