Finance
The Truth in Lending Act (TILA) requires lenders to disclose which key cost figure to South Dakota borrowers?
AThe gross sales price
BThe annual percentage rate (APR)✓ Correct
CThe broker's commission
DThe appraised value
Explanation
TILA requires lenders to disclose the Annual Percentage Rate (APR), which reflects the true cost of borrowing including interest and certain fees, allowing borrowers to compare loan offers.
Related South Dakota Finance Questions
- In South Dakota, a hard money loan is characterized by:
- RESPA (Real Estate Settlement Procedures Act) applies to South Dakota transactions involving:
- A South Dakota buyer uses an FHA loan. The minimum down payment required is:
- In South Dakota, what does 'loan-to-value ratio' (LTV) measure?
- A South Dakota mortgage lender's 'portfolio loan' is one that:
- A South Dakota buyer who purchases agricultural land through a Farm Credit System lender is using which type of financing institution?
- Which type of mortgage loan is guaranteed by the Department of Veterans Affairs?
- What is the South Dakota redemption period after a mortgage foreclosure sale?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →