Exam (elaborations)
PLM Practice Exam 2024_2025 fully solved & updated
- Course
- Institution
PLM Practice Exam 2024_2025 fully solved & updated
[Show more]
Content preview
PLM Practice Exam 2024/2025 fully solved& updated
Upfront MIP is collected on... - ANSWER-All FHA loans.
A licensed loan originator is working for a licensed entity. - ANSWER-He or she
can only work for the licensed entity with which he or she is currently employed
In a deed of trust, the right that the trustee has to proceed with non-judicial
foreclosure is called: - ANSWER-Power of sale
The DRE is headed by the: - ANSWER-Director
Utah's Residential Mortgage Regulatory Commission consists of: - ANSWER-Five
members that serve four-year terms
The ___________________ was created to detect, investigate, prosecute, and
deter mortgage fraud and other major financial fraud crimes in Utah. - ANSWER-
Mortgage and Financial Fraud Unit
Which of the following is an example of open-ended credit? - ANSWER-HELOC
An affiliated business arrangement established for the illegal purpose of
collecting excessive fees from consumers and splitting them among participants
is known as: - ANSWER-A sham affiliated business arrangement
USDA loans are primarily for properties located in: - ANSWER-Rural areas
The amount of income left over after debt is subtracted is called: - ANSWER-
Residual income
, The liability of the Recovery Fund for a single licensee may not exceed: -
ANSWER-$45,000.00
A mortgage loan originator advertises in conjunction with a real estate brokerage.
The advertisement features contact information for both entities, the role of the
brokerage in transactions, and the services the MLO may provide - ANSWER-This
is legal and in compliance with Utah law
A person who qualifies as a PLM and works by or on behalf of another PLM in
transacting mortgage business is: - ANSWER-An associate lending manager
With regard to qualified mortgages, the Veterans Administration has stated that
VA-insured or -guaranteed loans are: - ANSWER-Safe harbor qualified mortgages
A party who has been served a cease and desist order from the Director may
request a hearing within: - ANSWER-10 days of receiving the order
Which threshold CANNOT be used to identify high-cost loans according to
federal law? - ANSWER-PMI threshold
The administrative body existing within the DRE to help in regulating mortgage
professionals is: - ANSWER-The Residential Mortgage Regulatory Commission
This federal law is primarily concerned with disclosures and advertising. -
ANSWER-The Truth-in-Lending Act
Which of the following is not an affirmative duty of a principal lending manager? -
ANSWER-Ensuring that licensees do not offer high-cost mortgage loans
The Gramm-Leach-Bliley Act is concerned with: - ANSWER-Privacy of consumer
information
Every loan originator must: - ANSWER-Be affiliated with a PLM
What does "APR" mean? - ANSWER-Annual percentage rate
When a loan is characterized as "conforming," this means the loan: - ANSWER-
Meets guidelines established by Fannie Mae and Freddie Mac
The license of a person who commits mortgage fraud: - ANSWER-Is automatically
revoked
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tuition. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now