A seller lists a 1.1 acre vacant residential lot asking $10,000. His broker decides to offer the financing himself. The broker runs an ad saying, "A $3,000 downpayment will get you beautiful residential acreage." Is more credit information needed?
A. No, because Regulation Z doesn't apply to vacant land
B. No, because the value was under $25,000
C. Yes, because a real estate broker is offering financing
D. Yes, because the downpayment amount was given
Answer: D. Yes, because the downpayment amount was given
Under the advertising requirements of the Truth in Lending Act and Regulation Z (which apply to consumer loans secured by real property, including vacant land). if an ad contains a specific triggering term such as the downpayment amount, then the annual percentage rate and the other terms of repayment must also be disclosed in the ad.
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What is the breakeven point in units using absorption costing if the units produced are actually 2,250?
A) 1,330 units B) 1,000 units C) 887 units D) 584 units
Under the Fair Credit Reporting Act, a consumer reporting agency (credit bureau) must:
a. allow consumers to see credit ratings of businesses b. allow consumers to see information about them that results in their being denied credit c. allow any citizen (or business), without discrimination, to obtain a copy of a consumer report on any person d. allow consumers to see credit ratings of businesses and allow any citizen (or business), withoutdiscrimination, to obtain a copy of a consumer report on any person e. allow consumers to see information about them that results in their being denied credit and allow any citizen(or business), without discrimination, to obtain a copy of a consumer report on any person