Under Florida real estate law, a licensee who arranges financing must disclose all of the following to the borrower EXCEPT:
Correct Answer
B) The lender's financial condition and loan portfolio performance
The lender's financial condition and loan portfolio performance are not required disclosures from the licensee to the borrower. Option A is incorrect because any financial interest in the lending institution must be disclosed. Option C is incorrect because compensation from lenders must be disclosed to avoid conflicts of interest. Option D is incorrect because the licensee's role must be clearly disclosed.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Financing Question
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Real World Application in Financing
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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