Multiple Choice
Fact Pattern 31-1A (Questions A12-A14 apply)
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people,including Benny,who could not easily obtain credit under other loan programs.
-Refer to Fact Pattern 31-1A.Under federal law,if 24-Hour Credit fails to provide certain material disclosures with respect to the loan,Benny's right to rescind the loan
A) expires at midnight on the day the loan is finalized.
B) is immediately revoked.
C) is extended for up to three years.
D) is tolled for the duration of the loan payments.
Correct Answer:

Verified
Correct Answer:
Verified
Q2: Brendan borrows $150,000 from Countywide Credit Union
Q3: Great Plains Bank provides a loan to
Q4: Federal law encourages private lenders to modify
Q5: Home equity is the portion of a
Q6: Borrowers are required to recite the terms
Q8: Reed borrows $150,000 from Suburban Credit Union
Q9: Federal mortgage disclosure requirements apply to the
Q10: A deficiency judgment requires a borrower to
Q11: If a homeowner defaults,the lender has the
Q12: Rita borrows $30,000 from South State Credit