Key Takeaways
- RESPA Section 8 prohibits kickbacks and unearned referral fees—violations carry $10,000 fines and imprisonment.
- FinCEN Geographic Targeting Orders require beneficial owner identification for cash purchases in certain areas.
- State licensing requirements include education, examination, continuing education, and periodic examinations.
- Investors using LLCs should be prepared to provide beneficial ownership documentation to title companies.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?