What does RESPA stand for, and what is its primary purpose?

The chosen answer accurately reflects the correct expansion of RESPA, which stands for the Real Estate Settlement Procedures Act. This federal law was enacted primarily to ensure that consumers are provided with timely and accurate information regarding the costs associated with the settlement of real estate transactions. Its main purpose is to promote transparency in the home buying process, preventing consumers from facing unexpected fees or charges at closing. By regulating the disclosure of settlement costs, RESPA aims to protect consumers by mandating clear communication about the various fees involved, ensuring they can make informed decisions during the settlement process.

Other options do not represent the true meaning or purpose of RESPA. The focus on safety, standard procedures, or residential properties does not encompass the legislation's comprehensive aim regarding financial transparency and consumer protection in real estate transactions.