The Variance 3/7/3 Rule Requires a Seven Business Day Waiting

question 12

Multiple Choice

The variance 3/7/3 Rule requires a seven business day waiting period once the initial disclosure is provided before closing a home loan if the Good Faith Estimate turns out to be off by more than the variance percentages established by which of the following new legislative actions?

• A) Mortgage Disclosure Improvement Act of 2008
• B) American Recovery and Reinvestment Act of 2009
• C) The Frank-Dodd Act of 2011
• D) The Community Reinvestment Act

Understand the use and interpretation of z-scores across various test types.

Distinguish between percentile rank and percentage correct.

Understand age norm comparisons and their relevance in educational testing.

Calculate and interpret standard deviation and its application in the normal distribution curve.

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Definitions:

Defamation

Defamation is the act of communicating false statements about a person that injure the reputation of that person.

Intrusion

Unauthorized entry into another's property or personal space, potentially violating privacy or security.

Organized Crime

Organized Crime refers to the systematic illegal activities carried out by structured groups primarily for profit or power.

Public Disclosure

The act of making information or data known to the public, especially as it relates to revealing previously confidential details about a company, individual, or technology.