Uniform State Test Component || with 100% Errorless
Solutions.
The administrative authority of the Commissioner includes all but which of the following?
correct answers Sentence violators of the SAFE Act to appropriate prison terms
Which of the following individuals performs clerical or support duties as an employee at the
direction of a licensed or exempt institution? correct answers A loan processor
An immediate family member is considered any of the following, except: correct answers
Cousins
All but which of the following must be completed prior to being granted a mortgage loan
originator license? correct answers Completion of pre-licensing education
After failing a pre-licensing exam for third consecutive time, a licensee is required to wait:
correct answers 180 Days
Determining that an individual license applicant has not demonstrated financial responsibility
includes all but which of the following? correct answers A pattern of seriously delinquent
accounts in the past three years
The minimum standards for license renewal include all but which of the following? correct
answers A production report for all licensed originators
If a loan originator has not renewed his/her license by December 31st, he/she may: correct
answers Not continue to conduct any loan originator activities until the license has been
renewed
Which of the following individuals is required to be licensed as a loan originator? correct
answers A licensed attorney who works part-time with a lender originating loans
Mortgage loan originator Janine is assisting the Barstows in obtaining a residential mortgage
loan. Her assistance may include all of the following, except: correct answers Making a loan
commitment
A borrower accepts a 30-year fixed-rate loan at 5% and requests that the terms be locked in. At
closing, the borrower learns his loan is now ready to close as a seven-year ARM with a 3.75%
rate. The loan originator explains that it is a better loan because of the lower rate, and the ARM
is not much of a risk because of the extended duration of the start rate. Which of the following is
most accurate? correct answers The originator is engaging in unfair and deceptive trade practices
Which of the following would be considered grounds for license denial? correct answers
Conviction of a felony within the seven years immediately preceding application
Solutions.
The administrative authority of the Commissioner includes all but which of the following?
correct answers Sentence violators of the SAFE Act to appropriate prison terms
Which of the following individuals performs clerical or support duties as an employee at the
direction of a licensed or exempt institution? correct answers A loan processor
An immediate family member is considered any of the following, except: correct answers
Cousins
All but which of the following must be completed prior to being granted a mortgage loan
originator license? correct answers Completion of pre-licensing education
After failing a pre-licensing exam for third consecutive time, a licensee is required to wait:
correct answers 180 Days
Determining that an individual license applicant has not demonstrated financial responsibility
includes all but which of the following? correct answers A pattern of seriously delinquent
accounts in the past three years
The minimum standards for license renewal include all but which of the following? correct
answers A production report for all licensed originators
If a loan originator has not renewed his/her license by December 31st, he/she may: correct
answers Not continue to conduct any loan originator activities until the license has been
renewed
Which of the following individuals is required to be licensed as a loan originator? correct
answers A licensed attorney who works part-time with a lender originating loans
Mortgage loan originator Janine is assisting the Barstows in obtaining a residential mortgage
loan. Her assistance may include all of the following, except: correct answers Making a loan
commitment
A borrower accepts a 30-year fixed-rate loan at 5% and requests that the terms be locked in. At
closing, the borrower learns his loan is now ready to close as a seven-year ARM with a 3.75%
rate. The loan originator explains that it is a better loan because of the lower rate, and the ARM
is not much of a risk because of the extended duration of the start rate. Which of the following is
most accurate? correct answers The originator is engaging in unfair and deceptive trade practices
Which of the following would be considered grounds for license denial? correct answers
Conviction of a felony within the seven years immediately preceding application
