Florida Real Estate Practice Exam

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The Federal Reserve's Regulation Z requires lenders to disclose the annual percentage rate in accordance with

The Real Estate Procedures Act
Equal Credit Opportunity Act
The Truth in Lending Act
The Civil Rights Act of 1866

The correct answer is: The Truth in Lending Act

The correct answer is C The Truth in Lending Act. This act was passed in 1968 and requires lenders to disclose the annual percentage rate (APR) to consumers before they take out a loan. Option A, the Real Estate Procedures Act, is incorrect because this act deals with the disclosure of closing costs and other fees related to a real estate transaction. Option B, the Equal Credit Opportunity Act, prohibits lenders from discriminating against applicants based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. While this act may require lenders to disclose the APR in some cases, it is not the specific requirement set by Regulation Z. Option D, the Civil Rights Act of 1866, outlawed discrimination based on race in contracts and property transactions, but it does not pertain to the disclosure of the APR by lenders.