which statement is false regarding homeowners association disclosure requirements which statement is false regarding homeowners association disclosure requirements

3. Which individual is exempt from real estate licensure? The legal obligation is determined by applicable state or other law. If a closed-end credit transaction is converted to an open-end credit account under a written agreement with the consumer, account-opening disclosures under 1026.6 must be given before the consumer becomes obligated on the open-end credit plan. (i) General rule. 1026.57 Reporting and marketing rules for college student open-end credit. Within how many days must a licensee take corrective action when issued a notice of noncompliance for a minor violation? Disclosing charges before the fee is imposed. For accounts under an open-end consumer credit plan, a creditor must adopt reasonable procedures designed to ensure that: (1) If a grace period applies to the account: (i) Periodic statements are mailed or delivered at least 21 days prior to the date on which the grace period expires; and. ii. For example, if an address is received 22 days before the end of the June cycle, the creditor must send the periodic statement for the June cycle. (iii) Certain account-opening disclosures must be provided in a tabular format in accordance with the requirements of 1026.6(b)(1). In many states, that information is shared through a disclosure form, where a homeowner outlines details about the house. Which remedy for breach of contract requests that the courts award damages for the extent of loss suffered? Card issuers that are subject to the requirements of 1026.60 may establish procedures that comply with both 1026.60 and 1026.6 in a single disclosure statement. Georgia law allows you to exempt up to $21,500 in home equity from forced sale or liquidation if you file Chapter 7 bankruptcy, or $43,000 if you and your spouse file bankruptcy together. 47E) ("Disclosure Act") requires owners of residential real estate (single-family homes, individual condominiums, townhouses, and the like, and buildings with up to four dwelling units) to furnish buyers Residential Property and Owners' Association Disclosure Statement ("Disclosure Statement"). Keep all signed disclosures for at least three years after closing. Periodic statements not required. Estimates - obtaining information. Mark Smith is preparing to open a real estate office. 1026.1 Authority, purpose, coverage, organization, enforcement, and liability. When few of the facts and circumstances listed below are present, the substitution or replacement likely constitutes a change in the terms of an existing account for which 1026.9(c)(2) disclosures are appropriate. Purchases. A single, complete set of disclosures must be provided, rather than partial disclosures from several creditors. The right to void the contract can be waived in writing by the buyer. Same facts as in paragraph i above. However, the seller reserves the right to NOT pay a commission if he sells the property. All VA mortgage loans contain a due on sale clause. :The Act was enacted to protect the public health, safety, and welfare by encouraging the development and use of solar energy systems and prevent the adoption of measures that prevent the use of solar energy systems on any home that is subject to a homeowners' association, common interest community association, or . Mailing or delivery of periodic statements. Card issuer and person extending credit not the same person. 1. Gifting or transferring of a property, usually between relatives, Business transfers, usually in cases where two or more investors co-own a rental property. 4. Any person or group of persons occupying a separate housing space is defined by the U.S. Census Bureau as a, The interest on an assumed mortgage is entered on the closing statement as a. debit to the seller and a credit to the buyer. and plan your strategy. 1026.20 Disclosure requirements regarding post-consummation events. See interpretation of 5(b)(1)(i) General Rule in Supplement I. 2. The disclosures required by 1026.60, 1026.40, and 1026.16 may be provided to the consumer in electronic form without regard to the consumer consent or other provisions of the E-Sign Act in the circumstances set forth in those sections. Although neither finance charge nor annual percentage rate need be emphasized when used as part of general informational material or in textual descriptions of other terms, emphasis is permissible in such cases. Disclosure responsibilities are not satisfied by giving disclosures to only a surety or guarantor for a principal obligor or to an authorized user. This browser is no longer supported. See comment 5(b)(2)(ii)-2. Which statement is FALSE regarding a temporary real estate license? Substitution or replacement of credit card accounts. The creditor normally may rely on the representations of other parties in obtaining information. A creditor may collect an application fee excludable from the finance charge under 1026.4(c)(1) before providing account-opening disclosures. 1026.17 General disclosure requirements. See interpretation of 5(b) Time of Disclosures in Supplement I. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the account. - Entire estate to spouse. An account is deemed uncollectible for purposes of 1026.5(b)(2)(i) when a creditor has ceased collection efforts, either directly or through a third party. Abby died and her ownership passed, according to her will, to her surviving spouse. Creditors may disclose charges imposed as part of an open-end (not home-secured) plan orally or in writing at any time before a consumer agrees to pay the fee or becomes obligated for the charge, unless the charge is specified under 1026.6(b)(2). iv. How to locate a real estate disclosure form. Consistent terminology. Membership fees. For example, if a consumer telephones a card issuer to discuss a particular service, a creditor would meet the standard if the creditor clearly and conspicuously discloses the fee associated with the service that is the topic of the telephone call orally to the consumer. See interpretation of 5(d) Multiple Creditors; Multiple Consumers in Supplement I. Using the account. For purposes of 1026.5(b)(2)(ii)(A)(1), the payment due date for a credit card account under an open-end (not home-secured) consumer credit plan is the date the card issuer is required to disclose on the periodic statement pursuant to 1026.7(b)(11)(i)(A). In Maryland, sellers have a choice between giving a standard property disclosure statement or selling the home with a disclaimer on the condition of the home essentially selling the home as-is. You are analyzing an investment property. The title to a parcel of real estate property is not effectively conveyed until a valid deed is, In the Government Survey System, the six mile vertical strip of land that extends from the north to the south of Florida, located immediately west of the Tallahassee Principal Meridian, is called. Is this transaction covered under Truth in Lending Act? Back (2) The card issuer does not treat as late for any purpose a required minimum periodic payment received by the card issuer within 21 days after mailing or delivery of the periodic statement disclosing the due date for that payment. 1026.37 Content of disclosures for certain mortgage transactions (Loan Estimate). There are only a few federally mandated disclosures, but overall, disclosure requirements fall under state law, and the requirements vary state by state. Additionally, the statement requires the disclosure of whether or not the property is conveyed subject to one or more homeowner's associations and obligations to pay assessments or dues. If they use an agent, the agent should make a reasonable effort to find out if theres anything wrong with the home to avoid misrepresentation. See interpretation of Paragraph 5(a)(1)(ii)(A) in Supplement I. Assume that, for an account under an open-end consumer credit plan that does not provide a grace period, a periodic statement mailed on September 10 states that a required minimum periodic payment of $100 is due on September 24. 1026.12 Special credit card provisions. 1026.40 Requirements for home equity plans. Accordingly, 1026.5(b)(2)(ii)(B)(1)(i) requires the creditor to have reasonable procedures designed to ensure that the periodic statement reflecting the $500 balance is mailed or delivered on or before May 4. contact the county property appraiser or a representative. What action will be taken against a broker's license when a claim NOT associated with an escrow disbursement order is paid from the Real Estate Recovery Fund? Which action does NOT terminate a single-agent brokerage relationship with the seller? If your disclosure statement includes lead paint, make sure the disclosures are signed, and keep copies for at least three years. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. These are also in addition to the federal lead-paint disclosure requirements. Foundation issues can also be considered a health and safety issue. If the creditor opens an account for the consumer, the creditor would comply with the timing rules of this section by providing the consumer with the annual percentage rate (along with the fees and other required disclosures) that would apply to the balance transfer in time for the consumer to contact the creditor and withdraw the request. ii. A qualified buyer offers to pay the $2,00 down, but the developer states that the $2,000 down homes are all sold. For example, when the consumer fails to fulfill a prior commitment to keep the collateral insured and the creditor then provides the coverage and charges the consumer for it, such a change does not make the original disclosures inaccurate. For example, the creditor might look to insurance companies for the cost of insurance. 