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NMLS SAFE ACT MLO Exam Federal Law With Correct Questions And Answers 2024
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NMLS SAFE ACT MLO Exam Federal Law With Correct Questions And Answers 2024
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NMLS SAFE ACT MLO Exam Federal LawWith Correct Questions And Answers 2024
If pa pborrow pis pon pthe pDO pNOT pCALL pLIST pand pmakes pan pinquiry pabout pdoing pbusiness
pwith pyou pin pregards pto pa ploan, pwhen pdoes pright pto pcontact pthem pexpire?
A. p1 pmonth
B. p2 pmonths
C. p3 pmonths
D. p4 pmonths p- pcorrect panswer.C. p3 pmonths
An pestablished pbusiness prelationship pwith pa pcompany palso pwill pbe pcreated pif pyou pmake
pan pinquiry pto pthe pcompany, por psubmit pan papplication pto pit. pThis pkind pof pestablished
pbusiness prelationship pexists pfor pthree pmonths pafter pthe pinquiry por papplication. pDuring
pthis ptime, pthe pcompany pcan pcall pyou.
Under pthe pHome pOwnership pand pEquity pProtection pAct p(HOEPA), pwhich ploan pbelow
pwould pbe pconsidered pa phigh-cost ploan?
A. p$100,000 ploan pwith pfees pof p$7,500
B. p$300,000 ploan pwith pfees pof p$22,500
C. p$420,000 ploan pwith pfees pof p$20,500
D. p$200,000 ploan pwith pfees pof p$16,500 p- pcorrect panswer.D. p$200,000 ploan pwith pfees pof
p$16,500
What pdoes pit pmean pthat pHUD pHomes pare pinitially poffered pon pa p"priority pbasis"?
A. pPeople pwho pare pbuying pthe phome pas ptheir pprimary presidence pare pgiven p1st ppriority
pto pmake pan poffer.
B. pReal pestate pbrokers pwho pare pproperly pregistered pwith pHUD pare pgiven p1st ppriority pto
pmake pan poffer.
C. pHUD pHomes pare pinitially poffered pat pa pbelow-market por p"priority" prate pto pencourage
pquick psale.
D. pHUD pwill pgive ppriority pfinancing pto pinitial pbuyers pof pHUD pHomes. p- pcorrect panswer.A.
pPeople pwho pare pbuying pthe phome pas ptheir pprimary presidence pare pgiven p1st ppriority pto
pmake pan poffer.
,HUD pis pthe pDepartment pof pHousing pand pUrban pDevelopment: pthe pUnited pStates pfederal
pdepartment pthat padministers pfederal pprograms pdealing pwith pbetter phousing pand purban
prenewal; pcreated pin p1965
The pTruth pin pLending pAct prequires pdisclosure pof
A. pthe pproperty pappraisal.
B. pkey pterms pof pthe pcredit ptransaction.
C. pclosing pcosts.
D. ploan pservicing ppractices. p- pcorrect panswer.B. pkey pterms pof pthe pcredit ptransaction.
TILA prequires pa pdisclosure pof pthe pterms pof pthe pcredit ptransactions, pincluding pcosts pand
pkey pprovisions. pRESPA prequires pdisclosure pof pclosing pcosts pand ploan pservicing
ppractices. pECOA prequires pdisclosure pof pthe pappraisal.
How plong pdoes pa plender phave pto pcure pa ptolerance pviolation?
A. pWithin p10 pbusiness pdays pafter psettlement
B. pWithin p30 pcalendar pdays pafter psettlement
C. pThe pborrower pmust pbe preimbursed pat psettlement
D. pWithin p1 pbusiness pdays pafter psettlement p- pcorrect panswer.B. pWithin p30 pcalendar
pdays pafter psettlement
RESPA pallows plenders pto pcure pthe ptolerance pviolation pby preimbursing pto pthe pborrower
pthe pamount pby pwhich pthe ptolerance pwas pexceeded, pat psettlement por pwithin p30 pcalendar
pdays pafter psettlement.
