Oregon 30-Hour Real Estate Law Practice Test

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Study for the Oregon Real Estate Law Test. Explore multiple choice questions and flashcards with hints and explanations. Prepare for success!

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How soon must buyers receive their Loan Estimate after submitting a loan application?

Within one business day
Within three business days
Within five business days
Within seven business days

The correct answer is: Within three business days

The correct timeframe for buyers to receive their Loan Estimate is within three business days after submitting a loan application. This requirement is mandated by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), which aim to ensure transparency and protect consumers during the mortgage process. Receiving the Loan Estimate within this specified period allows buyers to review important information regarding the loan terms, estimated monthly payments, interest rates, and closing costs. By providing this information early in the process, borrowers can make informed decisions, compare different loan offers, and understand the costs involved before committing to a mortgage. Options indicating shorter or longer timeframes, like one business day, five business days, or seven business days, do not align with the regulations set forth by TILA and RESPA, emphasizing the importance of clarity and timeliness in loan documentation.