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NMLS EXAM|| ACTUAL EXAM ALL QUESTIONS
AND CORRECT ANSWERS ALREADY GRADED
A+|| LATEST AND COMPLETE VERSION 2024-2025
WITH VERIFIED SOLUTIONS|| ASSURED PASS!!!
the dodd-frank appraisal independence provisions prohibit lenders from which of
the following activities? - ANSWER: coercing, bribing, or intimidating an
appraiser for appraisal firms to influence value
which does not include a refusal to extend additional credit under existing credit
arrangement where the applicant is either delinquent or in default where additional
credit would exceed a previously established credit limit? - ANSWER: adverse
action
no creditor may make a residential mortgage loan unless the creditor first does
which of the following? - ANSWER: determines that the consumer has a
reasonable ability to repay the loan according to its terms
What does RESPA stand for? - ANSWER: real estate settlement procedures act
the real estate settlement procedures act (respa) is a federal statute that protects
borrowers involved in using residential mortgage loans for the purchases of which
of the following
A) 1 to 4 family dwellings
(B) Condominiums
(C) Commercial real estate property
(D) Only A and B - ANSWER: D) only a and b
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the borrower must notify the creditor (or broker) of any intent to rescind on a loan
by midnight of the third business day after
(A) Consummation of the loan
(B) Delivery of the right to rescind
(C) Delivery of all disclosures
(D) Whichever of the above comes last - ANSWER: d) whichever comes last
ethics - ANSWER: the actions we take and the decisions we make that reflect a
systems of beliefs
Not an APR impacting fee - ANSWER: pest inspection fee
evidence of compliance with TRID disclosure rule must be retained for how many
years after the date of disclosure? - ANSWER: 3 years
how long are records maintained on the do not call registry? - ANSWER: until the
number is cancelled, republished or removed by the client
if an institution decides it is subject to the red flags rule, it must create what? -
ANSWER: identity theft prevention program
if you need to refinance a first mortgage and leave an existing second mortgage in
place, you must have the second lien holder sign which document? - ANSWER:
subordination agreement
NMLS EXAM|| ACTUAL EXAM ALL QUESTIONS
AND CORRECT ANSWERS ALREADY GRADED
A+|| LATEST AND COMPLETE VERSION 2024-2025
WITH VERIFIED SOLUTIONS|| ASSURED PASS!!!
the dodd-frank appraisal independence provisions prohibit lenders from which of
the following activities? - ANSWER: coercing, bribing, or intimidating an
appraiser for appraisal firms to influence value
which does not include a refusal to extend additional credit under existing credit
arrangement where the applicant is either delinquent or in default where additional
credit would exceed a previously established credit limit? - ANSWER: adverse
action
no creditor may make a residential mortgage loan unless the creditor first does
which of the following? - ANSWER: determines that the consumer has a
reasonable ability to repay the loan according to its terms
What does RESPA stand for? - ANSWER: real estate settlement procedures act
the real estate settlement procedures act (respa) is a federal statute that protects
borrowers involved in using residential mortgage loans for the purchases of which
of the following
A) 1 to 4 family dwellings
(B) Condominiums
(C) Commercial real estate property
(D) Only A and B - ANSWER: D) only a and b
, 2|Page
the borrower must notify the creditor (or broker) of any intent to rescind on a loan
by midnight of the third business day after
(A) Consummation of the loan
(B) Delivery of the right to rescind
(C) Delivery of all disclosures
(D) Whichever of the above comes last - ANSWER: d) whichever comes last
ethics - ANSWER: the actions we take and the decisions we make that reflect a
systems of beliefs
Not an APR impacting fee - ANSWER: pest inspection fee
evidence of compliance with TRID disclosure rule must be retained for how many
years after the date of disclosure? - ANSWER: 3 years
how long are records maintained on the do not call registry? - ANSWER: until the
number is cancelled, republished or removed by the client
if an institution decides it is subject to the red flags rule, it must create what? -
ANSWER: identity theft prevention program
if you need to refinance a first mortgage and leave an existing second mortgage in
place, you must have the second lien holder sign which document? - ANSWER:
subordination agreement
