FinancingQuestion 75 of 120
The federal Truth in Lending Act (TILA), implemented through Regulation Z, requires lenders to disclose the:
a.Property's market value
b.Annual percentage rate and total finance charges
c.Seller's net proceeds
d.Appraiser's fee schedule
Explanation
TILA requires lenders to disclose the annual percentage rate, finance charges, and other credit terms so consumers can compare loans. The APR reflects the true cost of credit including certain fees. Regulation Z implements TILA's disclosure requirements.
Law Reference: Truth in Lending ActPractice all 120 questions free — no signup required.
Related questions on this topic
- A borrower obtains a $300,000 loan and pays 2 discount points. The dollar amount paid in points is:
- A buyer purchases a home for $400,000 with a $320,000 loan. The loan-to-value (LTV) ratio is:
- The Real Estate Settlement Procedures Act (RESPA) primarily aims to:
- California usury law generally limits the interest a private lender may charge, but a major exception exists for:
- A fully amortized loan is one in which:
- In an adjustable-rate mortgage, the published economic indicator to which the interest rate is tied is called the:
Last reviewed: · editorial process
PrepPass Editorial Team · Verified against California DRE Real Estate Salesperson License Exam · How we review