Contracts
In Ohio, a 'right of rescission' for a consumer in certain real estate transactions under TILA allows the borrower to cancel:
AAny real estate purchase within 3 days
BA refinance transaction on their primary residence within 3 business days of signing loan documents✓ Correct
CAny mortgage at any time during the first year
DAn FHA or VA loan within 10 business days
Explanation
TILA's right of rescission applies to non-purchase refinance transactions on a primary residence. The borrower has 3 business days after signing to rescind. It does NOT apply to purchase money mortgages.
Related Ohio Contracts Questions
- In Ohio, a purchase agreement becomes binding when:
- Which of the following is an example of 'constructive fraud' in an Ohio real estate transaction?
- What is a bilateral contract in real estate?
- What is a buyer's right of inspection in Ohio real estate contracts?
- What is the difference between void and voidable contracts in Ohio?
- What is a memorandum of contract (memorandum of agreement) in Ohio real estate?
- In Ohio, a seller who accepts an offer and then receives a higher offer cannot simply cancel the first contract because:
- In Ohio, if a seller rejects a buyer's offer outright without making a counteroffer, the buyer's offer:
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →