Illinois Real Estate Exam Practice Question
The primary purpose of TRID is to
Correct Answer: A
Rationale: The primary purpose of TRID (TILA-RESPA Integrated Disclosure) is to ensure transparency by disclosing information about the cost of closing, which helps consumers understand their financial obligations.
Option B is incorrect as TRID does not specifically require the use of a settlement statement; rather, it integrates and simplifies the disclosure process. Option C is misleading; while TRID addresses fees, it does not impose limitations on what lenders can charge. Option D is also incorrect; TRID does not grant a right of rescission to buyers, which is a separate provision under different regulations.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now