Fact Pattern 15-2

question 39

Multiple Choice

Fact Pattern 15-2
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people, including Benny, who could not easily obtain credit under other loan programs.

-Refer to Fact Pattern 15-2.Under federal law, if 24-Hour Credit fails to provide certain material disclosures with respect to the loan, Benny's right to rescind the loan

• A)expires at midnight on the day the loan is finalized.
• B)is immediately revoked.
• C)is extended for up to three years.
• D)is tolled for the duration of the loan payments.

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Definitions:

Short-Term Memory

The capacity for holding a small amount of information in mind in an active, readily available state for a short period of time.

George Miller

A cognitive psychologist best known for his theory that the capacity of human memory is approximately seven items, plus or minus two.

State Capital

The city or town that functions as the administrative seat of government for a state.

Semantic Memory

A type of long-term memory involving the capacity to recall words, concepts, or numbers, which is essential for the use and understanding of language.