A broker advertises a property and states that the seller will pay $5,000 toward the buyer's closing costs. The ad also includes the monthly payment amount. Under Regulation Z, the broker must now also include which of the following?
Correct Answer
D) The APR, loan amount, total of payments, and repayment terms
Including a monthly payment amount is a trigger term under Regulation Z. Once triggered, the ad must also disclose the APR, loan amount, total of payments, and repayment terms.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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