2. After accepting the offer: Depending on state law, you typically have a set period of time to submit disclosures to the buyer after youve accepted their offer its often between three and five days. Should clearly refer to the disclosure provision it replaces. If an account has been closed (for example, due to inactivity, cancellation, or expiration) and then is reopened, new account-opening disclosures are required. All disclosures for the open-end credit plan must be given, even if the disclosing creditor would not otherwise have been obligated to make a particular disclosure. What is the property's net operating income? Disclosures may be made to either obligor on a joint account. Which requirement must be met for individuals acquiring a Florida sales associate's license through mutual recognition? Same facts as in paragraph i above. Within how many business days must the broker notify the FREC that the matter has been settled? (See 1026.13(a)(7).). Use of inserts. It is not Zillow's intention to solicit or interfere with any established agency relationship you may have with a real estate professional. ), If the home is subject to a homeowners association (HOA), Nearby toxic materials, like contaminated soil, By providing disclosures before you have a buyer (like in your. Real property conveyed by the terms of a will is called In Arkansas, its also buyer beware unless the seller tells an outright lie about the home. Arizona Department of Housing - The agency offers foreclosure aid to Arizona homeowners helping with mortgage, taxes, and homeowner's association (HOA) fees. Similarly, in these circumstances, the limitation in 1026.5(b)(2)(ii)(B)(2) on treating a payment as late for any purpose applies for 19 days after the closing date of the billing cycle. Similarly, a period following the payment due date during which a late payment fee will not be imposed is not a grace period for purposes of 1026.5(b)(2)(ii)(B). 1026.5 General disclosure requirements. If youre thinking about selling your home, you may be wondering what to tell prospective buyers about that water leak you had last year or that DIY repair you made a while back. For example, the consumer does not use the account when a creditor sends a billing statement with start-up fees, there is no other activity on the account, the consumer does not pay the fees, and the creditor subsequently assesses a late fee or interest on the unpaid fee balances. A temporary license may be renewed only one time Ten years ago a vacant lot in a subdivision was purchased for $30,500. If the creditor makes estimated disclosures, redisclosure is not required for that consumer, even though more accurate information becomes available before the first transaction. (ii) The creditor does not impose finance charges as a result of the loss of the grace period if a payment that satisfies the terms of the grace period is received by the creditor within 21 days after mailing or delivery of the periodic statement. The owner hired a general contractor to build a home in the lot. When a consumer initiates a request, the creditor may permit, but may not require, the consumer to pick up periodic statements. SOLAR PANELS. 3. 1026.33 Requirements for reverse mortgages. In rescindable transactions, however, separate disclosures must be given to each consumer who has the right to rescind under 1026.15. Which statement concerning Department if Veteran's Affairs (VA) mortgage loans is FALSE? (i) Statement required. See 1026.5 (b) (1) (iv) (A). What type of listing is this? How Accurate Is My Zestimate, and Can I Influence It? The creditor shall furnish account-opening disclosures required by 1026.6 before the first transaction is made under the plan. (iii) If disclosures are required to be presented in a tabular format pursuant to paragraph (a)(3) of this section, the term penalty APR shall be used, as applicable. The operating expenses for this property, including a $4,400 reserve for replacements, total $176,000. If the creditor adjusts an account balance so that at the end of the cycle the balance is less than $1 - so long as no finance charge has been imposed on the account for that cycle. Abby was a. However, within state laws you may find loopholes where agents are responsible to disclose more information than a for-sale-by-owner (FSBO) seller. The referring tenants do not hold a real estate licensees. Before the EDO was issued, the buyer and the seller settled their dispute over the escrow funds. Who Inherits Your Property. If the credit plan involves more than one creditor, only one set of disclosures shall be given, and the creditors shall agree among themselves which creditor must comply with the requirements that this part imposes on any or all of them. However, in these circumstances, 1026.5(b)(2)(ii)(A)(2) requires the card issuer to have reasonable procedures designed to ensure that a payment is not treated as late for any purpose during the 21-day period following mailing or delivery of the statement. The new laws include two assembly bills, AB 1101 and AB 502, and three senate bills, SB 391, SB 392, and SB 432. While you must disclose all defects and issues you know exist in your home, you dont have to go searching for problems if you dont know an issue exists, you dont have to disclose it. Generally. 2. 1026.32 Requirements for high-cost mortgages. The creditor shall mail or deliver a periodic statement as required by 1026.7 for each billing cycle at the end of which an account has a debit or credit balance of more than $1 or on which a finance charge has been imposed. (C) The consumer's right to reject the plan and return the goods is disclosed to the consumer as a part of the offer to finance the purchase. Disclosure before the first transaction. (4) Home-equity plans. Which statement is TRUE regarding comparative market analyses (CMAs)? Even after closing, you may be required to go back and pay for repairs on the property related to the known defect. 1. (2) Regardless of whether a grace period applies to the account: (i) Periodic statements are mailed or delivered at least 14 days prior to the date on which the required minimum periodic payment must be received in order to avoid being treated as late for any purpose; and. A creditor may collect, or obtain the consumer's agreement to pay, membership fees, including application fees excludable from the finance charge under 1026.4(c)(1), before providing account-opening disclosures if, after receiving the disclosures, the consumer may reject the plan and have no obligation to pay these fees (including application fees) or any other fee or charge. 3. F. Whether the account becomes a different type of open-end plan after the substitution or replacement (such as when a charge card is replaced by a credit card). Treating a payment as late for any purpose. Which statement is FALSE regarding homeowners association disclosure requirements? The grace period applies to the $500 balance because the balance for the March billing cycle was paid in full on April 25. The fact that a term or contract may later be deemed unenforceable by a court on the basis of equity or other grounds does not, by itself, mean that disclosures based on that term or contract did not reflect the legal obligation. ii. See interpretation of 5(a) Form of Disclosures in Supplement I. 1026.43 Minimum standards for transactions secured by a dwelling. The term penalty APR need not be used in reference to the annual percentage rate that applies with the loss of a promotional rate, assuming the annual percentage rate that applies is not greater than the annual percentage rate that would have applied at the end of the promotional period; or if the annual percentage rate that applies with the loss of a promotional rate is a variable rate, the annual percentage rate is calculated using the same index and margin as would have been used to calculate the annual percentage rate that would have applied at the end of the promotional period. HVAC condition or age, water, sewer and appliances, If the property was the scene of a crime or murder, or if its known to be haunted (seriously! Pursuant to MCL 559.184a, the disclosure statement is required to include all of the following: (i) An explanation of the association of co-owners' possible liability pursuant to section 58. Each county has different applications and required documents. 2. What Makes a Good Real Estate Agent for Home Sellers, How to Sell a House As-Is When It Needs Repairs, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. Disclosures required by 1026.6 may be provided as soon as reasonably practicable after the first transaction if: 1. A parcel of real estate has been left to Betty through her husband's will for her use and enjoyment during her lifetime, with the provision that the property goes to her stepson at her death. Not only will they provide you with the correct forms according to state law, but they can also answer all your questions about what needs to be disclosed and when. The legal obligation normally is presumed to be contained in the contract that evidences the agreement. New York State's Property Condition Disclosure Act requires sellers to notify buyers about whether the property is located in a flood plain, wetland, or agricultural district; whether it has ever. Sellers are legally required to disclose these issues, but by fully documenting them on the disclosure statement, sellers are better protected from future legal action (say, if a buyer was to sue the seller post-sale for undisclosed issues). See interpretation of 5(b)(2)(ii) Timing Requirements in Supplement I. 1026.11 Treatment of credit balances; account termination. See A.R.S. An agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party is called a Unilateral contract If you are doing a FSBO listing, the responsibility to research and follow through on disclosures falls on you. An owner of an apartment complex pays $100 to each tenant that refers a person who becomes a tenant. If a statement was returned as undeliverable. Disclosures not subject to E-Sign Act. Real estate licensees may not represent a CMA as an appraisal. Overview Title: Lead; Requirements for Disclosure of Known Lead-Based Paint and/or Lead-Based Paint Hazards in Housing (Section 1018 of Title X) (PDF) (March 6, 1996) Tracking numbers: Docket number: OPPTS-62130A; FRL-5347-9 RIN: 2070-AC75 Current