Real Estate Settlement Procedures Act of 1974 (RESPA) | Real Estate Exam Prep Videos
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- Опубліковано 7 сер 2020
- CORRECTION: In the video I stated 1975, it should have been 1974.
In this real estate exam prep video we discuss the Real Estate Settlement Procedures Act (RESPA). This is a law that regulates lenders and real estate professionals. Key terms discussed are:
Real Estate Settlement Procedures Act (RESPA) -
Loan Estimate (LE) Disclosure -
Closing Disclosure (CD) -
Affiliated Business Arrangements -
Real Estate Service Providers -
Kickbacks -
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.
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I can not thank you enough...I failed like 2 times prior to listiening to yoiu, Lord bless yoiu and keep you. I just passed my exam and thanks to you for the way you teach....All glory to God. Love the you tubes videos because you just go diredtly to the facts. and are limiited in time. Thank you so much for all you do....listernsers follow him he knows what he is talking about . Your videos helped me to pass my exam and understand everything....
Hi Linda... CONGRATULATIONS that is so awesome!!! The exam is no joke... Only those that put in the time and hard work to study pass. I am so happy for you and I am glad we were part of your study routine. I wish you all the best in your new venture. It can be difficult to get momentum going at first but don't give up and don't get discourgaed. Once things start going...skies the limit!!! :o) If you wouldn't mind... I would appreciate a good review on Facebook... Here is the link! facebook.com/TheRealEstateClassroom/reviews/?ref=page_internal
Stay focused... great things are about to happen!
I passed both portions of my exam the first time about an hour ago and I have to thank you and this channel for all of your help along with the prep agent channel. When you say "help you pass your real estate exam the first time" you mean it. I've learned more here than in my class. Thank you for going so far into your explanations and the examples you give are key. Thank you!!!!
Congratulations!!
Tiara... super dooper CONGRATULATIONS! That is awesome! The exam is no joke... you obviously put in the time and hard work to make it happen. Thank you for letting us know and leaving an awesome comment I really appreciate the shout out. I wish you the best of luck in your new venture. I can be rough to start out but stick with it and put in the work and you see success!
This video saved me hours of other video’s explanations👏
This video is really helpful. This is what I have been looking for. A Simple and easy way to capture. Thank you.
You're welcome. Thank you for leaving a comment.
Thank you! Taking the test tomorrow, you have helped me so much!
You're welcome!
Informative video and easy to understand. Thank you.
Your videos are so helpful, thank you
Great video, with explanation and all information on the screen!
Thank you!
Thank you for this! Out of all the info in the textbook I’m struggling the most with separating Truth in Lending from RESPA. Still a little fuzzy but this helped a lot.
You're welcome... it can be very confusing
Lots of great information explained very well!
Thank you! 😁
Best page for real estate education applicable to the actual test on UA-cam. Stick with this dude imma 3x test failure trust me
Thank you!
Thank you for this your explanation is uberly helpful
You're uberly welcome! 😁
Great video, great content, transcript as well!!!! 5/5
Much appreciated, Eric. Thank you!
This is a such a detailed and knowledgeable tutorial! I have not seen so much info packed in 15 mins! Awesome stuff!
Got a quick question, would the second lien become first lien when the original first lien's promissory note has been paid off, via mortgage release?
Yes, once a lien in higher priority is removed then the lien next in line become senior
Thank you for such great content!
You're welcome!
You are a awesome teacher I truly mean that
Thank you for saying that I really appreciate it....
Up to 2 financing a year: They have to get a mortgage origination license OR/ AND a seller financer can choose a MLO to negotiate the loan terms (and can exceed more than 2 a year) and comply with Barney/ Franks law. Just to add this fact I've listened to your videos excellence in the making!
True but the licensing exam doesn't go that deep... it's all about the exam... :o) Thank you, AJ Home-Soultions for the comment I really appreciate it!
Loved this one🙏
Thank you 😁
The sad part is, kickbacks are illegal but agents do it all the time and nothing is ever done about it. Sad.
