What does RESPA stand for?

The correct answer is Real Estate Settlement Procedures Act, commonly abbreviated as RESPA. This federal law, enacted in 1974, was designed to promote transparency and protect consumers in the home-buying process, particularly regarding mortgage transactions. RESPA requires that borrowers receive pertinent information about their loans and settlements, such as disclosure of closing costs and the prohibition of kickbacks in the real estate settlement process. This ensures that buyers have a clear understanding of their financial obligations and can make informed decisions.

The other options do not accurately represent the official name or scope of RESPA, which is focused specifically on the procedural and disclosure aspects of real estate settlements rather than services or equity issues.