Under the TILA,consumers Have the Right to Rescind a Mortgage

question 37

Multiple Choice

Under the TILA,consumers have the right to rescind a mortgage for up to:

• A) five business days (Monday through Friday) after signing.
• B) three business days (Monday through Saturday) after the signing.
• C) three years from the date of the mortgage if the lender does not comply with the disclosure provisions of the TILA.
• D) Both (a) and (c).
• E) Both (b) and (c).

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Definitions:

External Costs

Uncompensated costs incurred by someone who is not involved in the production or consumption of a good or service, typically relating to environmental damage or public health.

Market's Output

The total quantity of goods and services produced and offered for sale in a market during a specific period of time.

Internalized

Describes a process or value that has been incorporated within an individual's psychological framework and is reflected in their behavior or decision-making.

Equilibrium Quantity

The quantity of goods or services traded in a market at the equilibrium price, where the quantity supplied equals the quantity demanded.