Finance > QUESTIONS & ANSWERS > The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2 (All)

The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2

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The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2 1. Which of the following is NOT a loan origination activity? - ANS - C. Assisting in a loan modification 2. A unilateral contract is binding on: - ANS - A. One party 3. Loan originator organizations must keep compensation records for how many years? - ANS - C. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - ANS - B. Three months 5. How many years must loan originator applicants wait after a felony fraud conviction, in order to qualify for a license? - ANS - D. They aren't eligible for licensing 6. How many years must loan originator applicants wait after having a loan origination license revoked in another state, in order to qualify for a license? - ANS - C. They aren't eligible for licensing 7. Who chooses force-placed hazard insurance companies? - ANS - A. Lender 8. Which of the following is required for an FHA Streamline refinance loan? - ANS - C. Current on mortgage payments for the last three months 9. What law addresses loan originators' compensation issues? - ANS - B. Loan Origination Rule 10. Commercial telemarketers are restricted to calling: - ANS - C. Between 8 AM and 9 PM 11. Commercial telemarketers must search the Do-Not-Call registry: - ANS - B. Every 31 days 12. In order to send a fax, advertisers must: - ANS - A. Have an established business relationship with recipient 13. The first page of an advertiser's fax must include: - ANS - D. Opt-out instructions 14. What type of real estate co-ownership is only for married couples? - ANS - C. Tenancy by the entireties 15. Increasing neighborhood crime exemplifies what type of depreciation? - ANS - A. Economic obsolescence 16. What agency was established to respond to consumer financial complaints? - ANS - D. Consumer Financial Protection Bureau 17. What law protects homeowners from foreclosure-prevention scams? - ANS - B. Mortgage Assistance Relief Services Rule 18. Individuals must file a report when they transport how much cash out of the country? - ANS - B. $10,000 or more 19. What type of federal report is filed when financial institutions detect suspicious activity? - ANS - A. Suspicious Activity Report 20. What agency becomes the receiver for some failing financial institutions? - ANS - A. Federal Deposit Insurance Company 21. The ability-to-repay regulation applies to: - AN

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