The main differences between the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) is:

		RESPA deals with the cost of the mortgage and settlement cost disclosures to be made to buyers prior to closing, and TILA deals with selecting a mortgages and obtaining a disclosure of the loan terms.
		RESPA deals with selecting a mortgages and obtaining a disclosure of the loan terms, and TILA deals with the cost of the mortgage and settlement cost disclosures to be made to buyers prior to closing.
		RESPA is a federal statute while TILA is a state statute.
		RESPA contains Regulation Z, while TILA does not.

Violations of RESPA can result in:

		Civil penalties
		Criminal penalties
		Civil and criminal penalties
		Equitable remedies
		Equitable remedies or civil penalties

A borrower must be provided a ____ when ____.

		GFE; closing occurs
		HUD-1 Settlement Statement; closing occurs
		GFE; when closing occurs or before
		HUD-1 Settlement statement; when closing occurs or before

A lender must provide a loan applicant ____ within ____ after receiving the loan application.

		A Special Information Booklet explaining RESPA; three business days
		A GFE; 3 days
		A Special Information Booklet explaining RESPA and a GFE; three business days
		A Special information Booklet explaining RESPA; five business days

What does a Good Faith Estimate summarize?

		Anticipated closing costs
		Anticipated selling price
		Anticipated closing costs and selling price
		Actual closing costs and purchase price
		Anticipated closing costs and actual purchase price

Following a loan application, a mortgage broker must:

		Provide borrowers with a Special Information Booklet explaining RESPA within 3 days
		Orally explain RESPA at the time of the initial application
		Provide borrowers with a Special Information Booklet explaining RESPA if they decide to continue with the loan
		Orally explain RESPA if the borrowers decide to continue with the loan
		None of the above

The Good Faith Estimate (GFE):

		Provides a summary of the anticipated settlement costs the buyer is likely to pay at closing.
		Explains RESPA and contains consumer information relating to real estate settlement services.
		Is an appropriate substitute for a HUD-1 Settlement Statement.
		Must accurately depict anticipated settlement costs the buyer is likely to pay at closing under a 10% tolerance.

Under RESPA, mortgage loan originators are required to disclose:

		If they hold less than 1 percent interest in a settlement provider the loan originator directly or indirectly refers business to.
		If they hold more than 1 percent interest in a settlement provider the loan originator directly or indirectly refers business to.
		A Special Information Booklet explaining their services.
		Mortgage loan originators are protected under RESPA and are not required to make any disclosures regarding their business.

If not agreed upon in advance, the closing expenses for a real estate transaction are allocated:

		To the seller
		To the buyer
		Half to the seller and half to the buyer
		To the escrow agency
		According to the local real estate industry practices