TX RMLO- Questions with Complete
Solutions
Which of the following methods can be used to obtain an advance from a TX home Equity line
of Credit Correct Ans-a: Credit card-X
b: Debit card
c:Both of the above
d:None of the above
Which of the following statements is true regarding an "owelty of partition" Correct Ans-a:
An owelty of partition is typically related to a divorce action is not exempt from the TX
Homestead Law- X
b: As O of P is typically related to a divorce action and is exempt from the TX Homestead law
c: An O of P is typically related to a construction loan and is not exempt from the TX Homestead
law
d: An O of P is typically related to a construction loan and is exempt from the TX Homestead law
The special treatment available to active duty member of the US Military Service under TX law
governing foreclosures is available if the mtg being foreclosed upon was originated Correct
Ans-Before going on Acitive duty
A lenders suit for a deficiency judgment against a borrower after the property has been sold at a
foreclosure sale must be filed with the court within how long after the foreclosure sale?
Correct Ans-2 years
, A non judgement foreclosure might be used on which of the following types of loans?
Correct Ans-Neither a reverse mtg nor a home equity loan
A public auction at which foreclosure sales are conducted occurs Correct Ans-on the first
Tuesday of each month
The notification process for a non judicial foreclosure sale will include each of the following
steps, EXCEPT Correct Ans-a; Posting a written notice at the courthouse door of the county
(counties) where the property is located
b: Filing that written notice in the office of the county clerks where the property is located
c: Serving written notice of the sale by certified mail on each debtor who is obligated to pay the
debt
d: Publishing a notice in the legal notice section of a newspaper of general circulation -Correct
The notification process prior to conducting the auction to sell the property in a foreclosure
action must take place at least __ days prior to the sale Correct Ans-21
The TX Homestead Law found in Article 16 section 50 of the TX Constitution, would primarily
impact wha type of mtg loan Correct Ans-a: Home equity loans
b: Loans to finance the purchase of a residential property
c: Refinancing of existing first mtg loans
d: Reverse mortgages (WRONG ANSWER)
Solutions
Which of the following methods can be used to obtain an advance from a TX home Equity line
of Credit Correct Ans-a: Credit card-X
b: Debit card
c:Both of the above
d:None of the above
Which of the following statements is true regarding an "owelty of partition" Correct Ans-a:
An owelty of partition is typically related to a divorce action is not exempt from the TX
Homestead Law- X
b: As O of P is typically related to a divorce action and is exempt from the TX Homestead law
c: An O of P is typically related to a construction loan and is not exempt from the TX Homestead
law
d: An O of P is typically related to a construction loan and is exempt from the TX Homestead law
The special treatment available to active duty member of the US Military Service under TX law
governing foreclosures is available if the mtg being foreclosed upon was originated Correct
Ans-Before going on Acitive duty
A lenders suit for a deficiency judgment against a borrower after the property has been sold at a
foreclosure sale must be filed with the court within how long after the foreclosure sale?
Correct Ans-2 years
, A non judgement foreclosure might be used on which of the following types of loans?
Correct Ans-Neither a reverse mtg nor a home equity loan
A public auction at which foreclosure sales are conducted occurs Correct Ans-on the first
Tuesday of each month
The notification process for a non judicial foreclosure sale will include each of the following
steps, EXCEPT Correct Ans-a; Posting a written notice at the courthouse door of the county
(counties) where the property is located
b: Filing that written notice in the office of the county clerks where the property is located
c: Serving written notice of the sale by certified mail on each debtor who is obligated to pay the
debt
d: Publishing a notice in the legal notice section of a newspaper of general circulation -Correct
The notification process prior to conducting the auction to sell the property in a foreclosure
action must take place at least __ days prior to the sale Correct Ans-21
The TX Homestead Law found in Article 16 section 50 of the TX Constitution, would primarily
impact wha type of mtg loan Correct Ans-a: Home equity loans
b: Loans to finance the purchase of a residential property
c: Refinancing of existing first mtg loans
d: Reverse mortgages (WRONG ANSWER)
