Virginia Real Estate Salesperson Exam — All Questions
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2 questions
Financing
In a deed of trust, which party holds legal title to the property as security until the loan is repaid?
- a.The trustor (borrower)
- b.The trustee✓
- c.The beneficiary (lender)
- d.The county recorder
In a deed of trust there are three parties: the trustor (borrower), the beneficiary (lender), and a neutral trustee who holds legal title as security and can conduct a nonjudicial foreclosure sale if the borrower defaults.
Financing
A federal law requiring lenders to disclose the annual percentage rate and total finance charges so consumers can compare credit costs is the:
- a.Real Estate Settlement Procedures Act (RESPA)
- b.Equal Credit Opportunity Act (ECOA)
- c.Truth in Lending Act (TILA)✓
- d.Fair Credit Reporting Act (FCRA)
The Truth in Lending Act (Regulation Z) requires lenders to disclose the annual percentage rate (APR), finance charges, and other credit terms so borrowers can compare loans. RESPA governs settlement costs; ECOA prohibits credit discrimination.