FRECI_7-4 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 7 – Lecture 4 Federal and State Laws Pertaining to Real Estate Copyright, 2004 2 Lecture Preview What will you learn from this lecture? All about the Truth In Lending laws The requirements of “Regulation Z” What comprises an Annual Percentage Rate The purpose of the Equal Credit Opportunity Act Copyright, 2004 3 Vocabulary Terms None this lecture! Copyright, 2004 4 Consumer Credit Protection Act Truth-In-Lending Laws Covers advertising related to lending for real estate purchases Consumers are afforded the opportunity to compare different home loan programs based on the exact costs and terms of each Also… Truth-In-Lending Act ¨ Annual percentage rate (APR represents the ACTUAL yearly cost of credit) ¨ Other finance charges related to obtaining a loan Federal Reserve Regulation Z Applies to all NEW residential mortgages Lenders must disclose: “Bait and switch” advertising is illegal!
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_7-4 - Lecture Preview Florida Real Estate Commission...

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