Loan CE 5-8 Exam Questions &
Answers (Grade A+)
The Mortgage Acts and Practices — Advertising rule is known as: -
correct answer ✅Regulation N.
Which of these is a violation of Reg N? -
correct answer ✅Misrepresenting a negative amortizing mortgage
as a fully amortizing mortgage.
Which of these is required under Regulation N? -
correct answer ✅Accurate identification of the advertising entity.
Which of the following was an example of a Regulation N violation
in the video? -
correct answer ✅Indicating an initial rate is "fixed" without
indicating it is later adjustable. Promising approval. Failing to
include the APR when the interest rate is used. All the above.
Which entity may bring an action under Regulation N? -
correct answer ✅The Consumer Financial Protection Bureau
(CFPB).
,Loan CE 5-8 Exam Questions &
Answers (Grade A+)
Who is considered a mortgage assistance relief service provider? -
correct answer ✅Real estate agents who negotiate or arrange
short sales for their clients.
Services which constitute mortgage relief services include: -
correct answer ✅negotiating a short sale on behalf of the
homeowner. obtaining a forbearance on payments for the
homeowner. negotiating a deed-in-lieu of foreclosure for the
homeowner. All of the above.
A _____________ is geared towards a specific consumer. -
correct answer ✅consumer-specific communication
_________ is an oral communication. -
correct answer ✅Streaming audio
Which of the following is a prohibited practice or advertisement
under the MARS rule? -
correct answer ✅Collecting advance fees before performing
mortgage assistance relief services.
, Loan CE 5-8 Exam Questions &
Answers (Grade A+)
What three things must occur before a mortgage relief assistance
service provider may collect a fee? -
correct answer ✅Relief offer, offer provided to borrower, borrower
accepts in writing.
Records of communications have to be kept for _____________
under the MARS rule. -
correct answer ✅24 months
Failure to comply with Reg N may result in: -
correct answer ✅civil penalties and equitable monetary relief paid
to the wronged borrower.
Which of the following statements is true? -
correct answer ✅A general commercial communication is not
geared towards a specific consumer, and is used to advertise
services before the mortgage assistance relief service provider
enters into an agreement with the consumer to provide mortgage
assistance relief services.
Which of the following violations of the MARS rule did Consumer
Advocates Group Experts, LLC commit? -
correct answer ✅Collecting a fee from the consumer before the
Answers (Grade A+)
The Mortgage Acts and Practices — Advertising rule is known as: -
correct answer ✅Regulation N.
Which of these is a violation of Reg N? -
correct answer ✅Misrepresenting a negative amortizing mortgage
as a fully amortizing mortgage.
Which of these is required under Regulation N? -
correct answer ✅Accurate identification of the advertising entity.
Which of the following was an example of a Regulation N violation
in the video? -
correct answer ✅Indicating an initial rate is "fixed" without
indicating it is later adjustable. Promising approval. Failing to
include the APR when the interest rate is used. All the above.
Which entity may bring an action under Regulation N? -
correct answer ✅The Consumer Financial Protection Bureau
(CFPB).
,Loan CE 5-8 Exam Questions &
Answers (Grade A+)
Who is considered a mortgage assistance relief service provider? -
correct answer ✅Real estate agents who negotiate or arrange
short sales for their clients.
Services which constitute mortgage relief services include: -
correct answer ✅negotiating a short sale on behalf of the
homeowner. obtaining a forbearance on payments for the
homeowner. negotiating a deed-in-lieu of foreclosure for the
homeowner. All of the above.
A _____________ is geared towards a specific consumer. -
correct answer ✅consumer-specific communication
_________ is an oral communication. -
correct answer ✅Streaming audio
Which of the following is a prohibited practice or advertisement
under the MARS rule? -
correct answer ✅Collecting advance fees before performing
mortgage assistance relief services.
, Loan CE 5-8 Exam Questions &
Answers (Grade A+)
What three things must occur before a mortgage relief assistance
service provider may collect a fee? -
correct answer ✅Relief offer, offer provided to borrower, borrower
accepts in writing.
Records of communications have to be kept for _____________
under the MARS rule. -
correct answer ✅24 months
Failure to comply with Reg N may result in: -
correct answer ✅civil penalties and equitable monetary relief paid
to the wronged borrower.
Which of the following statements is true? -
correct answer ✅A general commercial communication is not
geared towards a specific consumer, and is used to advertise
services before the mortgage assistance relief service provider
enters into an agreement with the consumer to provide mortgage
assistance relief services.
Which of the following violations of the MARS rule did Consumer
Advocates Group Experts, LLC commit? -
correct answer ✅Collecting a fee from the consumer before the
