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FRECI_7-6 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 7 – Lecture 6 Federal and State Laws Pertaining to Real Estate Copyright, 2004 2 Lecture Preview What will you learn from this lecture? Continue discussing RESPA Certain disclosure requirements Permitted and illegal kickbacks Transactions that are exempt from RESPA Copyright, 2004 3 Vocabulary Terms None this lecture! Copyright, 2004 4 RESPA Requirements 4. Other disclosures and requirements RESPA requires specific disclosures and requirements for the following: n Affiliated business arrangements o Purchase of title insurance p Kickbacks and referral fees Copyright, 2004 5 RESPA Requirements Provide an estimate of the related charges, and Disclose any business relationship the lender may have with the closing agent n Affiliated Business Arrangements If lenders require the use of a specific title company, attorney, or other person to close the loan, the lender must: RESPA Requirements
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