Utah MLO
__________ are usually taken into consideration actual property, even as ____________ are
commonly considered personal belongings. - ANS-Trees; veggies
A ______ settlement has all of the factors important to create the settlement and is enforceable,
however is issue to rescission through one of the events to the agreement. - ANS-Voidable
A credit card issuer have to well known a grievance of a billing blunders within _____ days after
receiving it and ought to resolve the dispute now not extra than _____ days after receiving the
grievance letter. - ANS-30; ninety
A disciplinary sanction that may be issued via the Division can be any of the subsequent,
besides: - ANS-Seizure of personal property
A licensed mortgage entity is converting the name underneath which it conducts business.
Which of the subsequent is proper? - ANS-The DRE should be notified inside ten days
A licensee under the Financial Institution Loan Originator Licensing Act have to keep records
associated with loan origination commercial enterprise for a period of: - ANS-Four years
A loan problem to HOEPA with a term of much less than ____ years can not have a price time
table with regular bills that, whilst totaled, do not completely amortize the loan. - ANS-5
A loan mortgage originator or lender have to understand positive simple tax information, which
includes all of the following, besides: - ANS-Loss at the sale of a domestic is deductible
A nontraditional loan product is defined as: - ANS-no longer - A high-value mortgage loan/Any
product without an adjustable fee
A party who has been served a end and desist order from the Director may also request a
listening to within: - ANS-Ten days of receiving the order
A payment-choice ARM is an instance of a loan that permits a borrower to defer payments of
fundamental or interest, however which oftentimes consequences in: - ANS-Negative
amortization
A person towards whom motion is taken underneath the law may also are seeking for judicial
evaluation by way of the: - ANS-Director
A man or woman discovered guilty of loan fraud in Utah is subject to a ___________ whilst the
cost concerned exceeds $five,000. - ANS-Second diploma prison
, A individual who commits a first violation of the prohibition against acting as a loan originator
without a license may be punished by means of: - ANS-Imprisonment for as much as three
hundred and sixty five days and a fine of up to $2,500
A man or woman who's required to be licensed or licensed underneath the regulation and acts
without that license or certification in a primary violation is responsible of: - ANS-not - A gross
misdemeanor/A first degree felony
A major lending manager will no longer be held answerable for failing to keep reasonable
supervision if he or she will show evidence of any of the following, besides: - ANS-Attempts to
conceal damage whilst getting to know of a contravention
A purchase and sale agreement is considered which kind of agreement? - ANS-Bilateral
A straw client is an individual who: - ANS-Accepts a price to provide private statistics to be used
on a loan software without intending to live in the home
A written contract may be informal and can consist of a observe or memorandum of the contract
as long as it contains all the following elements, besides: - ANS-It is an implied agreement
According to information launched by means of the FBI, which type of fraud has these days
overtaken loan origination fraud because the primary fraud hazard in most areas of the country?
- ANS-now not - identification robbery
According to the FBI, what are the 2 classes of mortgage fraud? - ANS-Fraud for Profit and
Fraud for Housing
According to Utah identity theft records, what sort of identification theft yielded the most
reviews? - ANS-no longer - Loan fraud
All however which of the subsequent people is exempt from the licensing necessities of the
Residential Mortgage Practices and Licensing Act? - ANS-An accomplice lending supervisor
All of the subsequent are licensing requirements for primary lending managers, except: -
ANS-Proof final touch of at least five years of revel in as a loan mortgage originator
All of the following loan professionals are problem to the Mortgage Lending and Servicing Act,
besides: - ANS-Processors
An affirmative responsibility of a predominant lending supervisor consists of organising and
preserving a plan for fine control, which can also involve acting pre- and post-closing audits of: -
ANS-now not - 50% or extra of mortgage files
__________ are usually taken into consideration actual property, even as ____________ are
commonly considered personal belongings. - ANS-Trees; veggies
A ______ settlement has all of the factors important to create the settlement and is enforceable,
however is issue to rescission through one of the events to the agreement. - ANS-Voidable
A credit card issuer have to well known a grievance of a billing blunders within _____ days after
receiving it and ought to resolve the dispute now not extra than _____ days after receiving the
grievance letter. - ANS-30; ninety
A disciplinary sanction that may be issued via the Division can be any of the subsequent,
besides: - ANS-Seizure of personal property
A licensed mortgage entity is converting the name underneath which it conducts business.
Which of the subsequent is proper? - ANS-The DRE should be notified inside ten days
A licensee under the Financial Institution Loan Originator Licensing Act have to keep records
associated with loan origination commercial enterprise for a period of: - ANS-Four years
A loan problem to HOEPA with a term of much less than ____ years can not have a price time
table with regular bills that, whilst totaled, do not completely amortize the loan. - ANS-5
A loan mortgage originator or lender have to understand positive simple tax information, which
includes all of the following, besides: - ANS-Loss at the sale of a domestic is deductible
A nontraditional loan product is defined as: - ANS-no longer - A high-value mortgage loan/Any
product without an adjustable fee
A party who has been served a end and desist order from the Director may also request a
listening to within: - ANS-Ten days of receiving the order
A payment-choice ARM is an instance of a loan that permits a borrower to defer payments of
fundamental or interest, however which oftentimes consequences in: - ANS-Negative
amortization
A person towards whom motion is taken underneath the law may also are seeking for judicial
evaluation by way of the: - ANS-Director
A man or woman discovered guilty of loan fraud in Utah is subject to a ___________ whilst the
cost concerned exceeds $five,000. - ANS-Second diploma prison
, A individual who commits a first violation of the prohibition against acting as a loan originator
without a license may be punished by means of: - ANS-Imprisonment for as much as three
hundred and sixty five days and a fine of up to $2,500
A man or woman who's required to be licensed or licensed underneath the regulation and acts
without that license or certification in a primary violation is responsible of: - ANS-not - A gross
misdemeanor/A first degree felony
A major lending manager will no longer be held answerable for failing to keep reasonable
supervision if he or she will show evidence of any of the following, besides: - ANS-Attempts to
conceal damage whilst getting to know of a contravention
A purchase and sale agreement is considered which kind of agreement? - ANS-Bilateral
A straw client is an individual who: - ANS-Accepts a price to provide private statistics to be used
on a loan software without intending to live in the home
A written contract may be informal and can consist of a observe or memorandum of the contract
as long as it contains all the following elements, besides: - ANS-It is an implied agreement
According to information launched by means of the FBI, which type of fraud has these days
overtaken loan origination fraud because the primary fraud hazard in most areas of the country?
- ANS-now not - identification robbery
According to the FBI, what are the 2 classes of mortgage fraud? - ANS-Fraud for Profit and
Fraud for Housing
According to Utah identity theft records, what sort of identification theft yielded the most
reviews? - ANS-no longer - Loan fraud
All however which of the subsequent people is exempt from the licensing necessities of the
Residential Mortgage Practices and Licensing Act? - ANS-An accomplice lending supervisor
All of the subsequent are licensing requirements for primary lending managers, except: -
ANS-Proof final touch of at least five years of revel in as a loan mortgage originator
All of the following loan professionals are problem to the Mortgage Lending and Servicing Act,
besides: - ANS-Processors
An affirmative responsibility of a predominant lending supervisor consists of organising and
preserving a plan for fine control, which can also involve acting pre- and post-closing audits of: -
ANS-now not - 50% or extra of mortgage files
