The Truth in Lending Act (TILA) requires lenders to disclose the:
Why Annual percentage rate (APR) and total finance charges Is Correct
Answer B: Annual percentage rate (APR) and total finance charges
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.
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Key Terms to Know
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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