RESPA & Regulation X: Definition & Overview


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question 1 of 3

What does the acronym RESPA stand for?

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1. When must the lender provide the borrower with an Initial Escrow Statement?

2. Which of the following actions is illegal under RESPA and Regulation X?

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About This Quiz & Worksheet

RESPA is an important piece of legislation in terms real estate transactions. You can go over some key facts about RESPA and Regulation X by reviewing the questions contained within this assessment. Each question here will test you on a different topic, such as the legal requirements of RESPA and its effects on escrow accounts.

Quiz & Worksheet Goals

Go through these assessment questions to test yourself on:

  • What RESPA stands for
  • Time requirements for Initial Escrow Statements
  • Legal restrictions under RESPA
  • Facts about escrow accounts

Skills Practiced

  • Information recall - see how well you can recall the basic facts on RESPA, especially its meaning and legal requirements
  • Reading comprehension - check to ensure that you comprehend the specific requirements for timelines and settlement dates under RESPA
  • Making connections - draw the connections between the legal requirements of RESPA and escrow accounts and statements

Additional Learning

Get more facts on this subject by going over the associated lesson called RESPA & Regulation X: Definition & Overview. Here you will learn about:

  • Overview of RESPA
  • Requirements on disclosures
  • Good Faith Estimates
  • Regulations on settlements
  • Consumer protections