Finance
The Truth in Lending Act (TILA) requires West Virginia lenders to disclose the:
AExact property value as appraised
BAnnual percentage rate (APR) and total finance charges to borrowers before loan consummation✓ Correct
CNumber of previous owners of the property
DAmount of property taxes due at closing
Explanation
TILA requires lenders to disclose the annual percentage rate (APR), total finance charges, and other key loan terms to borrowers before consummation of the loan, enabling West Virginia borrowers to compare loan offers accurately.
Related West Virginia Finance Questions
- A West Virginia borrower wishes to use a VA loan. This loan program is available to:
- A West Virginia lender's appraisal values a home at $200,000 but the buyer has agreed to pay $215,000. The lender will base the loan on:
- A West Virginia borrower has a gross monthly income of $5,000. Lender guidelines set a maximum housing expense ratio of 28%. What is the maximum allowable monthly PITI payment?
- A West Virginia borrower who is self-employed applying for a mortgage must typically provide:
- Under RESPA, a 'kickback' in a real estate transaction refers to:
- Under the Home Mortgage Disclosure Act (HMDA), a West Virginia lender must report data including the race, sex, and income of mortgage applicants. The primary purpose is to:
- A West Virginia mortgage that requires the borrower to maintain a specific credit score throughout the loan term and defaults can be triggered by a drop in credit score is called a:
- A West Virginia borrower who is underwater on their mortgage (owes more than the home is worth) wants to sell. If the lender agrees to accept less than the full balance owed, this is called a:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →