medium · National Real Estate Exam
A broker's advertisement states: 'Three-bedroom ranch, $1,500 per month mortgage payments, call for details!' According to the Truth in Lending Act, this ad:
- Is a violation of the Fair Housing Act because it mentions price.
- Is perfectly fine because it only mentions the monthly payment.
- Triggers the disclosure of additional loan terms, including the APR.
- Does not require the APR because it is a residential property.
Sign up free to see the explanation and track your rank →
More National Real Estate Exam practice
- A broker's employment contract with a seller is officially called the:
- What is the current status of the contract?
- A buyer defaults on a purchase agreement, and the seller chooses to keep the earnest money
- A buyer makes a written offer to a seller. Two days later, before the seller has responded
- A contract for the sale of a property is signed. Before closing, the property is destroyed
- A contract for the sale of real estate that has been signed by both parties is valid, but
- A contract that is valid and binding but allows one party to avoid the agreement because o
- A contract that is valid and enforceable until it is canceled by a party who was a victim