Final Practice Exam #2

What agency became the conservator of Fannie Mae and Freddie Mac?

Which of the following is required for an FHA Streamline refinance loan?

Which law requires lenders to train employees to recognize the Red Flags of identity theft?

The California loan originator can receive a referral fee:

Higher priced loans for a flipped home require a second appraisal that is:

The ATR regulation applies to:

How much of a down payment does a borrower need if he doesn’t want to pay PMI?

What law allowed the government to assume control over Fannie Mae and Freddie Mac?

Local laws that control the use of the land are called:

Which is NOT a possible indication of short sale fraud?

The first page of an advertisers fax must include:

Loan originator organizations must keep compensation records for how many years?

Who chooses force-placed hazard insurance companies

HMDA requires lenders to submit their loan application registers to the:

What type of deed transfers ownership without making any guarantee of clear title?

Which of the following is NOT characteristic of a warranty deed:

Loan originators aren’t allowed to receive compensation:

What's the practice when a real estate agent only shows Hispanic buyers Hispanic blocks?

What lien has the highest priority and is paid off first when a property is sold?

Increasing neighborhood crime exemplifies what type of depreciation?

Commercial telemarketers must search the Do-Not-Call Registry:

A higher priced home loan is one that has:

Which of the following is NOT a feature of a qualified mortgage?

Which law requires loan originators to shred credit reports?

A deficiency judgement occurs when a:

Anything that effects the title to a property such as liens, easements or restrictions is a(n):

When does the borrower pay the first year of the hazard insurance premium?

What type of loan gives a borrower money each month?

What is a claim against a property for the payment of a debt?

Which of the following is NOT a valid requirement for a deed?

How many years must LO applicants wait after having a LO license revoked in another state?

What agency was established to respond to consumer financial complaints?

Which federal agency guarantees mortgage backed securities that are based on FHA and VA loans?

What type of mortgage is not guaranteed or insured by the government?

How many years must loan originator applicants wait after a felony fraud conviction?

Which of the following is NOT a loss mitigation option?

Which of the following is part of the Mortgage Assistance Relief Services Rule?

Which law requires businesses to print only the last five card numbers on a credit card receipt

Which of the following does NOT have a zero variance?

Commercial telemarketers are restricted to calling:

What law protects homeowners from foreclosure-prevention scams?

What describes the process of a senior lien-holder changing into a junior lien holder?

What type of loan is short term with money advanced in stages?

Which of the following is NOT a valid component of a contract?

What type of federal report is filed when financial institutions detect suspicious activity?

Which of the following can have an unlimited variance?

What is the interest rate commercial banks charge their most creditworthy customers?

How many times may a loan originator receive credit for the same continuing course?

Monthly income before taxes and other deductions is known as:

A lender won’t lose money funding what type of loan?

What is the shortest time in which a mortgage purchase loan can close?

Who determines the underwriting guidelines for conforming loans?

What type of real estate co-ownership is only for married couples?

Which of the following is NOT a loan origination activity?

A LO who accepts an upfront fee for negotiating a loan modification is violating which law?

High cost home loans require a borrower to:

Individual submit an annual Report of Foreign Bank and Financial Accounts to:

Ginnie Mae

Which of the following is an appropriate adjustment in a market data appraisal?

What law was passed in 2010 in response to the financial meltdown and recession?

Which disclosure can be initially sent to the borrower within 45 days after closing

A unilateral contract is binding on:

What is the current name for the Federal Home Loan Mortgage Corporation

A lender that works with licensed loan originators is a:

Which of the following is NOT true of high cost home loans?

What happens if the acceptable variance between the LE and the CD are exceeded?

MIP is associated with what type of loan?

What type of fraud is when a LO submits and closes one loan application with multiple lenders?

The APR is stated in the:

Acceptable income for loan qualification includes:

What law requires ARM borrowers to receive the Consumer Handbook on Adjustable-Rate Mortgages?

What's when a rumor that an ethnic group is planning to move into the neighborhood?

Which appraisal method subtracts a value for depreciation?

Lenders must maintain an escrow account for higher-priced mortgages for a minimum:

If a consumer makes an inquiry to a company, the company can call for:

Which of the following is NOT part of the primary mortgage market?

Borrowers with a high cost loan can rescind the loan within how many business days?

What funding is when a lender borrows and assigns the mortgage to the investor after close

UFMIP is associated with what type of loan?

An FHA reverse mortgage is a:

What is Fannie Mae appraisal report form?

The Loan Estimate Disclosure does NOT include:

What protects lenders against losses when a borrower defaults on a loan?

What agency becomes the receiver for some failing financial institutions?

Mortgage companies must submit a residential loan origination activity report to the NMLS every

The lowest possible interest rate for an ARM loan is known as the:

What is when a lender allows a tenant’s improvements to be applied toward down payment funds?

An individual with good credit history who is paid to represent himself as a buyer is a:

What is the difference between the purchase price and the mortgage amount?

A lender that offers mortgage loans directly to the public is a:

Which of the following is NOT required for self-employed qualification?

What is the general term for the security pledged for the payment of a loan?

What law addresses loan originators compensation issues?

What type of fraud occurs when a LO changes a borrower’s birthdate to make him appear older?

Individuals must file a report when they transport how much cash out of the country?

In order to send a fax, advertisers must: