Questions: Five siblings have ownership rights to a property. If a refinance transaction affecting the property is subject to rescission, how many of these individuals must submit a rescission notice in order to void the loan? A. O A majority of the five B. O At least two of the five C. Any one of the five D. O All five

Five siblings have ownership rights to a property. If a refinance transaction affecting the property is subject to rescission, how many of these individuals must submit a rescission notice in order to void the loan? A. O A majority of the five B. O At least two of the five C. Any one of the five D. O All five
Transcript text: Five siblings have ownership rights to a property. If a refinance transaction affecting the property is subject to rescission, how many of these individuals must submit a rescission notice in order to void the loan? A. O A majority of the five B. O At least two of the five C. Any one of the five D. O All five
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Solution

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Answer

The answer is C. Any one of the five

Explanation
Option 1: A majority of the five

This option suggests that more than half of the siblings must submit a rescission notice. However, under the Truth in Lending Act (TILA), any one borrower has the right to rescind the loan.

Option 2: At least two of the five

This option implies that a minimum of two siblings must submit a rescission notice. This is not accurate according to TILA, which allows any one borrower to rescind.

Option 3: Any one of the five

This is the correct option. Under the Truth in Lending Act (TILA), any one of the borrowers has the right to rescind the loan within the rescission period, which is typically three business days after the transaction.

Option 4: All five

This option would require all siblings to agree and submit a rescission notice, which is not required under TILA. Any one borrower can rescind the loan.

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