Exam-Uniform State Content (UST) Flashcards CORRECT 100%
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Course
Uniform State Content
Institution
Uniform State Content
A licensed loan originator who is an instructor of an approved Continuing Education course may receive credit for the licensed loan originator's own annual Continuing Education requirement at the rate of:
a) One hour of credit for every one hour taught.
b) Two hours of credit for every one hour t...
Exam-Uniform State Content (UST)
Flashcards CORRECT 100%
A licensed loan originator who is an instructor of an approved Continuing Education
course may receive credit for the licensed loan originator's own annual Continuing
Education requirement at the rate of:
a) One hour of credit for every one hour taught.
b) Two hours of credit for every one hour taught.
c) Three hours of credit for every one hour taught.
d) Instructors may not receive credit in this way - ANSWERb) Two hours of credit for
every one hour taught.
A loan originator is:
a) A person who only performs real estate brokerage activities and is not
compensated by a lender, a mortgage broker, or other loan originator.
b) A person or entity solely involved in extensions of credit relating to timeshare
plans.
c) An individual who takes a residential mortgage loan application and offers or
negotiates terms of a residential mortgage loan for compensation or gain.
d) A person who only handles clerical or data entry functions. - ANSWERc) An
individual who takes a residential mortgage loan application and offers or negotiates
terms of a residential mortgage loan for compensation or gain.
A loan originator who applies to be licensed again after expiration must complete:
a. Pre-Licensing
b. The same course used the previous year
c. Both Pre-Licensing and Continuing Education combined
d. Continuing Education in the last year in which they were licensed -
ANSWERd.Continuing Education in the last year in which they were licensed
A loan originator who applies to be licensed again must:
a) receive a new unique identifier.
b) complete the Continuing Education requirements for the last year in which the
license was held.
c) write a letter to the Regulatory Authority requesting a new license.
d) None of the above. - ANSWERb) complete the Continuing Education
requirements for the last year in which the license was held.
A Mortgage Banker is:
a) A person who engages in the mortgage loan business by directly or indirectly
originating and closing mortgage loans with its own funds in the primary market for
consideration.
b) A person who engages in the mortgage loan business by directly or indirectly
negotiating or placing mortgage loans for others in the primary market for
consideration
c) A person who only performs real estate brokerage activities unless the person is
compensated by a lender, a mortgage broker, or other loan originator
, d) A contract MLO who works outside of the office and is not sponsored. -
ANSWERa) A person who engages in the mortgage loan business by directly or
indirectly originating and closing mortgage loans with its own funds in the primary
market for consideration.
A Mortgage Lender shall maintain capital of not less than $______ per licensed
location:
a) $100,000
b) $200,000
c) $300,000
d) An amount determined by the state Regulatory Authority that reflects the dollar
amount of loans originated. - ANSWERd) An amount determined by the state
Regulatory Authority that reflects the dollar amount of loans originated.
All of the following are required to be licensed except:
a) any Mortgage Lender making less than five mortgage loans within any 12
consecutive months.
b) any person who acts as a Mortgage Broker less than 5 times within any 2
consecutive months.
c) an independent contractors who engage in loan origination activities as a loan
processor or underwriter.
d) an individual negotiating a residential mortgage loan with or on behalf of an
immediate family member. - ANSWERd) an individual negotiating a residential
mortgage loan with or on behalf of an immediate family member.
All of the following must be deposited into trust accounts EXCEPT:
a. Rate-lock Commitment Fees
b. Prepaid Attorney Charges
c. Application Fees
d. MLO Commission Checks - ANSWERd.MLO Commission Checks
A person operating without a license is subject to:
a) Imprisonment
b) Civil money penalties
c) Criminal court proceedings
d) NMLS disciplinary actions - ANSWERb) Civil money penalties
After failing three (3) exams, an applicant must wait how long before taking the exam
again?
a) Ninety (90) Days
b) 180 Days
c) One (1) Month
d) Six (6) Months - ANSWERd) Six (6) Months
All advertising of a Mortgage Loan Originator must include which of the following?
a) A photograph of the Mortgage Loan Originator
b) The Mortgage Loan Originator's unique identifier
c) Types of loans the Mortgage Loan Originator makes
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