A licensee refers a borrower to a title company her husband part-owns. What does Chapter 494 require her to put in writing to the borrower?
Correct Answer
C) The relationship, an estimated charge, that a benefit may be received, and that she may go elsewhere
Section 494.0023(1) sets four written disclosures where a conflicting interest exists: the nature of the relationship, ownership or financial interest; an estimated charge or range of charges; that a financial benefit may be received; and that the borrower may choose an alternative source. Subsection (2)(a) brings a relative providing the products or services within the definition. Source: Fla. Stat. § 494.0023(1)
Why This Is the Correct Answer
Section 494.0023(1) sets four written disclosures where a conflicting interest exists: the nature of the relationship, ownership or financial interest; an estimated charge or range of charges; that a financial benefit may be received; and that the borrower may choose an alternative source. Subsection (2)(a) brings a relative providing the products or services within the definition. Source: Fla. Stat. § 494.0023(1)
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