What is the Real Estate Settlement Procedures Act commonly referred to as?

The Real Estate Settlement Procedures Act is commonly known by the acronym RESPA. This federal law was enacted to protect consumers during the real estate settlement process, ensuring that they receive proper information about the costs associated with the closing of a real estate transaction. RESPA primarily aims to eliminate unnecessary increases in the costs of settlement services and to provide consumers with an understanding of their rights in the process of obtaining a mortgage.

The other options, while they may contain similar terms, do not accurately represent the Real Estate Settlement Procedures Act. For instance, REPC typically refers to the Real Estate Purchase Contract, which is a different legal document. RESTA and RESTP are not recognized acronyms in relation to real estate laws or procedures, further emphasizing that RESPA is the correct and widely used term for this specific act.