phase: Final Rule Published (in effect) 1026.34 Prohibited acts or practices in connection with high-cost mortgages. However, if a consumer rejects the plan after receiving account-opening disclosures, the consumer must have no obligation to pay such an application fee, or if the fee was paid, it must be refunded. Creditors must choose which of them will make the disclosures. Florida Florida Homeowners' Associations (HOA) Disclosure Jonathan Minerick 1 year ago Updated Florida Statute 720.401 requires that buyers must be notified when they are purchasing a home located in a community with required membership in a homeowner's association (HOA). Which statement is FALSE regarding a temporary real estate license? Section 1026.5(b)(2)(ii)(A)(2) does not permit the card issuer to treat the $150 required minimum periodic payment as late until April 26. Events causing inaccuracies. This provision does not apply to charges imposed as part of a home-equity plan subject to the requirements of 1026.40. If the exact appraisal fee is determinable after the estimate is furnished but before the consumer receives the first advance under the plan, no new disclosure is necessary. See interpretation of 5(b)(1)(iii) Telephone Purchases in Supplement I. 4. These less common disclosures can vary by state, but in general, theyre not as common and often fall outside of the real property qualification. The reasonably available standard requires that the creditor, acting in good faith, exercise due diligence in obtaining information. Electronic disclosures. In this situation, the licensee should request that the DBPR issue. Making disclosures more conspicuous. On May 4, the card issuer has not received the $50 required minimum periodic payment that was due on April 25. Various types of homestead exemptions are available, including those based on assessed home value and homeowner age. What's more, South Carolina Code 27-50-65 creates penalties for noncompliance, stating that homeowners who knowingly violate or provide false, incomplete, or misleading information on the disclosure statement can be held liable for the buyer's actual damages, court costs, and attorney fees. See comments 7(b)(11)-1, 7(b)(11)-2, and 54(a)(1)-2. ii. When a consumer's ability to draw on an open-end account is terminated without being converted to closed-end credit under a written agreement, the creditor must continue to provide periodic statements to those consumers entitled to receive them under 1026.5(b)(2)(i), for example, when the draw period of an open-end credit plan ends and consumers are paying off outstanding balances according to the account agreement or under the terms of a workout agreement that is not converted to a closed-end transaction. Depending on state law, you typically have a set period of time to submit disclosures to the buyer after youve accepted their offer its often between three and five days. (viii) Certain disclosures provided when a rate is increased due to delinquency, default or as a penalty must be provided in a tabular format in accordance with the requirements of 1026.9(g)(3)(ii). 6. Which term is used for the recipient of real property by will? 1026.60 Credit and charge card applications and solicitations. It consists of 35 sections, namely: Definitions Application of Title Variation of Provisions of Title by Agreement Prohibited A standard disclosure statement that includes anything related to the condition of the property, like HVAC, gutters, appliances, windows, sump pumps, garage doors and more, Environmental hazards like asbestos or gas leaks, Walls, fences or driveways that are shared with other property owners, as well as information on easements on the property, Renovations made without permits or renovations that are not up to code, A natural hazard disclosure statement, for things like earthquake faults, drainage issues or past flooding, A death on the property within three years (if a buyer directly asks about a death on the property, no matter how long ago it occurred, be honest about what you know). Abby, Bob, and Cathy were co-owners of a parcel of real property. Need not be physically attached or affixed to the basic disclosure statement. For home-equity plans subject to 1026.40, the terms finance charge and annual percentage rate, when required to be used with a number, must be disclosed more conspicuously than other required disclosures, except in the cases provided in 1026.5(a)(2)(ii). Caveat emptor means buyer beware. In Alabama, Arkansas, North Dakota, West Virginia and Wyoming, the seller has no legal obligation to disclose anything about the physical condition of the home, but there can be a few exceptions: Its also worth noting that real estate agents who belong to professional organizations in caveat emptor states (and other states) may be held to higher ethical disclosure standards, which can mean that sellers may end up disclosing issues anyway, even if state law doesnt specifically require it. 1026.41 Periodic statements for residential mortgage loans. Appendix A to Part 1026 Effect