Florida Broker Practice Exam

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Prepare for the Florida Broker Exam. Study with interactive quizzes, flashcards, and multiple choice questions that include hints and explanations. Ace your exam and start your real estate career today!

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How long after applying for a loan must the required disclosures be provided to the borrower?

1 business day
3 business days
5 business days
7 business days

The correct answer is: 3 business days

The required disclosures must be provided to the borrower within three business days after applying for a loan because this timeframe is specified by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). These regulations ensure that borrowers receive essential information about the loan terms, costs, and the overall loan process in a timely manner. This three-day window allows borrowers to understand the financial implications of their loan before committing, enabling them to make informed decisions. The importance of timely disclosures is to promote transparency in lending practices and protect consumers.