California Real Estate Practice Exam

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A broker's loan statement is now called a:

Mortgage loan disclosure statement.
Mortgage statement.
None of the above.
Broker's disclosure statement.

The correct answer is: Mortgage loan disclosure statement.

A broker's loan statement is now called a mortgage loan disclosure statement. This is because a broker's loan statement is a detailed document that outlines all the important information about a mortgage loan, including the terms, interest rate, and fees. This statement is designed to provide transparency and help borrowers understand the true cost of their loan. Therefore, it is now commonly referred to as a mortgage loan disclosure statement. Option B, mortgage statement, is not specific to brokers and may be used by other lenders as well. Option C is incorrect because a broker's loan statement was previously referred to as a different term. Option D, broker's disclosure statement, may still be used but is not the most current or commonly used term.