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 soon must a loan applicant receive an information booklet about settlement costs?

One business day
Two business days
Three business days
A week

The correct answer is: Three business days

A loan applicant must receive an information booklet about settlement costs within three business days after submitting a loan application. This regulation is part of the requirements set forth by the Real Estate Settlement Procedures Act (RESPA). The purpose of this provision is to ensure that borrowers are informed about their rights regarding settlement costs and to promote transparency in the mortgage lending process. Having this information available early in the application process allows borrowers to make informed decisions and understand the various fees that may be associated with their loan. The three-day requirement is specifically designed to give applicants adequate time to review the material before moving further along in the lending process.