QUESTION 1 When a lender requires that the entire balance of the principal amount is paid prior to the full amortized period of the loan, the lump sum payment is commonly referred to as an: O payment cap O early payment O balloon payment O up front payment QUESTION 2 As an agent for the buyer or seller, a broker has six basic fiduciary responsibilities. Which of the following definitions best describes the responsibility of obedience? O A broker must never subordinate the best interest of the principal to the interests of others, including himselt/herself A broker must not convey information about the principal's financial status or motivations, A broker must keep the principal informed of all changes in the financials of the negotiation A broker must follow the instructions of the principal to the limits of what is legal and ethical QUESTION 3 Congress has enacted a number of regulations that have established criteria for evaluating home loan applicants and mandating disclosures in the origination of home loans. Which of the following congressional acts requires important disclosures concerning the cost of consumer credit, including the computation of the annual percentage rate (APR)? Real Estate Settlement Procedures Act (RESPA) Truth in Lending Act (TILA) Home Ownership and Equity Protection Act (HOEPA) Equal Credit Opportunity Act (ECON) MacBook Air