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NCCO TEST EXAM 3 LATEST 2026-2027 QUESTIONS
AND CORRECT VERIFIED ANSWERS JUST RELEASED
THIS YEAR
Question: Which of these is *not* a valuation for the purposes of Regulation B's appraisal
requirements?
a. A report prepared by an appraiser (whether or not licensed or certified) including the
appraiser's estimate or opinion of the property's value.
b. A document prepared by the credit union's staff that assigns value to the property.
c. Internal documents that merely restate the estimated value of the dwelling contained in an
appraisal or written valuation being provided to the applicant.
d. A broker price opinion prepared by a real estate broker, agent, or sales person to estimate the
property's value. - CORRECT ANSWER✔✔c. Internal documents that merely restate the
estimated value of the dwelling contained in an appraisal or written valuation being provided to
the applicant.
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Question: When a credit union modifies a member's loan, the credit union must provide the
member with new Regulation Z disclosures. Choose the best answer,
a. True, the member's original obligation has been satisfied and is replaced with a new
obligation.
b. True, this is a subsequent change in terms.
c. False, if the terms of an existing loan obligation are modified without the obligation being
satisfied and replaced. Whether a subsequent change in terms is considered a "loan
modification" or "refinance" will depend on how state law addresses loan modifications.
d. False, the terms of an existing loan obligation are modified without the obligation being
satisfied and replaced. - CORRECT ANSWER✔✔a. True, the member's original obligation has
been satisfied and is replaced with a new obligation.
Question: The credit union plans a billboard advertisement featuring a generic message about
the credit union's home mortgage lending program. Does the Equal Housing Lending logo and
statement need to be included on the billboard? Choose the best answer.
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a. Yes, but it can be included in small font because the credit union's advertisement does not
state an annual percentage rate (APR).
b. Yes, the Equal Housing Lending logo and statement must be included on all advertisements
for real estate loans.
c. No, the Equal Housing Lending logo is only required to be disclosed in the credit union's
lobby.
d. No, billboards are not considered advertisements. - CORRECT ANSWER✔✔b. Yes, the Equal
Housing Lending logo and statement must be included on all advertisements for real estate
loans.
Question: Regulation Z's requirements depend on which type of credit is being extended as
well as the terms of the credit union's product.
a. True, a credit union needs to review the specific rules applicable to its loan product in order
to determine the requirements.
b. True, but only with regard to the advertising requirements. The disclosure requirements are
the same for all loan products.
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c. False, credit unions cannot create unique products and must follow Regulation Z's "plain
vanilla" requirement.
d. False, Regulation Z only applies to dwelling-secured credit and credit card accounts. -
CORRECT ANSWER✔✔a. True, a credit union needs to review the specific rules applicable to its
loan product in order to determine the requirements.
Q:If a credit union is advertising a promotional APR on an open-end credit product, the credit
union must also include information about when the promotional rate ends and the APR that
will apply after the end of the promotional period.
a. True, and if the promotional rate is at the opening of a new account the credit union must use
the term "introductory" or "intro" immediately in front of the promotional APR.
b. True, but this requirement only applies to home equity lines of credit (HELOCs).
c. False, this requirement only applies if the credit union uses the term "fixed" in the
advertisement.
d. False, the credit union only needs to include this information on internet advertisements. -
CORRECT ANSWER✔✔a. True, and if the promotional rate is at the opening of a new account
the credit union must use the term "introductory" or "intro" immediately in front of the
promotional APR.
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SUCCESS!
NCCO TEST EXAM 3 LATEST 2026-2027 QUESTIONS
AND CORRECT VERIFIED ANSWERS JUST RELEASED
THIS YEAR
Question: Which of these is *not* a valuation for the purposes of Regulation B's appraisal
requirements?
a. A report prepared by an appraiser (whether or not licensed or certified) including the
appraiser's estimate or opinion of the property's value.
b. A document prepared by the credit union's staff that assigns value to the property.
c. Internal documents that merely restate the estimated value of the dwelling contained in an
appraisal or written valuation being provided to the applicant.
d. A broker price opinion prepared by a real estate broker, agent, or sales person to estimate the
property's value. - CORRECT ANSWER✔✔c. Internal documents that merely restate the
estimated value of the dwelling contained in an appraisal or written valuation being provided to
the applicant.
1
SUCCESS!
,Page 2 of 36
Question: When a credit union modifies a member's loan, the credit union must provide the
member with new Regulation Z disclosures. Choose the best answer,
a. True, the member's original obligation has been satisfied and is replaced with a new
obligation.
b. True, this is a subsequent change in terms.
c. False, if the terms of an existing loan obligation are modified without the obligation being
satisfied and replaced. Whether a subsequent change in terms is considered a "loan
modification" or "refinance" will depend on how state law addresses loan modifications.
d. False, the terms of an existing loan obligation are modified without the obligation being
satisfied and replaced. - CORRECT ANSWER✔✔a. True, the member's original obligation has
been satisfied and is replaced with a new obligation.
Question: The credit union plans a billboard advertisement featuring a generic message about
the credit union's home mortgage lending program. Does the Equal Housing Lending logo and
statement need to be included on the billboard? Choose the best answer.
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a. Yes, but it can be included in small font because the credit union's advertisement does not
state an annual percentage rate (APR).
b. Yes, the Equal Housing Lending logo and statement must be included on all advertisements
for real estate loans.
c. No, the Equal Housing Lending logo is only required to be disclosed in the credit union's
lobby.
d. No, billboards are not considered advertisements. - CORRECT ANSWER✔✔b. Yes, the Equal
Housing Lending logo and statement must be included on all advertisements for real estate
loans.
Question: Regulation Z's requirements depend on which type of credit is being extended as
well as the terms of the credit union's product.
a. True, a credit union needs to review the specific rules applicable to its loan product in order
to determine the requirements.
b. True, but only with regard to the advertising requirements. The disclosure requirements are
the same for all loan products.
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c. False, credit unions cannot create unique products and must follow Regulation Z's "plain
vanilla" requirement.
d. False, Regulation Z only applies to dwelling-secured credit and credit card accounts. -
CORRECT ANSWER✔✔a. True, a credit union needs to review the specific rules applicable to its
loan product in order to determine the requirements.
Q:If a credit union is advertising a promotional APR on an open-end credit product, the credit
union must also include information about when the promotional rate ends and the APR that
will apply after the end of the promotional period.
a. True, and if the promotional rate is at the opening of a new account the credit union must use
the term "introductory" or "intro" immediately in front of the promotional APR.
b. True, but this requirement only applies to home equity lines of credit (HELOCs).
c. False, this requirement only applies if the credit union uses the term "fixed" in the
advertisement.
d. False, the credit union only needs to include this information on internet advertisements. -
CORRECT ANSWER✔✔a. True, and if the promotional rate is at the opening of a new account
the credit union must use the term "introductory" or "intro" immediately in front of the
promotional APR.
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SUCCESS!
