Texas Real Estate Brokerage Sales Apprentice Education (SAE) Practice Exam

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Prepare for the Texas Real Estate SAE Exam with our educational quiz. Study using flashcards and multiple choice questions, each with detailed explanations to ensure you're ready to pass your exam!

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How many days before closing must the Loan Disclosure be delivered to the buyer according to RESPA?

1 day
5 days
3 days
7 days

The correct answer is: 3 days

The correct response indicates that the Loan Disclosure must be delivered to the buyer at least three days prior to closing, in accordance with the Real Estate Settlement Procedures Act (RESPA). This requirement is set to ensure that buyers have adequate time to review the loan terms and costs associated with their mortgage, fostering better informed decision-making regarding their financing options. The three-day timeline is specifically designed to prevent last-minute surprises and to promote transparency in the lending process. By receiving this information three days in advance, buyers can ask questions or seek clarification on any aspects of the loan that may be unclear. Overall, this regulation helps to protect consumers by ensuring they are well-informed before finalizing significant financial commitments.