RMLO - Champions School of Real Estate Exam Latest 2026
Updated Questions and Verified 100% Solutions (2026/2027)
|A+ Graded |Guaranteed Pass
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. - Answers -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. -
Answers -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. - Answers -anti-
steering
The TRID rule requires that the consumer receive the _____ no later than 3 business days
before consummation. - Answers -closing disclosure (CD)
The TILA-RESPA rule applies to most closed-end credit transactions secured by real property but
does NOT apply to ____. - Answers -reverse mortgages
1|Page
,The creditor may not provide a revised _____ on or after the date that the creditor provides the
consumer with the Closing Disclosure. - Answers -loan estimate (LE)
The Loan Estimate must be delivered or placed in the mail no later than the 7th business day
before ______. - Answers -consummation
Creditors must provide a copy of the _____ to consumers who apply for a consumer credit
transaction secured by real property. - Answers -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. - Answers -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 ______. - Answers -
disparate impact
Reg B requires that the mortgage loan originators provide a copy of the _____ report used in
connection with an application for credit to be secured by a lien on a dwelling. - Answers -
appraisal
Reg. B allows a mortgage loan originator to inquire about an applicant's permanent residence
and immigration status in order to determine _____. - Answers -creditworthiness
2|Page
, _____ means any individual who meets the definition of loan originator and is an employee of a
depository institution that is regulated by a Federal banking agency. - Answers -federally
registered loan originator
Any mortgage product other than a 30 year fixed rate mortgage is called ____. - Answers -non-
traditional mortgage loan
In order to receive a residential mortgage loan originator license, an applicant may not have
been convicted of, or plead guilty or nolo contendere, to any felony in a domestic, foreign, or
military court during the ______ preceding the date of application for an MLO license. - Answers
-7 years
An individual wishing to re-obtain his or her MLO license that failed to maintain a valid license
for a period of ______ or longer shall retake the test. - Answers -5 years
FACTA requires lenders to devise a list of ______ indicators of identity theft. - Answers -Red Flag
The _____ is intended primarily to help consumers fight the growing crime of identity theft. -
Answers -Fair and Accurate Credit Transaction Act (FACTA)
3|Page
Updated Questions and Verified 100% Solutions (2026/2027)
|A+ Graded |Guaranteed Pass
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. - Answers -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. -
Answers -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. - Answers -anti-
steering
The TRID rule requires that the consumer receive the _____ no later than 3 business days
before consummation. - Answers -closing disclosure (CD)
The TILA-RESPA rule applies to most closed-end credit transactions secured by real property but
does NOT apply to ____. - Answers -reverse mortgages
1|Page
,The creditor may not provide a revised _____ on or after the date that the creditor provides the
consumer with the Closing Disclosure. - Answers -loan estimate (LE)
The Loan Estimate must be delivered or placed in the mail no later than the 7th business day
before ______. - Answers -consummation
Creditors must provide a copy of the _____ to consumers who apply for a consumer credit
transaction secured by real property. - Answers -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. - Answers -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 ______. - Answers -
disparate impact
Reg B requires that the mortgage loan originators provide a copy of the _____ report used in
connection with an application for credit to be secured by a lien on a dwelling. - Answers -
appraisal
Reg. B allows a mortgage loan originator to inquire about an applicant's permanent residence
and immigration status in order to determine _____. - Answers -creditworthiness
2|Page
, _____ means any individual who meets the definition of loan originator and is an employee of a
depository institution that is regulated by a Federal banking agency. - Answers -federally
registered loan originator
Any mortgage product other than a 30 year fixed rate mortgage is called ____. - Answers -non-
traditional mortgage loan
In order to receive a residential mortgage loan originator license, an applicant may not have
been convicted of, or plead guilty or nolo contendere, to any felony in a domestic, foreign, or
military court during the ______ preceding the date of application for an MLO license. - Answers
-7 years
An individual wishing to re-obtain his or her MLO license that failed to maintain a valid license
for a period of ______ or longer shall retake the test. - Answers -5 years
FACTA requires lenders to devise a list of ______ indicators of identity theft. - Answers -Red Flag
The _____ is intended primarily to help consumers fight the growing crime of identity theft. -
Answers -Fair and Accurate Credit Transaction Act (FACTA)
3|Page
