NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers (100% Pass)

NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers (100% Pass) Which Regulation corresponds to The Real Estate Settlement Procedures Act (RESPA) ? A. regulation Y B. regulation V C. regulation Z D. regulation X - Answer-D. regulation X The term "Regulation X" can refer to two different regulations in the United States. One, passed by the Federal Reserve Board, concerns credit extended to people who purchase United States Treasury securities. The other, also known as the Real Estate Settlement Procedures Act (RESPA) is concerned with the process of completing real estate sales. People who participate in such sales are monitored by the Department of Housing and Urban Development to determine whether or not they are adhering to legislation such as Regulation X. Which is a disclosure that RESPA requires creditors to give to customers at the time of the mortgage loan closing? A. Mortgage Servicing Disclosure Statement B. HUD-1 C. Settlement Costs and You Booklet D. GFE - Answer-B. HUD-1 The HUD-1 Settlement Statement is a standard form in use in the United States of America which is used to itemize services and fees charged to the borrower by the lender or broker. The Federal law requiring unrestricted access to public accommodations is the: A. Fair Housing act B. The public accommodations C. Real Estate Settlement procedures act D. Americans with Disabilities Act. - Answer-D. Americans with Disabilities Act. The Americans with Disabilities Act which gives civil rights protection to individuals with disabilities similar to those provided to individuals on the basis of race, color, sex, national origin, age, and religion. It guarantees equal opportunity for individuals with disabilities in public accommodations, employment, transportation, State and local government services, and telecommunications. If each of the following loans would otherwise require compliance with the Federal Truth-in-Lending ACT, which one would be exempt on the basis of the type of loan itself? A. An agricultural loan by a bank B. A VA loan from a federally-charted savings and loan association C. $25,000 loan from a credit union for home improvement D. $20,000 signature loan from a consumer finance company - Answer-A. An agricultural loan by a bank Truth-In-Lending Act was designed to protect the borrower by requiring the lender to make a meaningful disclosure of credit terms to the borrower. The Truth-in-Lending Act would not cover Agricultural Loans. The right of rescission on a loan begins when Loan documents are signed by the borrower; TILA allows consumers _____ to back out of a loan transaction through a right of rescission.