Which pRegulation pcorresponds pto pThe pReal pEstate pSettlement pProcedures pAct
p(RESPA) p?
A. pregulation pY
B. pregulation pV
C. pregulation pZ
D. pregulation pX p- pcorrect panswer.D. pregulation pX
The pterm p"Regulation pX" pcan prefer pto ptwo pdifferent pregulations pin pthe pUnited pStates.
pOne, ppassed pby pthe pFederal pReserve pBoard, pconcerns pcredit pextended pto ppeople pwho
ppurchase pUnited pStates pTreasury psecurities. pThe pother, palso pknown pas pthe pReal
pEstate pSettlement pProcedures pAct p(RESPA) pis pconcerned pwith pthe pprocess pof
pcompleting preal pestate psales. pPeople pwho pparticipate pin psuch psales pare pmonitored pby
pthe pDepartment pof pHousing pand pUrban pDevelopment pto pdetermine pwhether por pnot pthey
pare padhering pto plegislation psuch pas pRegulation pX.
Which pis pa pdisclosure pthat pRESPA prequires pcreditors pto pgive pto pcustomers pat pthe ptime
pof pthe pmortgage ploan pclosing?
, A. pMortgage pServicing pDisclosure pStatement
B. pHUD-1
C. pSettlement pCosts pand pYou pBooklet
D. pGFE p- pcorrect panswer.B. pHUD-1
The pHUD-1 pSettlement pStatement pis pa pstandard pform pin puse pin pthe pUnited pStates pof
pAmerica pwhich pis pused pto pitemize pservices pand pfees pcharged pto pthe pborrower pby pthe
plender por pbroker.
The pFederal plaw prequiring punrestricted paccess pto ppublic paccommodations pis pthe:
A. pFair pHousing pact
B. pThe ppublic paccommodations
C. pReal pEstate pSettlement pprocedures pact
D. pAmericans pwith pDisabilities pAct. p- pcorrect panswer.D. pAmericans pwith pDisabilities pAct.
The pAmericans pwith pDisabilities pAct pwhich pgives pcivil prights pprotection pto pindividuals
pwith pdisabilities psimilar pto pthose pprovided pto pindividuals pon pthe pbasis pof prace, pcolor,
psex, pnational porigin, page, pand preligion. pIt pguarantees pequal popportunity pfor pindividuals
pwith pdisabilities pin ppublic paccommodations, pemployment, ptransportation, pState pand
plocal pgovernment pservices, pand ptelecommunications.
If peach pof pthe pfollowing ploans pwould potherwise prequire pcompliance pwith pthe pFederal
pTruth-in-Lending pACT, pwhich pone pwould pbe pexempt pon pthe pbasis pof pthe ptype pof ploan
pitself?
A. pAn pagricultural ploan pby pa pbank
B. pA pVA ploan pfrom pa pfederally-charted psavings pand ploan passociation
C. p$25,000 ploan pfrom pa pcredit punion pfor phome pimprovement
D. p$20,000 psignature ploan pfrom pa pconsumer pfinance pcompany p- pcorrect panswer.A. pAn
pagricultural ploan pby pa pbank
Truth-In-Lending pAct pwas pdesigned pto pprotect pthe pborrower pby prequiring pthe plender pto
pmake pa pmeaningful pdisclosure pof pcredit pterms pto pthe pborrower. pThe pTruth-in-Lending
pAct pwould pnot pcover pAgricultural pLoans. pThe pright pof prescission pon pa ploan pbegins pwhen
pLoan pdocuments pare psigned pby pthe pborrower;
TILA pallows pconsumers p_____ pto pback pout pof pa ploan ptransaction pthrough pa pright pof
prescission.
A. p5 pBusiness pdays
B. p3 pBusiness pdays
C. p7 pBusiness pdays
D. p9 pBusiness pdays p- pcorrect panswer.B. p3 pBusiness pdays
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