Finance
Under Virginia's consumer protection statutes, a mortgage lender who engages in deceptive advertising about interest rates may be liable under:
AThe Virginia Real Estate Board regulations
BThe Virginia Consumer Protection Act (VCPA)✓ Correct
CVREB disciplinary proceedings only
DThe Virginia Landlord and Tenant Act
Explanation
The Virginia Consumer Protection Act (Code § 59.1-196 et seq.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
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