Answer:
The answer is below
Explanation:
1. Pactice that is prohibited under Section 8 of RESPA includes the following:
i. Payment or Receive of "things of value" for business referrals
ii. Fee splitting when the job or work is yet to be done, to earn a part of the fee
iii. Excessive charges such as mark-ups, double billing, etc.
iv. Void agreement or understanding with regard to referrals and settlement services
2. Categories under ECOA on which creditors may not base credit decisions are:
Race, Color, Religion, Nationality, Sex, Marital status, Age, Receipt of public assistance and Exercise of rights under the Consumer Credit Protection Act
3. Rescission is a term that describes a form of legal remedy that voids an agreement between two parties and take back both parties to the initial state before the transaction.
Recission right is however applicable to specific loan transactions, for example refinances and home equity lines of credit.
4. Practices that are not prohibited with regard to appraisers.
i. Payment or Receive of "things of value" for business referrals
ii. Fee splitting when the job or work is yet to be done, to earn a part of the fee
iii. Excessive charges such as mark-ups, double billing, etc.
iv. Void agreement or understanding with regard to referrals and settlement services.
