Which of the following transactions is NOT covered under RESPA?

The choice regarding all cash sales is identified as not being covered under the Real Estate Settlement Procedures Act (RESPA). RESPA primarily applies to federally related mortgage loans, which include those loans that involve a lender, broker, or servicer that is regulated by the federal government. All cash transactions do not involve the use of a mortgage loan; therefore, they are outside the scope of RESPA regulations. This means that the protections and disclosures required by RESPA do not apply to these types of transactions.

In contrast, new construction properties, residential refinances, and properties with less than four units are all related to mortgage financing and therefore fall under RESPA's guidelines. New construction often involves loans for financing, residential refinances involve the refinancing of existing loans, and properties with four units or fewer typically involve conventional residential loans, which are explicitly covered by RESPA.