Finance
Regulation Z (Truth in Lending) requires that the APR (Annual Percentage Rate) in a mortgage advertisement is triggered when a lender advertises which specific credit term?
AOnly the purchase price of homes the lender finances
BAny specific credit term such as down payment amount or monthly payment✓ Correct
COnly the lender's company name
DThe general availability of mortgage financing
Explanation
Under Regulation Z, advertising a specific credit term (such as a specific interest rate, monthly payment, or down payment) triggers full disclosure of the APR and other required terms (the 'triggering terms' rule).
Related North Carolina Finance Questions
- Which federal law prohibits discrimination in mortgage lending based on race, color, religion, national origin, sex, disability, or familial status?
- A North Carolina 'balloon mortgage' is characterized by:
- A 'hard money loan' in NC real estate is characterized by:
- A 'points' charge on a NC mortgage loan represents:
- The federal Homeowners Protection Act (HPA) requires lenders to automatically cancel PMI on a conventional loan when the LTV reaches:
- A NC borrower's 'debt-to-income ratio' for conventional mortgage qualification generally should not exceed approximately:
- A VA-guaranteed loan is available to:
- A 'loan-to-value ratio' (LTV) of 80% on a $300,000 North Carolina property means the loan amount is:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →