Truth in lending

The purpose of the Truth-in-Lending Act is to:

Assure a meaningful disclosure of credit terms;

The Federal Housing Administration (FHA) was primarily created to provide:

Insurance for home loans made by approved lenders.

A mortgage loan may be insured by:

FHA or a private mortgage insurer;

Which of the following loans on a home would probably be made without requiring a down payment from the borrower:

VA loan;

Under a conditional installment sales contract for the sale of real property, legal title is held by the:

Vendor

Which of the following loans would be most likely to qualify for FHA insurance, but not for a VA loan guarantee:

A loan to purchase 1-4 units of residential rental property;

The real estate financing instrument which transfers equitable title to real property, but retains legal title in the seller, is called:

A real property conditional installment sales contract;

Some people have described a land contract of sale as a method of financing which is used in place of a deed and a deed of trust. Therefore, a land contract of sale is said to be:

A security device

If an advertisement is placed in a newspaper advertising a house for sale, and only the annual percentage rate is stated:

Additional disclosures are not required.

If each of the following loans would otherwise normally require compliance with the Federal Truth-in-Lending Act, which one would be exempt on the basis of the type of loan itself:

An agricultural loan by a bank;

Under the Federal Truth-in-Lending Law, the cost of credit on certain loans is expressed as:

An annual percentage rate;

Both buyer and seller have signed a real property conditional sales contract, the effect of which would be:

An equitable title passes to the buyer;

A buyer defaulted on a real property installment sales contract that had been recorded by the seller. If a quitclaim deed were to be used to extinguish the cloud on the title, it must be executed by:

Buyer only;

The federal right to cancel notice must be given to a borrower by the agent if:

The borrower's residence is the security for the loan;

According to the Truth-in-Lending Act, consumers must be informed of credit terms by:

The lender