Which of the following is true with regards to RESPA:
- Real estate loans from private parties are generally not exempt from RESPA
- Offering a referral fee to someone who is not a licensed real estate agent is allowable under RESPA.
- RESPA prohibits anyone from giving or accepting a fee, kickback, or anything of value in exchange for referrals of settlement service business involving a federally related mortgage loan.
- Violators of RESPA can not be punished with jail time.
The answer is C. For A – loans from private parties generally are exempt from RESPA. For B – a referral fee to an unlicensed agent is not allowable under RESPA. For answer D – violators of RESPA can be punished with jail time or a $10,000 fine.