on State Laws, Appendix B to Part 1026 State Exemptions, Appendix C to Part 1026 Issuance of Official Interpretations, Appendix D to Part 1026 Multiple Advance Construction Loans, Appendix E to Part 1026 Rules for Card Issuers That Bill on a Transaction-by-Transaction Basis, Appendix F to Part 1026 Optional Annual Percentage Rate Computations for Creditors Offering Open-End Credit Plans Secured by a Consumer's Dwelling, Appendix G to Part 1026 Open-End Model Forms and Clauses, Appendix H to Part 1026 Closed-End Model Forms and Clauses, Appendix J to Part 1026 Annual Percentage Rate Computations for Closed-End Credit Transactions, Appendix K to Part 1026 Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions, Appendix L to Part 1026 Assumed Loan Periods for Computations of Total Annual Loan Cost Rates, Appendix M1 to Part 1026 Repayment Disclosures, Appendix M2 to Part 1026 Sample Calculations of Repayment Disclosures, Appendix N to Part 1026 Higher-Priced Mortgage Loan Appraisal Safe Harbor Review, Appendix O to Part 1026 Illustrative Written Source Documents for Higher-Priced Mortgage Loan Appraisal Rules, Comment for 1026.1 - Authority, Purpose, Coverage, Organization, Enforcement and Liability, Comment for 1026.2 - Definitions and Rules of Construction, Comment for 1026.5 - General Disclosure Requirements, Comment for 1026.6 - Account-Opening Disclosures, Comment for 1026.8 - Identifying Transactions on Periodic Statements, Comment for 1026.9 - Subsequent Disclosure Requirements, Comment for 1026.11 - Treatment of Credit Balances; Account Termination, Comment for 1026.12 - Special Credit Card Provisions, Comment for 1026.13 - Billing Error Resolution, Comment for 1026.14 - Determination of Annual Percentage Rate, Comment for 1026.15 - Right of Rescission, Comment for 1026.17 - General Disclosure Requirements, Comment for 1026.18 - Content of Disclosures, Comment for 1026.19 - Certain Mortgage and Variable-Rate Transactions, Comment for 1026.20 Disclosure Requirements Regarding Post-Consummation Events, Comment for 1026.21 - Treatment of Credit Balances, Comment for 1026.22 - Determination of Annual Percentage Rate, Comment for 1026.23 - Right of Rescission, Comment for 1026.26 - Use of Annual Percentage Rate in Oral Disclosures, Comment for 1026.27 - Language of Disclosures, Comment for 1026.28 - Effect on State Laws, Comment for 1026.30 - Limitation on Rates, Comment for 1026.32 - Requirements for High-Cost Mortgages, Comment for 1026.33 - Requirements for Reverse Mortgages, Comment for 1026.34 - Prohibited Acts or Practices in Connection With High-Cost Mortgages, Comment for 1026.35 - Requirements for Higher-Priced Mortgage Loans, Comment for 1026.36 - Prohibited Acts or Practices and Certain Requirements for Credit Secured by a Dwelling, Comment for 1026.37 - Content of Disclosures for Certain Mortgage Transactions (Loan Estimate), Comment for 1026.38 - Content of Disclosures for Certain Mortgage Transactions (Closing Disclosure), Comment for 1026.39 - Mortgage Transfer Disclosures, Comment for 1026.40 - Requirements for Home-Equity Plans, Comment for 1026.41 - Periodic Statements for Residential Mortgage Loans, Comment for 1026.42 - Valuation Independence, Comment for 1026.43 - Minimum Standards for Transactions Secured by a Dwelling, Comment for 1026.46 - Special Disclosure Requirements for Private Education Loans, Comment for 1026.47 - Content of Disclosures, Comment for 1026.48 - Limitations on Private Education Loans, Comment for 1026.52 - Limitations on Fees, Comment for 1026.53 - Allocation of Payments, Comment for 1026.54 - Limitations on the Imposition of Finance Charges, Comment for 1026.55 - Limitations on Increasing Annual Percentage Rates, Fees, and Charges, Comment for 1026.56 - Requirements for Over-the-Limit Transactions, Comment for 1026.57 - Reporting and Marketing Rules for College Student Open-End Credit, Comment for 1026.58 - Internet Posting of Credit Card Agreements, Comment for 1026.59 - Reevaluation of Rate Increases, Comment for 1026.60 - Credit and Charge Card Applications and Solicitations, Comment for 1026.61 - Hybrid Prepaid-Credit Cards, Comment for Appendix A - Effect on State Laws, Comment for Appendix B - State Exemptions, Comment for Appendix C - Issuance of Official Interpretations, Comment for Appendix D - Multiple-Advance Construction Loans, Comment for Appendix F - Optional Annual Percentage Rate Computations for Creditors Offering Open-End Credit Plans Secured by a Consumer's Dwelling, Comment for Appendix G - Open-End Model Forms and Clauses, Appendices G and H - Open-End and Closed-End Model Forms and Clauses, Comment for Appendix H - Closed-End Forms and Clauses, Comment for Appendix J - Annual Percentage Rate Computations for Closed-End Credit Transactions, Comment for Appendix K - Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions, Comment for Appendix L - Assumed Loan Periods for Computations of Total Annual Loan Cost Rates, Comment for Appendix O - Illustrative Written Source Documents for Higher-Priced Mortgage Loan Appraisal Rules.