The Federal Truth-in-Lending Law (Regulation Z) gives the borrower a 3-day right of rescission when the loan is:
A: A purchase-money loan secured by a deed of trust on commercial property;
B: A loan secured by a second deed of trust on owner-occupied single-family residence when the money is borrowed subsequent to the purchase;
C: An FHA or VA loan to purchase a single-family, owner-occupied residence;
D: A conventional purchase-money loan secured by a deed of trust on residential property.
Answer: B: A loan secured by a second deed of trust on owner-occupied single-family residence when the money is borrowed subsequent to the purchase;
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The more elastic the demand, the more it pays for the seller to raise the price
Indicate whether the statement is true or false