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The Real Estate Settlement Procedures Act (RESPA) provides that
a. purchasers must review settlement statements two days prior to closing.
b. realty ads must include all financing information if a trigger term is advertised.
c. the borrower must be given an estimate of the settlement costs within three
business days of loan application.
d. no referral fees are allowed to be paid in connection with the transaction, and real
estate agents are no exception to this restriction.

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Answer:

C) the borrower must be given an estimate of the settlement costs within three  business days of loan application.

Explanation:

The Real Estate Settlement Procedures Act (RESPA passed in 1974 but effective since June 20, 1975. It applies to the majority of purchase loans, where a lender finances the purchase of a residence (home).

One of its main purposes was to provide buyers and sellers with a complete cost disclosure, in an attempt to eliminate illegal or abusive practices carried out during the real estate settlement process (e.g. loan services demanding excessively large escrow accounts, kickbacks, mandating title insurance companies, etc.)

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