PLM PRACTICE TEST
QUESTIONS &
ANSWERS SOLVED
100% CORRECT!!
PLM
Evatee 10/3/24 PLM
, PLM PRACTICE TEST QUESTIONS & ANSWERS
SOLVED 100% CORRECT!!
Upfront MIP is collected on... Answer - All FHA loans.
A licensed loan originator is working for a licensed entity. Answer - He or she
can only work for the licensed entity with which he or she is currently
employed
In a deed of trust, the right that the trustee has to proceed with non-judicial
foreclosure is called: Answer - Power of sale
The DRE is headed by the: Answer - Director
Utah's Residential Mortgage Regulatory Commission consists of: Answer - Five
members that serve four-year terms
The ___________________ was created to detect, investigate, prosecute, and
deter mortgage fraud and other major financial fraud crimes in Utah. Answer -
Mortgage and Financial Fraud Unit
Which of the following is an example of open-ended credit? Answer - HELOC
An affiliated business arrangement established for the illegal purpose of
collecting excessive fees from consumers and splitting them among
participants is known as: Answer - A sham affiliated business arrangement
QUESTIONS &
ANSWERS SOLVED
100% CORRECT!!
PLM
Evatee 10/3/24 PLM
, PLM PRACTICE TEST QUESTIONS & ANSWERS
SOLVED 100% CORRECT!!
Upfront MIP is collected on... Answer - All FHA loans.
A licensed loan originator is working for a licensed entity. Answer - He or she
can only work for the licensed entity with which he or she is currently
employed
In a deed of trust, the right that the trustee has to proceed with non-judicial
foreclosure is called: Answer - Power of sale
The DRE is headed by the: Answer - Director
Utah's Residential Mortgage Regulatory Commission consists of: Answer - Five
members that serve four-year terms
The ___________________ was created to detect, investigate, prosecute, and
deter mortgage fraud and other major financial fraud crimes in Utah. Answer -
Mortgage and Financial Fraud Unit
Which of the following is an example of open-ended credit? Answer - HELOC
An affiliated business arrangement established for the illegal purpose of
collecting excessive fees from consumers and splitting them among
participants is known as: Answer - A sham affiliated business arrangement
