Ohio real Estate State Questions And Correct Answers |100% Verified |Guaranteed Success

Fiscal Policy - Treasury Department Monetary Policy - Federal Reserve Bond Truth In Lending Act - To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare Annual Percentage Rate (APR) - The relationship between the cost of borrowing money and the total amount financed, represented by a percentage Usury Lending Law - Charging an interest rate that exceeds the legal limit (set by state) Regulation Z - regulates the disclosures concerning all finance charges and related aspects of credit transactions Disclosures in TILA (Trigger Terms) - 1. amount of down payment 2. amount of the payments 3. number of payments 4. period of repayment 5. amount of finance charge Equal Credit Opportunity Act - Federal law prohibiting discrimination in granting credit to people based on: sex, marital status, color, national origin, receipt of public assistance, age, race, religion, and wage garnishment Real Estate Settlement Procedures Act (RESPA) - Federal law that sets forth specific procedures and guidelines for disclosure of all settlement costs in a credit transaction for 1 to 4 family residential properties TRID - TILA, RESPA, integrated disclosure - Laws call for disclosure of all settlement costs, using standardized settlement statements given to borrowersQualified Mortgage - loans made will be reviewed by the lender and the buyer must have the ability to repay the loan without risky features such as interest only period or a lump sum at the end of the loan term or any loan made for longer than 30 years Affiliated business arrangement disclosure (AfBA) - Required whenever a settlement service provider involved in a RESPA/TRID covered transaction refers the consumer to a provider with whom they have an ownership or other beneficial interest Promissory Note - The lender gives a loan to the borrower Lien on property - The borrower gives a mortgage to the lender Alienation Clause - When a buyer sells the property, the mortgage must be cancelled and the remaining balance of the loan must be paid back to the lender Acceleration Clause - When a buyer defaults on a loan, this gives the lender the right to declare the entire balance of the loan to be paid back immediately