Prepayment penalty - Study guides, Class notes & Summaries
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NMLS MLO Exam (All Accurately Solved)
- Exam (elaborations) • 22 pages • 2024
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What must a borrower do to avoid having late payments reported to a credit bureau? correct 
answers Pay within 30 days of due date 
Max penalty if a borrower is required to use a specific title company or settlement agent? correct 
answers 3 times the fee 
What should not be over-weighted in an analysis of borrower repayment capacity? correct 
answers Credit scores 
Max prepayment penalty on residential mortgages in the first year of the loan correct answers 
3% 
What must condominium associatio...
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Alabama Real Estate License Exam
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After passing state exam, you have ___ days to apply for a Temporary License, either on an Active or Inactive basis. - 90 
 
Temporary Licenses are only valid for ___ year(s), and cannot be renewed. - 1 
 
For an Original License, you must pass a ___ hour post-license course. - 30 
 
If Temporary License is ACTIVE, the post-license course must be completed within ___ months. - 6. 
 
If the post-license course is not completed within ___ year(s), the Temporary License lapses. This period begins o...
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NMLS MLO Exam with Complete Solutions | A+ Grade
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What must a borrower do to avoid having late payments reported to a credit bureau? - Pay within 
30 days of due date 
Max penalty if a borrower is required to use a specific title company or settlement agent? - 3 times 
the fee 
What should not be over-weighted in an analysis of borrower repayment capacity? - Credit scores 
Max prepayment penalty on residential mortgages in the first year of the loan - 3% 
What must condominium associations do with respect to property insurance? - Keep a "blank...
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NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS ALREADY PASSED
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NMLS SAFE EXAM 2024 QUESTIONS 
AND ANSWERS ALREADY PASSED 
 
What does TILA stand for? Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? a secured loan in that you are borrowing against the equity that has 
been built in your house 
 
What is a REFI loan? 
 
LTV stands for Loan to Value 
 
Define PMI and state what the acronym stands for. Private mortgage insurance- on 
conventional loans 
 
Define one time variable funding fee and people in what situations is it waived for? Disabled ...
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REE 4204 exam 4, Real estate finance exam 3, REE 4202- Exam 2 Sirmans, Real estate finance Sirmans Exam 1 - Combined Test With Correct Revised Answers Guaranteed Pass!!
- Exam (elaborations) • 44 pages • 2024
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REE 4204 exam 4, Real estate 
finance exam 3, REE 4202- Exam 2 
Sirmans, Real estate finance 
Sirmans Exam 1 - Combined Test 
With Correct Revised Answers 
Guaranteed Pass!! 
Mortgage Refinancing - ANSWER : ●Replaces an 
existing mortgage with a new mortgage without a property 
transaction. 
●Borrowers will most often refinance when market rates 
are low. 
●The refinancing decision compares the present value of 
the benefits (payment savings) to the present value of the 
costs (p...
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45 hr final exam recap
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What is created on a title if there are any problems found with the physical layout of the property or in the title search results? 
a cloud 
 
 
A loan application exists when a consumer has submitted his or her name, income, property address, estimated value of property, amount of mortgage loan sought and: 
Social security number 
 
 
 
Brainpower 
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What part of the Closing Disclosure details the total amount of all payments on the loan and the annual percentage rate (APR)? 
loan cal...
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PSI REAL ESTATE EXAM PSI Real Estate Estate Exam Sample questions for Washington State Questions and Correct Answers & Latest Updated
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A licensee was showing property in an eight-unit complex to a prospective tenant using a 
motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, 
and lower all the door handles. The landlord: 
o :## Must allow the tenant to make the modifications at the tenant's expense, but can 
require, by the terms of the lease, restoration of the property. 
Which of the following is the best description of a fee simple estate? 
o :## The most complete ownership in prop...
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NMLS MLO Exam Questions and Answers | Latest Version | 2024/2025 | Already Passed
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NMLS MLO Exam Questions and 
Answers | Latest Version | 2024/2025 | 
 
Already Passed 
 
2/3/6 caps ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and 
lifetime cap of 6% 
 
3rd party recording fee tolerance? 10% 
 
5/6 ARM with 2/6 caps, what does the 5/6 represent? Initial rate is fixed for first 5 years and 
may adjust once every 6 months thereafter 
 
A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how 
many days before closing...
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NMLS SAFE EXAM 2024 Questions With Verified Answers
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NMLS SAFE EXAM 2024 Questions With 
Verified Answers 
What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z 
What is a HELOC loan? - answera secured loan in that you are borrowing against the equity 
that has been built in your house 
What is a REFI loan? - answer 
LTV stands for - answerLoan to Value 
Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on 
conventional loans 
Define one time variable funding fee and people in what situations is i...
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FIL 260 Final Exam Study Guide
- Exam (elaborations) • 12 pages • 2023
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Fair Housing Act of 1968 
-It outlawed: Refusal to sell or rent a dwelling to any person because of race, color, religion, sex, 
handicap or national origin. & financing/advertising 
-False statements concerning availability of housing 
-Stating different terms or conditions - lenders: deny loans or specifying different terms 
Federal Truth-in-Lending Law 
-Part of Consumer Credit Protection Act of 1968. Regulation Z 
-Disclosure of all financial charges 
-Interest rate 
-Prepayment penalty 
-La...
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