Escrow & Title
In Texas, the right of rescission under TILA gives a borrower in a refinance transaction (on their primary residence) the right to cancel within:
A24 hours
B3 business days✓ Correct
C5 business days
D10 business days
Explanation
TILA provides a three-business-day right of rescission for refinance transactions (not purchase loans) secured by the borrower's primary residence. The period begins when the borrower receives all required disclosures.
Related Texas Escrow & Title Questions
- In a Texas commercial real estate transaction, a 'due diligence period' (inspection period) typically allows the buyer to:
- RESPA's Section 9 prohibits:
- At a Texas residential closing, the HUD-1 Settlement Statement has been replaced by the TRID (TILA-RESPA Integrated Disclosure) forms. The two main TRID forms are:
- In Texas, 'title insurance' differs from other types of insurance in that it:
- In Texas, which of the following would most likely appear as an exception in a title insurance commitment?
- An abstract of title is:
- In Texas, a title commitment Schedule B-II lists:
- In Texas, real property taxes are considered a(n):
Practice More Texas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Texas Quiz →