Under the Real Estate Settlement and Procedures Act, All of the Following

question 38

Multiple Choice

Under the Real Estate Settlement and Procedures Act, all of the following are required of the lender EXCEPT

• A) submission to the borrower of the booklet "Settlement Costs and You".
• B) submission of a "good faith estimate" of loan closing costs.
• C) disclosure of the "Annual Percentage Rate".
• D) use of the Uniform Settlement Statement for closing.

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Definitions:

Recency Effect

A memory phenomenon where the most recently presented items or experiences are more likely to be remembered than those presented earlier.

Primacy Effect

The tendency to remember information at the beginning of a list better than the information in the middle or at the end.

Recency Effect

The tendency to remember the most recently presented items or experiences more effectively than those presented earlier.

Long-Term Memory

The vast memory depository containing all of an individual’s knowledge and beliefs—including all those not in use at any given time.