Question 14 1 pts With respect to real estate transactions, the Truth-in-Lending

Question

Question 14 1 pts With respect to real estate transactions, the Truth-in-Lending Act applies only to loans to purchase commercial property True Question 15 1 pts To purchase a house, Ed obtains a mortgage loan from Farmland Loans Inc. Farmland does not record the mortgage The most likely consequence is that the lender will not be able to prove its interest in the property find itself in the position of an unsecured creditor not have a copy of the loan in a separate location. not obtain reimbursement for any of the loan if the debtor defaults.

Explanation / Answer

Q14. False TILA is designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

Q15. Correct Answer is option B. If the transaction is not recorded then Farmland will not be able to lay its claim on the property in case of default.

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