In order to receive a residential mortgage loan originator license, an applicant may
not have been convicted of, or plead guilty or nolo contendere, to any felony in a
domestic, foreign, or military court during the ______ preceding the date of application
for an MLO license.
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7 years
Section 32 loans are also known as ______ loans.
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high-cost
,Non-bank residential mortgage lenders and mortgage brokers are required to file
______ with the Financial Crimes Enforcement Network (FinCEN) under certain
circumstances.
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suspicious activity reports (SAR)
The category of _____ mortgage loans is defined as a consumer credit transaction that
for first-lien loans are 1.5 percentage points above the average prime offer rate issued
by Freddie Mac.
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higher-priced
The concept of chronological age and effective age is important because of the
method used to calculate _____ in residential appraisals.
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physical deterioration
A person used to buy property in order to conceal the actual owner is ______.
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, straw buyer
A SAR shall be filed no later than ______ after the date of the initial detection by the
reporting RMLO of facts that may constitute a basis for filing a SAR.
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30 days
The TILA-RESPA rule applies to most closed-end credit transactions secured by real
property but does NOT apply to ____.
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reverse mortgages
______ is the highest price likely to be paid for a property, assuming that the property
was available to all potential buyers at a realistic price or a reasonable length of time,
and neither buyer or seller was prevented from learning all the facts about the
property and its place in the market.
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market value
According to FBI, the _____ is sometimes referred to as "Industry Insider Fraud."
not have been convicted of, or plead guilty or nolo contendere, to any felony in a
domestic, foreign, or military court during the ______ preceding the date of application
for an MLO license.
Give this one a try later!
7 years
Section 32 loans are also known as ______ loans.
Give this one a try later!
high-cost
,Non-bank residential mortgage lenders and mortgage brokers are required to file
______ with the Financial Crimes Enforcement Network (FinCEN) under certain
circumstances.
Give this one a try later!
suspicious activity reports (SAR)
The category of _____ mortgage loans is defined as a consumer credit transaction that
for first-lien loans are 1.5 percentage points above the average prime offer rate issued
by Freddie Mac.
Give this one a try later!
higher-priced
The concept of chronological age and effective age is important because of the
method used to calculate _____ in residential appraisals.
Give this one a try later!
physical deterioration
A person used to buy property in order to conceal the actual owner is ______.
Give this one a try later!
, straw buyer
A SAR shall be filed no later than ______ after the date of the initial detection by the
reporting RMLO of facts that may constitute a basis for filing a SAR.
Give this one a try later!
30 days
The TILA-RESPA rule applies to most closed-end credit transactions secured by real
property but does NOT apply to ____.
Give this one a try later!
reverse mortgages
______ is the highest price likely to be paid for a property, assuming that the property
was available to all potential buyers at a realistic price or a reasonable length of time,
and neither buyer or seller was prevented from learning all the facts about the
property and its place in the market.
Give this one a try later!
market value
According to FBI, the _____ is sometimes referred to as "Industry Insider Fraud."
