Fact Pattern 22-2

question 40

Multiple Choice

Fact Pattern 22-2
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 22-2. 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:

Scientific Experiment

A procedure carried out to support, refute, or validate a hypothesis through methodical observation, measurement, and data analysis.

Informal Research

A method of gathering information that is more casual and not rigorously structured, often used for internal purposes or preliminary investigations.

Business Writers

Professionals who specialize in creating and composing written material for business purposes, such as reports, proposals, and communications.

Ambiguous Wording

Language that is open to more than one interpretation, making it unclear or uncertain.