Real Estate Trainers

Liberty University

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Real Estate Trainers, Practice Exam #15 questions with complete solutions
  • Real Estate Trainers, Practice Exam #15 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1. Which of the following is true regarding the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (The SAFE Act): A. It is effective as of July 31, 2009. B. It is a key component of the Housing and Economic Recovery Act of 2008. C. It requires all states to implement a SAFE-compliant mortgage loan originator (MLO) licensing process that meets certain minimum standards through the Nationwide Mortgage Licensing System and Registry (NMLS). D. All of the above. correct answer: D....
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Real Estate Trainers, Practice Exam #13 questions with complete solutions
  • Real Estate Trainers, Practice Exam #13 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) The stated purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act is which of the following: A. Improve accountability and transparency in America's financial system B. To protect the American taxpayer by ending bailouts C. To protect consumers from abusive financial services practices D. All of the above correct answer: D. Yes, all of these are stated reasons for this legislation, as well as to end "too big to fail" policies, and other reasons. 2) When was the ...
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Real Estate Trainers, Practice Exam #12 questions with complete solutions
  • Real Estate Trainers, Practice Exam #12 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) A person who earns $26/hr has a monthly gross income of nearest to what amount: A. $4500 B. $4250 C. $4760 D. $5200 correct answer: A. Multiply the hourly wage by 40 hours in the workweek, multiply by 52 weeks in the year, and divide by the 12 months in a year. 26 x 40 = $1040 x 52 = $54,080 ÷ 12 = $4506.67 2) Which of the following forms allows the lender to request copies of the borrower's federal income tax return: A. 1003 B. FNM A 5467C. 4506-T D. FHLMC 6807 correct answ...
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Real Estate Trainers, Practice Exam #11 questions with complete solutions
  • Real Estate Trainers, Practice Exam #11 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) The Mortgage Banker's Association considers all of the following indicators of predatory lending except: A. Falsifying loan documents B. Requiring credit insurance C. Requiring mortgage insurance D. Charging excessive prepayment penalties correct answer: C. Mortgage insurance is PMI, a reasonable and lawful requirement if the loan-to-value ratio is above 80%. 2) A predatory lender is trying to do any of the following, except: A. Become the owner of the property B. Suck the equi...
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Real Estate Trainers, Practice Exam #10 questions with complete solutions
  • Real Estate Trainers, Practice Exam #10 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) Which one of these classes of people is protected under the Fair Housing Act but not under the Equal Credit Opportunity Act: A. Race B. Sex C. Disability D. Religion correct answer: C. Disability 2) Which one of these classes of people is protected under the Equal Credit Opportunity Act but not under the Fair Housing Act: A. Age B. Color C. National origin D. Religion correct answer: A. This is correct. Because ECOA deals with the granting of credit, some of the issues about ...
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Real Estate Trainers, Practice Exam #9 questions with complete solutions
  • Real Estate Trainers, Practice Exam #9 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1. All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: A. The counselor explains the cost of the loan and the financial implications of obtaining it. B. The counselor is paid only if the borrower goes through with the reverse mortgage. C. At the end of the session, the counselor will provide a required certification of counseling. D. The counselor will provide guidance and advice on selecting a lender for the reverse m...
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Real Estate Trainers, Practice Exam #8 questions with complete solutions
  • Real Estate Trainers, Practice Exam #8 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1. All of the following are true about the margin on an ARM, except: A. The margin is the difference between the index value and the interest rate charged on an ARM. B. The margin is sometimes called the spread. C. The margin fluctuates like the index fluctuates with the cost of funds. D. The margin is added by the lender to ensure sufficient income for administrative expenses and profit. correct answer: C. The margin usually remains fixed and is not impacted by the movement of interest r...
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Real Estate Trainers, Practice Exam #7 questions with complete solutions
  • Real Estate Trainers, Practice Exam #7 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1. Which of the following best defines negative amortization: A. It is the same as interest only, with no interest being paid. B. Not only is no principal being paid, but not all of the interest due is being paid, hence the loan balance is growing due to this deferred interest.C. It is the same as a partially amortized loan, with the principal reducing very slowly. D. The principal is reducing so slowly it is a negative factor in the lives of the borrowers. correct answer: B. If the loan c...
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Real Estate Trainers, Practice Exam #6 questions with complete solutions
  • Real Estate Trainers, Practice Exam #6 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) The purpose of the Equal Credit Opportunity Act (ECOA) is which of the following: A. To protect the credit history of consumers. B. To minimize discrimination in the obtaining of credit. C. To ensure that all consumers have an equal opportunity to obtain credit. D. To help consumers fight the growing crime of identity theft. correct answer: C.This is the purpose of ECOA. 2) ECOA is also known as which of the following: A. Regulation B. B. Regulation C. C. Regulation X. D. Regu...
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Real Estate Trainers, Practice Exam #5 questions with complete solutions
  • Real Estate Trainers, Practice Exam #5 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1) When provisions of TILA refer to a creditor extending credit to a consumer, what does that mean? A. People, not a company. B. Businesses, if not more than a sole proprietorship. C. Sole proprietorships and partnerships. D. Corporations that were formed by consumers. correct answer: A. This is the interpretation of consumer. 2) Under TILA, the definition of credit includes all of the following, except: A. For personal, household, or family purposes. B. For any amount less than $1...
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