NORTH CAROLINA EXAM QUESTIONS WITH CORRECT ANSWERS
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Course
NCPT
Institution
NCPT
In North Carolina, the pre-licensing education requirement for mortgage loan originators is: - 24 hours
Illegal appraisal practices include all but one of the following: - Asking an appraiser to consider additional appropriate factors
In North Carolina, decisions on licensing applications are...
NORTH CAROLINA EXAM QUESTIONS WITH
CORRECT ANSWERS
In North Carolina, the pre-licensing education requirement for mortgage loan originators is: - ✔✔24
hours
Illegal appraisal practices include all but one of the following: - ✔✔Asking an appraiser to consider
additional appropriate factors
In North Carolina, decisions on licensing applications are made by: - ✔✔The Commissioner of Banks
A lender intends to make a loan in the amount of $100,000 that is secured by a first mortgage. The loan
is not a high-cost mortgage. What is the maximum amount of interest at which the loan may be made? -
✔✔Any amount contractually agreed upon by the lender and the borrower
A lender can avoid liability for errors in the making of high-cost home loans if it: - ✔✔Has procedures in
place to avoid unintentional errors and corrects them before the borrower or the Commissioner of Banks
notifies the lender of the error
The North Carolina Anti-Predatory Lending Law prohibits all but one of the following practices: -
✔✔Lending to a borrower who has completed homeownership counseling
In order for a North Carolina lender to close a high-cost loan, the lender must: - ✔✔Receive certification
from a counselor approved by the North Carolina Finance Agency that the loan applicant has received
counseling
If a prosecutor can show a pattern of practice of mortgage fraud, penalties can include: -
✔✔Imprisonment
Individual mortgage loan originators are allowed to carry out all but one of the following mortgage
lending activities: - ✔✔Table-fund mortgage loans
, With how many licensees or exempt depository institutions is an exclusive mortgage broker permitted to
be affiliated? - ✔✔An exclusive mortgage broker may only be affiliated with one licensee or exempt
entity at any given time
Mortgage loan originators may be employed by how many sponsoring mortgage licensees at one time? -
✔✔One
North Carolina licensees are required to keep examples of all advertising for: - ✔✔12 months
The late fee for a renewal application that a mortgage loan originator files after the December 31st
license expiration date is: - ✔✔$100
The definition of "immediate family member" includes a(n): - ✔✔Stepsister
A mortgage loan originator is permitted ______ test attempts before having to wait 180 days before re-
testing. - ✔✔Three
Under North Carolina law, a registered loan originator is: - ✔✔A loan originator who is registered with
the NMLS and who works for an exempt depository institution, such as a federally-regulated bank
A consumer reporting agency must place a security freeze on a consumer's credit report within _____ of
receiving an electronic request. - ✔✔24 hours
Mortgage brokers have duties under North Carolina Law that include all but one of the following: -
✔✔Duty to find a prime loan for all loan applicants
Which of the following is NOT one of the thresholds used under HOEPA to identify whether a loan is
high-cost? - ✔✔Finance charge
Which of the following is not a qualifying factor for a borrower seeking a reverse mortgage subject to the
North Carolina Reverse Mortgage Act? - ✔✔The loan must be structured as a subordinate home equity
line of credit
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