Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024

Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024 The Truth in Lending Act covers credit extended for a a. business or commercial transaction. b. large apartment building. c. mobile home which is used as a residence. d. loan secured by a car valued at $30,000. - answerC Truth in lending laws were created primarily to protect a. consumers. b. lenders. c. beneficiaries. d. mortgagees. - answerA Regulation Z deals with a. annual percentage rates. b. escrow fees. c. truth-in-lending. d. statue of frauds. - answerC According to regulation Z, which of the following would be allowed without further disclosure in an advertisement to sell a residence? a. Easy 11% mortgage assumption b. Take over an 11% loan c. Assume an 11% annual percentage rate mortgage d. Assumable 11% loan - answerC Which of the following loans would be exempt from the disclosure requirements of the truth-in- lending laws? a. Commercial loans b. Personal property loans in excess of $25,000 c. Financing extended to corporations d. Consumer loans to natural persons - answerB When advertising, a lender must disclose the a. cost of appraisal. b. annual percentage rate. c. closing costs. d. cost of the title search and title insurance. - answerB Which of the following loans would be exempt from the disclosure requirements of the truth-in- lending laws? a. An unsecured personal loan of $3,000 b. An educational loan from a commercial bank c. A second mortgage loan on a residence d. A $30,000 loan for the purchase of a $40,000 automobile - answerD Truth in lending laws require a lender to provide figures for all EXCEPT a. loan amount. b. interest rates. c. maintenance costs. d. annual percentage rate. - answerC Regulation Z requires a lender to disclose a. interest charges expressed as dollars and percent. b. dollar amount of any finance charge. c. APR as a dollar amount. d. all charges only as a percent. - answerB Penalties for violation of the truth-in-lending law