A Georgia broker collects a $550 application fee and discloses the amount on the following day. Was the application-fee amount disclosed before acceptance as required?
Correct Answer
A) Late: the $550 amount must be disclosed before the fee is accepted
The amount of a fee, including an application fee, credit report fee, appraisal fee and all other third-party fees, must be disclosed prior to the acceptance of the fee. Other choices: one business day later is still after acceptance; the rule sets no three-day run-up, only that it precede acceptance; and holding the $550 in trust does not change when the disclosure was owed. Source: Ga. Comp. R. & Regs. 80-11-1-.01(2)(c)
Why This Is the Correct Answer
The amount of a fee, including an application fee, credit report fee, appraisal fee and all other third-party fees, must be disclosed prior to the acceptance of the fee. Other choices: one business day later is still after acceptance; the rule sets no three-day run-up, only that it precede acceptance; and holding the $550 in trust does not change when the disclosure was owed. Source: Ga. Comp. R. & Regs. 80-11-1-.01(2)(c)
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