California Real Estate Practice Exam

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Maximum loan broker commissions are set by?

  1. The Federal Reserve

  2. The Real Property Loan Law

  3. The Department of Housing and Urban Development

  4. The Loan Market Association

The correct answer is: The Real Property Loan Law

The Real Property Loan Law regulates the maximum commissions that loan brokers can charge for their services. Option A, the Federal Reserve, is responsible for monetary policy and regulating financial institutions, but does not set specific commissions for loan brokers. Option C, the Department of Housing and Urban Development, primarily deals with housing and community development, not loan broker commissions. Option D, the Loan Market Association, is a trade association and does not have the authority to set maximum commissions. Therefore, the best answer is B, the Real Property Loan Law.

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