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Question 53/53
According to the Truth in Lending Act (TILA), which of the following advertising statements does not require additional disclosures to supplement the advertisement?
Correct Answer: D
Under TILA's advertising rules (Regulation Z), general statements such as "Come in today for your free consultation" do not trigger the requirement for additional disclosures. This type of advertisement does not include specific loan terms like payment amounts, interest rates, or other terms that would require further explanation.
* Advertisements with terms like "Payments as low as $600" (A) or "1 point up front" (B) are triggering terms under TILA and would require additional disclosures about the APR, loan term, and other conditions.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Guidelines on TILA
* Advertisements with terms like "Payments as low as $600" (A) or "1 point up front" (B) are triggering terms under TILA and would require additional disclosures about the APR, loan term, and other conditions.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* CFPB Advertising Guidelines on TILA
- Question List (53q)
- Question 1: Consumer complaints and the analysis of complaints play a vi...
- Question 2: A mortgage loan originator (MLO) is in the process of taking...
- Question 3: The Equal Credit Opportunity Act (ECOA) defines the term "el...
- Question 4: Which of the following is an example of a non-fluctuating in...
- Question 5: A borrower works at Company XYZ and was recently approved fo...
- Question 6: Which of the following documents is a real estate conveyance...
- Question 7: Upon becoming employed by a state-licensed mortgage company,...
- Question 8: Which of the following fees or charges is an allowable closi...
- Question 9: How often must a nonexempt telemarketing entity check their ...
- Question 10: A lender is permitted to accept the employment information p...
- Question 11: A real estate broker overhears her buyer discussing what she...
- Question 12: Under the TILA-RESPA Integrated Disclosure rule (TRID), what...
- Question 13: A mortgage loan originator (MLO) originates a 5/1 ARM where ...
- Question 14: Which of the following statements describes an advantage of ...
- Question 15: Which of the following federal laws requires disclosures int...
- Question 16: Which of the following components of an ARM adjusts periodic...
- Question 17: A borrower who knowingly makes false statements on a federal...
- Question 18: According to the SAFE Act, which of the following activities...
- Question 19: Prepaid charges include which of the following items?...
- Question 20: The debt-to-income analysis should assess a borrower's total...
- Question 21: What is the maximum APR that will qualify as a Safe Harbor q...
- Question 22: Which of the following sources of funds is acceptable to uti...
- Question 23: A second (subordinate) mortgage loan includes:...
- Question 24: Which of the following items may lenders use to verify a bor...
- Question 25: How many continuing education hours must mortgage loan origi...
- Question 26: Which of the following is an origination fee?...
- Question 27: An appraiser agrees to give a mortgage loan originator (MLO)...
- Question 28: The SAFE Act prohibits individuals from engaging in the busi...
- Question 29: Which of the following entities is the primary regulatory au...
- Question 30: Which of the following loans is subject to right of rescissi...
- Question 31: How many days after loan consummation does a lender have to ...
- Question 32: Interest-only mortgages are considered high risk compared to...
- Question 33: If a mortgage loan includes a prepayment penalty, it must be...
- Question 34: In a federally related mortgage loan transaction, a charge f...
- Question 35: A borrower's monthly debt-to-income ratio is calculated by t...
- Question 36: Which of the following loan types is regulated by the Home O...
- Question 37: According to the TILA-RESPA Integrated Disclosure rule (TRID...
- Question 38: A creditor receives an application with all the required pie...
- Question 39: Which of the following acts provides a state licensing and r...
- Question 40: Which of the following items is a liquid asset?...
- Question 41: Which of the following activities is a function of the Consu...
- Question 42: For an FHA loan, which of the following payments must a borr...
- Question 43: Which of the following responses describes the required amou...
- Question 44: A licensed mortgage loan originator (MLO) sharing his commis...
- Question 45: Which of the following actions should a mortgage loan origin...
- Question 46: The loan-to-value ratio for an FHA loan is calculated by div...
- Question 47: Which of the following statements defines the term "business...
- Question 48: Which of the following entities has the primary enforcement ...
- Question 49: A mortgage loan in which a large portion of the borrowed pri...
- Question 50: Which of the following fees is a finance charge?...
- Question 51: According to the Truth in Lending Act (TILA), the term "fina...
- Question 52: Which of the following responses describes the main purpose ...
- Question 53: According to the Truth in Lending Act (TILA), which of the f...
