In Arizona, a lender must provide a Loan Estimate to a mortgage applicant within how many business days of receiving a complete application?
Why 3 business days Is Correct
Answer B: 3 business days
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
People Also Study
Related Arizona Questions
- Under A.R.S. §32-2151, when must an Arizona real estate broker deposit earnest money received from a buyer into the trust account?Arizona License Law
- Under RESPA (Real Estate Settlement Procedures Act), a lender must provide the buyer with a Loan Estimate within:Finance
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?Finance
- An Arizona lender must provide a Closing Disclosure to a borrower at least how many business days before closing?Finance
- Under Arizona's RLTA, a landlord must provide the tenant with a written move-in inventory within how many days of occupancy to be able to make deductions from the security deposit for pre-existing conditions?Contracts
- How many pre-license education hours must an Arizona salesperson applicant complete before sitting for the state exam?Arizona License Law
- The Arizona Residential Resale Purchase Contract requires sellers to provide the Seller's Property Disclosure Statement (SPDS) within:Contracts
- When a lender requires a borrower to pay private mortgage insurance (PMI), it is typically because the borrower's loan-to-value (LTV) ratio is:Finance
Key Terms to Know
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Study This Topic
Practice More Arizona Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →