What does the acronym RESPA stand for?

The acronym RESPA stands for the Real Estate Settlement Procedures Act. This federal law was enacted to ensure that homebuyers are provided with clear and easy-to-understand information regarding the costs of real estate settlement services. It aims to promote transparency in the real estate transaction process and to protect consumers from excessive settlement costs and unearned fees.

RESPA requires lenders to provide borrowers with a standardized good faith estimate of settlement costs and mandates certain disclosures to enhance consumers' understanding of the services involved and their associated costs. This legislation plays a crucial role in consumer protection within property transactions.

The other choices do not accurately reflect the provisions or purpose of RESPA, focusing instead on terms that either do not exist in the context of real estate or are mischaracterizations of the act's objectives.