60. 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?
Answer: D
Real estate licensees must avoid using the statement "buy for less than $650 per month."
The statement "buy for less than $650 per month" must be avoided to prevent triggering full disclosure requirements under TILA when advertising financing availability on a listed property.
A) assumable loan
Using the term "assumable loan" does not trigger full disclosure under TILA as it simply indicates that the loan can be transferred to another party. This term is generally considered acceptable in real estate advertising and does not mislead consumers about financing terms.
B) owner willing to finance
The phrase "owner willing to finance" is permissible under TILA since it does not specify the terms or conditions of the financing. It indicates a potential financing option without implying specific payment amounts, thus avoiding the need for additional disclosures.
C) FHA and VA financing available
Mentioning "FHA and VA financing available" is a common practice in real estate advertising and is not a trigger for full disclosure under TILA. This information informs buyers of financing options without specifying payment structures, maintaining compliance.
D) buy for less than $650 per month
This statement must be avoided as it implies a specific payment amount that can mislead consumers about the financing terms. Such specificity requires additional disclosures under TILA, making it non-compliant in advertising contexts.
Conclusion
"Buy for less than $650 per month" is the only statement that specifically requires additional disclosures under TILA, making it the correct choice to avoid. The other options do not imply specific payment amounts or terms and thus do not trigger the same disclosure requirements, ensuring compliance in advertising financing availability.