notary exam 2
The Notary Signing Agent is also the settlement or closing agent in the transaction. - correct answerFalse
The Notary Signing agent is hired as an independent contractor. - correct answerTrue
Notary Signing Agents draw the documents, collect and disburse funds, obtain the signatures of the borrowers and submit the title documents for recording. - correct answerFalse
The Interagency Guidelines, establishing standards for safeguarding customer information, require financial institutions to implement an information security program. - correct answerTrue
The GLBA provides consumers with the right to limit sharing of their information. - correct answerTrue
The truth in Lending Act (TILA) requires all lenders to the use the same credit terminology and expression of rates. - correct answerTrue
According to the TILA right of rescission rule, borrowers whose mortgage is for the purchase of a principle residence are guaranteed three days to cancel the loan. - correct answerFalse
The Real Estate Settlement Protection Act (RESPA) gives consumers an opportunity to select their settlement service providers. - correct answerTrue
The Affiliated Business Arrangement Disclosure is required by the federal TILA. - correct answerFalse
If New Year's Day falls on a Saturday, the following Monday is counted as one of the three business days in a right of rescission period. - correct answerTrue
Lenders prefer to send documents to the Notary Signing Agent because of the Agent's role as impartial witness in the transaction. - correct answerTrue
The Notary Signing Agent is also the settlement or closing agent in the transaction. - correct answerFalse
The Notary Signing agent is hired as an independent contractor. - correct answerTrue
Notary Signing Agents draw the documents, collect and disburse funds, obtain the signatures of the borrowers and submit the title documents for recording. - correct answerFalse
The Interagency Guidelines, establishing standards for safeguarding customer information, require financial institutions to implement an information security program. - correct answerTrue
The GLBA provides consumers with the right to limit sharing of their information. - correct answerTrue
The truth in Lending Act (TILA) requires all lenders to the use the same credit terminology and expression of rates. - correct answerTrue
According to the TILA right of rescission rule, borrowers whose mortgage is for the purchase of a principle residence are guaranteed three days to cancel the loan. - correct answerFalse
The Real Estate Settlement Protection Act (RESPA) gives consumers an opportunity to select their settlement service providers. - correct answerTrue
The Affiliated Business Arrangement Disclosure is required by the federal TILA. - correct answerFalse
If New Year's Day falls on a Saturday, the following Monday is counted as one of the three business days in a right of rescission period. - correct answerTrue
Lenders prefer to send documents to the Notary Signing Agent because of the Agent's role as impartial witness in the transaction. - correct answerTrue
