New Jersey Real Estate Practice Exam Practice Question
To avoid triggering full disclosure under TILA when advertising financing availability on a listed property, which of the following statements must a real estate licensee avoid using?
Correct Answer: D
Rationale: To avoid triggering full disclosure under TILA, certain phrases must be carefully considered.
Option D, "buy for less than $650 per month," is problematic as it implies a specific payment amount, which may require additional disclosures about financing terms.
Option A, "assumable loan," is a neutral term that does not imply specific financing conditions.
Option B, "owner willing to finance," indicates potential financing options without specifying terms, thus avoiding TILA triggers.
Option C, "FHA and VA financing available," simply states the types of loans without suggesting specific payment amounts, making it compliant.
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