General Real Estate Law And Concepts Regulation Z Flashcards

General Real Estate Law And Concepts (Regulation Z) Flashcards Regulation Z applies ALL REAL ESTATE credit transactions except for

• Business or commercial loans.*For non-real estate

transactions, it covers up to $25,000.*RE purchase agreements are not covered.Regulation Z finance charge should include interest, service charge, loan fees, points, finder fees, appraisal fees, investigation of credit fees, credit and property insurance.when advertising consumer credit regulation z requireSpecific disclosures be made Reg Z Liens on residences requires a"cooling off" period (except first mortgages)when liens are placed on principal residence.Customer has the right to rescind trans action up toto midnight on the third business day.Reg Z Finance Charge must be stated asannual percentage rate.Regulation Z (Truth in Lending)dictate disclosure requirements in credit transactions.Regulation Z Rules require*General brochure is given to borrowers*certain specific disclosures be made relevant to ARM*disclosure of APR Regulation Z does not require lenders to advertisecredit terms Reg Z applies to non real estate credit transactions for personal, family and household purpose are covered up to $25,000. loans over $25,000 are not covered.If only the APR is Advertised additional disclosures areNOT required If lenders advertise some credit details they mustmake complete disclosure of terms.REG Z Finance Charge must discloseAll finance charges as well as true interest rate What loans are not covered by Regulation Z? Business and Commercial."cooling off" period does not apply*mortgages used to finance the purchase or construction of a home or to a purchase agreement APRAnnual Percentage Rate ARMAdjustable Rate Mortgage