RMLO CHAMPIONS SCHOOL OF REAL ESTATE
FINAL PAPER 2026 QUESTIONS WITH
ANSWERS GRADED A+
◉ Section 32 loans are also known as ______ loans. Answer: high-cost
◉ The Truth in Lending Act's advertising provisions require that if
an advertisement contains a _______, then it must also include a
number of prescribed disclosures. Answer: triggering term
◉ The category of _____ mortgage loans is defined as a consumer
credit transaction that for first-lien loans are 1.5 percentage points
above the average prime offer rate issued by Freddie Mac. Answer:
higher-priced
◉ The Truth in Lending Act permits a borrower to assert a defense
to foreclosure against creditor when there is a violation of the _____
and the ability-to-repay provisions. Answer: anti-steering
◉ The TRID rule requires that the consumer receive the _____ no
later than 3 business days before consummation. Answer: closing
disclosure (CD)
, ◉ The TILA-RESPA rule applies to most closed-end credit
transactions secured by real property but does NOT apply to ____.
Answer: reverse mortgages
◉ The creditor may not provide a revised _____ on or after the date
that the creditor provides the consumer with the Closing Disclosure.
Answer: loan estimate (LE)
◉ The Loan Estimate must be delivered or placed in the mail no
later than the 7th business day before ______. Answer: consummation
◉ Creditors must provide a copy of the _____ to consumers who apply
for a consumer credit transaction secured by real property. Answer:
special information booklet
◉ A creditor may not impose any fee on a consumer in connection
with the consumer's application for a mortgage transaction until the
consumer has received the Loan Estimate and has indicated ____ with
the transaction. Answer: intent to proceed
◉ A policy or practice that has a disproportionately adverse effect
on applicants from a group protected against discrimination; the
policy is described as having a ______. Answer: disparate impact
FINAL PAPER 2026 QUESTIONS WITH
ANSWERS GRADED A+
◉ Section 32 loans are also known as ______ loans. Answer: high-cost
◉ The Truth in Lending Act's advertising provisions require that if
an advertisement contains a _______, then it must also include a
number of prescribed disclosures. Answer: triggering term
◉ The category of _____ mortgage loans is defined as a consumer
credit transaction that for first-lien loans are 1.5 percentage points
above the average prime offer rate issued by Freddie Mac. Answer:
higher-priced
◉ The Truth in Lending Act permits a borrower to assert a defense
to foreclosure against creditor when there is a violation of the _____
and the ability-to-repay provisions. Answer: anti-steering
◉ The TRID rule requires that the consumer receive the _____ no
later than 3 business days before consummation. Answer: closing
disclosure (CD)
, ◉ The TILA-RESPA rule applies to most closed-end credit
transactions secured by real property but does NOT apply to ____.
Answer: reverse mortgages
◉ The creditor may not provide a revised _____ on or after the date
that the creditor provides the consumer with the Closing Disclosure.
Answer: loan estimate (LE)
◉ The Loan Estimate must be delivered or placed in the mail no
later than the 7th business day before ______. Answer: consummation
◉ Creditors must provide a copy of the _____ to consumers who apply
for a consumer credit transaction secured by real property. Answer:
special information booklet
◉ A creditor may not impose any fee on a consumer in connection
with the consumer's application for a mortgage transaction until the
consumer has received the Loan Estimate and has indicated ____ with
the transaction. Answer: intent to proceed
◉ A policy or practice that has a disproportionately adverse effect
on applicants from a group protected against discrimination; the
policy is described as having a ______. Answer: disparate impact
