A Georgia broker tells an applicant the $400 fee amount and nothing about whether any of it comes back. What refund-related information must also be disclosed before taking the fee?
Correct Answer
A) Incomplete: refundability and the terms for a refund are also disclosed
Before accepting a fee the broker or lender must disclose whether all or any part of it is refundable prior to settlement, and the terms and conditions for obtaining a refund where it is. Other choices: the amount is one of several fee disclosures; a refund practice is not a disclosure; and there is no requirement keyed to the 3 largest third-party fees. Source: Ga. Comp. R. & Regs. 80-11-1-.01(2)(d)
Why This Is the Correct Answer
Before accepting a fee the broker or lender must disclose whether all or any part of it is refundable prior to settlement, and the terms and conditions for obtaining a refund where it is. Other choices: the amount is one of several fee disclosures; a refund practice is not a disclosure; and there is no requirement keyed to the 3 largest third-party fees. Source: Ga. Comp. R. & Regs. 80-11-1-.01(2)(d)
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