4/5/25, 6:42 CT Licensing Practice Exam |
PM
CT LICENSING PRACTICE EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
An appraiser MUST be licensed or 2. $250,000.
certified to handle Federally related work
on residential property valued at
more than:
1. $100,000.
2.$250,000.
3.$500,000.
4. $1,000,000.
Three identical homes in a neighborhood 1. The first sold.
were listed at the same time in a market
where demand was constant.
According to the law of supply and
demand, which would have sold for
the lowest price?
1. The first sold.
2. The second sold.
3.The last sold.
4.Cannot tell from the information given.
1/
9
, 4/5/25, 6:42 CT Licensing Practice Exam |
PM
In helping a buyer to select a lender, 3. more variety of loan programs available.
if the buyer believes he has good
credit and his income is
documentable as a
salary and by tax returns, the licensee
might recommend a mortgage banker,
instead of a mortgage broker, for all of
the following reasons EXCEPT:
1. closing costs may be lower.
2.loan originator has knowledge of the
underwriter's policies.
3.more variety of loan programs
available.
4. originator and lender are part of same
company.
A broker and the buyers he represents 4. Confirm with the seller's broker, the lender and the closing entity that the
are anxiously awaiting the closing on closing must be delayed to allow for a new seven-day waiting period because of
their new home. The closing is the interest rate revision.
scheduled in 4 days. The buyers inform
the broker that they just received
revised Loan Estimate
and Closing Disclosure forms from
the lender, indicating the Annual
Percentage Rate on their loan has
increased by 0.3%. Based on the TILA-
RESPA Integrated
Disclosure rule, what action should the
broker take in this situation?
1. Assist the buyers in calculating
the new loan payments and ask them if
they want to proceed with the closing as
scheduled.
2. Advise the buyers to file a
legal action against the lender for
violation of
predatory lending practices under the
Real Estate Settlement Procedures Act.
3.Call the lender and inform them
that they are in violation of the
seven-day waiting period and cannot
change the
terms of the loan this close to the closing.
4.Confirm with the seller's broker, the
lender and the closing entity that
the closing must be delayed to
allow for a
new seven-day waiting period because of
the interest rate revision.
According to the Truth-in-Lending Act, if 4. prepayment penalties and rebates.
any "trigger terms" are used in an ad, all
of the following disclosures MUST
appear in the ad EXCEPT the:
1. cash price or amount of the loan.
2.amount of down payment required.
3.number, amount, and frequency of
payments.
4. prepayment penalties and rebates.
2/
9
PM
CT LICENSING PRACTICE EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
An appraiser MUST be licensed or 2. $250,000.
certified to handle Federally related work
on residential property valued at
more than:
1. $100,000.
2.$250,000.
3.$500,000.
4. $1,000,000.
Three identical homes in a neighborhood 1. The first sold.
were listed at the same time in a market
where demand was constant.
According to the law of supply and
demand, which would have sold for
the lowest price?
1. The first sold.
2. The second sold.
3.The last sold.
4.Cannot tell from the information given.
1/
9
, 4/5/25, 6:42 CT Licensing Practice Exam |
PM
In helping a buyer to select a lender, 3. more variety of loan programs available.
if the buyer believes he has good
credit and his income is
documentable as a
salary and by tax returns, the licensee
might recommend a mortgage banker,
instead of a mortgage broker, for all of
the following reasons EXCEPT:
1. closing costs may be lower.
2.loan originator has knowledge of the
underwriter's policies.
3.more variety of loan programs
available.
4. originator and lender are part of same
company.
A broker and the buyers he represents 4. Confirm with the seller's broker, the lender and the closing entity that the
are anxiously awaiting the closing on closing must be delayed to allow for a new seven-day waiting period because of
their new home. The closing is the interest rate revision.
scheduled in 4 days. The buyers inform
the broker that they just received
revised Loan Estimate
and Closing Disclosure forms from
the lender, indicating the Annual
Percentage Rate on their loan has
increased by 0.3%. Based on the TILA-
RESPA Integrated
Disclosure rule, what action should the
broker take in this situation?
1. Assist the buyers in calculating
the new loan payments and ask them if
they want to proceed with the closing as
scheduled.
2. Advise the buyers to file a
legal action against the lender for
violation of
predatory lending practices under the
Real Estate Settlement Procedures Act.
3.Call the lender and inform them
that they are in violation of the
seven-day waiting period and cannot
change the
terms of the loan this close to the closing.
4.Confirm with the seller's broker, the
lender and the closing entity that
the closing must be delayed to
allow for a
new seven-day waiting period because of
the interest rate revision.
According to the Truth-in-Lending Act, if 4. prepayment penalties and rebates.
any "trigger terms" are used in an ad, all
of the following disclosures MUST
appear in the ad EXCEPT the:
1. cash price or amount of the loan.
2.amount of down payment required.
3.number, amount, and frequency of
payments.
4. prepayment penalties and rebates.
2/
9
