Contracts
In Tennessee, a 'right of rescission' under the Truth in Lending Act (TILA) applies to:
AAll residential purchase mortgages
BRefinances and home equity loans on the borrower's principal residence✓ Correct
CVA loans only
DCommercial mortgages only
Explanation
TILA's right of rescission applies to refinances and home equity loans secured by the borrower's principal residence. It gives the borrower 3 business days to cancel. It does NOT apply to purchase money mortgages.
Related Tennessee Contracts Questions
- A 'right of first refusal' clause in a lease gives the tenant the right to:
- A buyer who wants to purchase a property quickly may include a 'time is of the essence' clause to ensure:
- A real estate contract that is 'voidable' may be:
- A lease contract that requires the tenant to make improvements to the leased space is enforceable because it includes:
- In Tennessee, earnest money disputes between buyer and seller are most commonly resolved by:
- If a buyer's financing contingency is not met by the specified deadline and the buyer does not notify the seller, what is the likely result?
- In Tennessee, a lease that contains an illegal provision is:
- An option contract in real estate gives the optionee:
Practice More Tennessee Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Tennessee Quiz →