You're not wrong...
how do they get kickbacks?
What is the difference between #2(Prohibits choice of title insurance companies) and tie in arrangement? Because they sound somewhat similar. Are they the same thing or completely different? I'm a little confused.
Thank You!
You're welcome!
Remember "Business days" and "Days" are 2 different definitions :)
Yes they are and for RESPA its all business days.... Thank you for the comment David. Best of luk studying! :o)
@@TheRealEstateClassroom ok thx!!
You are the best!!!!!! Thank you
Hi Ruth... thank you for your kind words. I really appreciate it! Best of luck with your studies!
@@TheRealEstateClassroom thanks to you. I'm learning so much...
@@ruthskerrett-santana643 that's awesome... glad the videos are helping :o)
As always, great video and very informative. Thank you!
I have two questions:
1. I routinely see, in broker remarks, the listing agent says all buyers need to be pre-approved by ABC lender. Is that illegal or allowed if they have some sort of agreement?
2. I just noticed that on my agencies website, the lender that we refer, has their logo at the bottom of one of our pages. I haven't discussed this with my broker but I assume they have some sort of agreement. Because that lender's logo is on the website does that mean they have formed some sort of agreement, and if so does a certain disclosure need to be attached to the website?
* I don't know if there is an Affiliated Business Agreement in place, between my Broker and the Lender, and we/I refer said lender because, one, he is a long time friend, but also because they have routinely beat other lenders rates. I also refer him because I am always updated when milestones are reached and if there are any issues I am always aware. I am not compensated in any way, but I don't know about my broker.
Quick Question:
Are the: Closing Disclosure, RESPA_Settlement Statement, Closing Statement all the same thing?
(I am in California if that helps)
Thx!
Hello, I love your videos! I have learned so much! Got a question - What would happened, if the borrower receives the LE and CD forms one day before closing or the day of?
Well technically, it requires 3 business days. The escrow closer and the lender is required to wait. Now, if it closes anyway, nothing is going to happen unless one of the parties files a complaint with the CFPB. Even then... I wouldn't hold my breath
Great video! What about agents who have lenders who pay for half of their Zillow advertising costs? Appears to be a controlled business relationship, why is that not required to be disclosed?
Great point, Dave!
Hi there, on the exam, there is a question that says under what condition would the borrower be giving 3 additional days to review the closing documents? I think the options were, if the interest rate was different, if the appliances were removed and should have been left and a couple other options...
Based on the information you've provided... and not knowing the other two potential answer the correct answer is a change in the interest rate.... Thanks for sharing!!!!! 😁
So CFBP enforces both RESPA and TILA?
Thanks for the amazing videos always.
Correct....
Who is responsible to manage the escrow account on an annual basis? To insure the adjustments.
The escrow company will make annual adjustments. The account holder will either see an increase in their monthly payment (due to the adjustments or you'll get a refund if the account is holding too much money. Many times, the excrow compnay will give you an option of paying the shortage up front in a 1 time payment so your monthly mortgage payment does not increase or they will readjust your monthly payment. Thank you for the question!
Help me out wit this one, there are companies that offer themselves as "equity partners" who instead of giving a mortgage offer money to an applicant as an equity partner and they are paid back after so many years based on the growth in the equity of the house. In any event, I've had two solicit me a Mortgage Broker and offer me 2-2.5% "referral fee" for each client we send them. RESPA is my biggest concern, am I right to be concerned or not?
You are right to be concerned! A referral fee of any kind is a violation of RESPA
I am a realtor and have started a credit repair business, which is separate from my real estate business. Should I have one of these forms to give to clients who choose to use me as their realtor after the completion of my credit repair services?
Hi Denise... if you're referring to the Affiliated Business Arrangement the answer is yes if you're offering this service to them.
Do you help with the National Scenario portion of the test ?
The videos are for the national side. I do not do one on one coaching... sorry just not enough time in the day
how is compensation from marketing and advertising arrangement legal? we have been saying all along that we weren't allowed to receive any money for referring anyone ? how would, a real estate agent receiving any money for the buyer going with a specific home inspector??
Great question. It is legal for a broker or agent to sign a Marketing Service Agreement with a service provider such as a mortgage company, home inspector, etc. without it violating RESPA. There are strict guidelines to ensure it's compliant with the law. We don't address those requirements here as they won't be on your exam... at least the National side. You may have state specific laws you will need to know.
Exactly. It's literally "This is illegal, but if you do it you have to do it this way!" 😅
Hi Paul, I had a question in the state asking about a client wanting to give an agent a bonus payment after closing for "doing such a great job for selling their home so quickly", is that legal, can that be done from a client to an agent or broker?
In most states, this would constitutes a license law violation. Make sure you check with your individual state laws
@@TheRealEstateClassroom I have looked but I can't seem to find it. I am in Nebraska and hope you can help me with this since I know you are as well. Thank you for your amazing videos! You helped me pass my national and now focusing on the NE State portion.
@@HobsNFaves In Nebraska all commission which essentially means any thing of value exchanged tied to a real estate transaction MUST be paid directly to the broker UNLESS there is a written agreement between the seller and the broker to pay the salesperson or associate broker directly.
@@TheRealEstateClassroom Thank you!!!
@@HobsNFaves You're welcome! 😁
Hi Paul,
I tried to solve a math problem I found on PA real estate practice book, but was unable to do so. Please can you help out? Here it is: The sales person received $2800 commission on her 35% share of the total
commission on the sale of a property that sold for $160,000. What was the commission rate?
These are answer choices: A. 4.5%: B 5% : C 7% : D 10%. Will appreciate your help on this. Thanks.
Step 1: $2,800 ÷ 35% (or 0.35) = $8,000 (total commission)
Step 2: $8,000 ÷ $160,000 = 5% (or 0.05)
😁
Great question, was able to do the math. Been watching your classes.
Is this for the Florida Brokers State exam?
For the National Portion of the exam, yes.
@The Real Estate Classroom failed 4 times. This last time I received a 74. Exhausted 😩 with the Florida Broker's Exam.
@@driayoung710 Don't.... Give... Up... I just received an email from a California student that took it 7x before passing. It's not about how many times you take it it's about never giving up to reach your goal. I know an agent here in Omaha that took it 11x... he went on to be one of the top agents in our market. He now has a great big house and a fancy car. Everytime you fail it should motivate you to study more... keep me up-to-date on things please!
"Federally related loans" would mean "unconventional loans" correct? :)
Federal related loans are loans such as Federal Housing Administration loans (FHA), Veterans Affairs loans (VA), USDA, Rural Economic Development Loans. Loans that are either federally insured or guaranteed by the government. Conventional loans are not backed or guaranteed by the government
@@TheRealEstateClassroom so unconventional loans are backed by the gov't so am I correct in answering my original question as "yes"? Thanks for all your help! :)
Love the info, hate the sound effects
Thank you, Ben for the feedback!
Do you give private classes?
Hi Richie... i do not at this time... sorry "o(
😂😂😂 Trading Places comin up!
Yay
Do you tutor too?
Sorry... I don't right now. :o(
Love your teach has been very helpful but could you do away with the ring, dings and graphics very distracting.
I will see what I can do! :o)
The terms are well explained but the sounds of motor horns are irritating. Anyway, thanks for making these videos.
I know and I am sorry. These videos were created when I had no idea what I was doing and thought they were cute! I won't make that mistake again on the updated videos
1974
You're correct
Great info, but stop with the annoying honks, horns, and roosters sounds thrown in!!!
Ah yes... that was early in the life of this channel... don't have any in most of the videos.... Thanks for the feedback
@@TheRealEstateClassroom I actually liked them. Gave it a bit of pazzaz for a usually bland topic
Is this fake it till you make pod cast
Is yo Momma a fake till she makes??
You'll lie