Exam MLO Topic 1 Question 72 Discussion

Actual exam question for NMLS's MLO exam
Question #: 72
Topic #: 1
According to the Truth in Lending Act (TILA), a dwelling includes which of the following?

Suggested Answer: C Vote an answer

Under the Truth in Lending Act (TILA), a dwelling is defined as any residential structure that includes one to four units, such as an individual condominium unit, single-family home, or townhouse. This definition also includes mobile homes or manufactured homes, as long as they are used as residences.
* Unimproved lots (A) are not considered dwellings because they lack a residential structure.
* A six-unit apartment complex (B) exceeds the limit of four units for a dwelling under TILA.
* Timeshares (D) are typically considered non-residential and do not meet the TILA definition of a dwelling.
References:
* Truth in Lending Act (TILA), 12 CFR ยง1026.2(a)(19)
* CFPB Guidelines on TILA's definition of a dwelling

by Hiram at Mar 17, 2025, 08:53 AM

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