Escrow & TitleIntermediateAlabama Exam
RESPA requires that buyers receive a copy of the 'Your Home Loan Toolkit' brochure within how many business days of loan application?
ASimply 1 business day, shorter than the actual required federal disclosure delivery window
B3 business daysCorrect
C5 business days
D7 business days
Why 3 business days Is Correct
Answer B: 3 business days
Under RESPA/TRID, lenders must provide the 'Your Home Loan Toolkit' brochure within 3 business days of receiving a loan application.
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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