Florida Real Estate Practice Exam

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What must the lender give to the borrower within three days following a loan application according to RESPA?

  1. Closing Disclosure

  2. Loan Estimate

  3. Freddie Mac borrower disclosure

  4. TIL statement

The correct answer is: Loan Estimate

After a borrower submits a loan application, RESPA requires the lender to provide a Loan Estimate within three days. This document outlines the estimated costs and terms associated with the loan, including interest rate, monthly payments, and closing costs. Option A, Closing Disclosure, is incorrect because this document is provided closer to the closing date, not within three days of the loan application. Option C, Freddie Mac borrower disclosure, and option D, TIL statement, are incorrect because these documents are not required by RESPA.

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