West Virginia Mortgage Law Practice Test

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Prepare for the West Virginia Mortgage Law Exam with our comprehensive test. Study using various questions and insights to strengthen your understanding of mortgage regulations and laws in West Virginia. Gear up and ensure you pass your exam!

Practice this question and more.

Which of the following is required to be disclosed in advertising for mortgage loans in West Virginia?

Annual simple interest rate
Average monthly payment
Loan origination fees
Total loan amount

The correct answer is: Annual simple interest rate

In West Virginia, it is required that the annual simple interest rate be disclosed in advertising for mortgage loans. This is because it allows consumers to accurately compare different loan options and make an informed decision. Option B, average monthly payment, can vary depending on the loan terms and may not accurately represent the overall cost of the loan. Option C, loan origination fees, is important to disclose but may not provide a complete picture of the total cost of the loan. Option D, total loan amount, is important but does not take into account the interest rate or other fees associated with the loan. Therefore, only option A is required in advertising for mortgage loans in West Virginia.