The provisions of the Real Estate Settlement Procedures Act (RESPA) apply only to transactions involving certain types of property. Of the following, which types of property must comply with RESPA:
A: Homes and residential dwellings only;
B: Urban real estate only;
C: Condominiums and other common interest subdivisions;
D: One-to-four family residential dwellings.
Answer: D: One-to-four family residential dwellings.
Business
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For an adjustable-rate loan, which of the following features would limit how much the principal balance could increase in the event that the payment increases didn't keep up with the rate increase?
A. Interest rate cap B. Mortgage payment cap C. Negative amortization cap D. Conversion option
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Providing information in an advertisement is most useful in the business-to-business sector for low-involvement purchase decisions
Indicate whether the statement is true or false
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