RESPS protects homeowners of which types of properties?

• A. Single-family and 1-4 family dwellings, condos, and manufactured homes on a lot
• B. Only single-family dwellings
• C. Commercial properties
• D. Farmland

Answer: (A)

The program protects properties used as a residence with a residential mortgage, so it covers a range of dwelling types that people live in and own. This includes single-family homes and small multi-family units (up to 4 units), condominiums, and manufactured homes that are on a lot (affixed to land and considered real property). Those are all residential properties financed for homeowners, which is why they’re included.

Properties like commercial buildings or farmland aren’t residential dwellings, so they fall outside this protection. Similarly, a home that isn’t on a lot (for example, a traditional trailer not affixed to land) wouldn’t fit the “on a lot and real property” criterion. That broader scope is why the option listing all these residential types is the best choice.