Virginia State Real Estate 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: When advertising financing availability under TILA, certain phrases can trigger full disclosure requirements.
Option D, "buy for less than $650 per month," specifies a payment amount, which could imply specific financing terms and thus necessitate full disclosure.
Option A, "assumable loan," refers to a loan type without indicating specific terms.
Option B, "owner willing to finance," suggests a willingness without detailing payment terms, keeping it general.
Option C, "FHA and VA financing available," mentions financing types but does not imply specific payment amounts or terms, avoiding TILA triggers.
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