Which of the Following Is the Main Objective of the FTL

question 24

Multiple Choice

Which of the following is the main objective of the FTL legislation?

• A)More effective advance disclosure of settlement costs
• B)More informative disclosure of the cost of credit
• C)Elimination of kickbacks and unearned fees
• D)A reduction in the amount of escrow placed in accounts for homeowners

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Definitions:

Contingency

An existing condition or situation whose outcome is uncertain and will be confirmed only upon the occurrence or non-occurrence of one or more uncertain future events.

IFRS

A global set of accounting standards formulated by the International Accounting Standards Board (IASB), known as International Financial Reporting Standards.

Payroll Taxes

Charges levied on both employers and employees, typically determined based on a percentage of what employers pay to their workers as wages.