Disclosures Flashcards
According to Regulation Z, which of the following terms may not be advertised by itself?
- Down Pymt
- Monthly Pymt
- Dollar amt of the finance charge
Target Housing refers to:
Single Family Home built in 1975
What is target housing? (Hint: 10 years before I was born)
is defined in the Toxic Substances Control Act (TSCA) as any housing constructed before 1978
What does RESPA regulate?
Disclosures regarding settlement costs.
The Truth In Lending Act (TILA) req’s a disclosure statement be given to the consumer. This statement includes:
- a description of the security interest retained & used for the loan.
- a listing of all items included in the finance charge.
- the APR, fully spelled out.
The Primary purpose of the Interstate Land Sales Full Disclosure Act is to:
Prevent fraudulent marketing schemes that may arise when land is sold w/out being seen by the Buyers.
Under the TILA, the $ amt of the Fiance Charge is not req’d on:
An Agricultural Loan to purchase of a farm tractor.
When did the Transfer Disclosure Statement Law take effect:
January 1987 (1 yr & 3 months before I was born)
Whenever a Licensee negotiates a Loan, he or she must deliver a copy of the Mortgage Loan Disclosure Statement:
When the Statement is Signed by the Borrower
What is not correct regarding a Mortgage Loan Disclosure Statement?
It must be kept 5 years.
What 3 statements are correct regarding a Mortgage Loan Disclosure Statement?
- It must be approved by a Real Estate Commissioner.
- It must State amt actually received by Borrower.
- It must state Costs & Commissions.
What is true of the Uniform Settlement Statement?
It must be made available to the Borrower at or before Settlement.
What type of loans on the basis of itself is exempt from the TILA?
An Agricultural Loan.
What disclosure obligations is req’d at the time of Loan closing?
Uniform Settlement Statement
What is the difference b/w Uniform Settlement Statement & RESPA?
Uniform Settlement Statement is a single form that is req’d by the RESPA.
