ECOA Sect 1 Page 1-67

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Question 1 of 3

1. Question
Which of the following statements is true regarding mortgage loan advertisements under the final rules amending Reg. Z?
- A) Advertisements for both open-end and closed-end loans must clearly and conspicuously provide accurate information about rates, payments, and fees.
- B) The rules only apply to advertisements for open-end mortgage loans.
- C) Advertisements for loans with variable rates must always state that the rates are fixed for the full loan term.
- D) Mortgage advertisements for closed-end loans may mislead consumers as long as they mention rates and fees clearly.
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Question 2 of 3

2. Question
What is the rule regarding the use of the term “fixed” in advertisements for variable-rate mortgage transactions?
- A) The term “fixed” may only be used in advertisements for fixed-rate loans.
- B) “Fixed” can be used if “Adjustable-Rate Mortgage” is stated before it and is at least as conspicuous.
- C) The word “fixed” is prohibited in all mortgage loan advertisements.
- D) Advertisements must disclose that rates are fixed for the full term of the loan.
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Question 3 of 3

3. Question
Which of the following is prohibited in mortgage loan advertisements according to the final rules of Reg. Z?
- A) Using the term “fixed” for a loan that has a variable rate without disclosing that the rate is only fixed for a limited time.
- B) Using the term “adjustable-rate” without specifying the period it is fixed.
- C) Including a disclaimer about rates being variable in mortgage loan advertisements.
- D) Mentioning that a loan is fixed if it is a 5/1 ARM.
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