Prepxl (4) 6/1/22: Exam Review Questions and answers, VERIFIED/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |

Prepxl (4) 6/1/22: Exam Review Questions and answers, VERIFIED/ The administrative authority of the Commissioner includes all but which of the following? Promulgate rules or regulations implementing the S.A.F.E. Act Administer, interpret, and enforce the S.A.F.E. Act Carry out the intentions of the Legislature Sentencing violators of the S.A.F.E. Act to appropriate prison terms - -The answer is sentencing violators of the S.A.F.E. Act to appropriate prison terms. State regulators, such as a Commissioner, are not responsible for determining criminal sentences for violators of the S.A.F.E. Act. ECOA applies to the extension of credit for: Loans secured by a first or subordinate lien on residential property Residential, business, commercial, and agricultural loans Business, commercial, and agricultural loans All credit other than government loans - -The answer is residential, business, commercial, and agricultural loans. ECOA has a wider range than RESPA and TILA, beyond just loans related to residential properties. The law also covers loans for businesses, commercial, and agricultural loans. The examination of county and municipal records to determine the legal status of a property is called: Title insurance Title search Title binder Title commitment - -The answer is title search. The title search is the first step in the title process. It involves an abstractor or an attorney searching county or municipal records to determine the status of a property. A state-licensed loan originator is: Licensed by the NMLS An employee of a non-depository institution Identified by the unique identifier of his/her employer An employee of a subsidiary which is owned or controlled by a depository institution - -The answer is an employee of a non-depository institution. A state-licensed loan originator is an employee of a nondepository institution and is licensed by the state. An originator employed by a depository or the Farm Credit Administration would be registered