Finance
Which federal law requires lenders to disclose the Annual Percentage Rate (APR) to borrowers?
ARESPA
BTILA (Truth in Lending Act)✓ Correct
CECOA
DHMDA
Explanation
The Truth in Lending Act (TILA) requires lenders to disclose the APR, which includes the interest rate plus all loan costs expressed as an annual rate.
Related North Carolina Finance Questions
- An adjustable-rate mortgage (ARM) in North Carolina typically has an initial rate that is:
- The federal Homeowners Protection Act (HPA) requires lenders to automatically cancel PMI on a conventional loan when the LTV reaches:
- A 'conventional loan' in NC refers to a mortgage that is:
- What is the purpose of RESPA (Real Estate Settlement Procedures Act) in a North Carolina transaction?
- A USDA Rural Development loan in NC is designed for buyers:
- An 'alienation clause' (due-on-sale clause) in a NC deed of trust requires:
- A NC borrower's 'debt-to-income ratio' for conventional mortgage qualification generally should not exceed approximately:
- A 'points' charge on a NC mortgage loan represents:
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 →