MO MLO Exam Questions & Answers
(Grade A+)
Which of the following most accurately describes second mortgage
loans in Missouri? -
correct answer ✅Second mortgage loans may be made, in an
amount of no less than $2,500. c For his violations of the law, Dean
could face a civil fine of up to how much per violation?
For his violations of the law, Dean could face a civil fine of up to
how much per violation? -
correct answer ✅$25,000. C
If Dean were to offer a legitimate second mortgage to his clients, it
would be subject to all of the following limitations, except: -
correct answer ✅No prepayment penalties after the first five
years. W
An origination fee of no more than 5% of the principal amount. W
An interest rate that is fixed for the entire term of the loan. C
Dean engages in all of the following examples of fraudulent
conduct, except: -
correct answer ✅Receiving portions of loan proceeds he knows
are obtained through fraud. W
Making mortgage loans secured by property already subject to
mortgage liens. C
, MO MLO Exam Questions & Answers
(Grade A+)
Each act of mortgage fraud committed by Dean is a: -
correct answer ✅Gross misdemeanor. W
Class A felony. W
Class D felony. C
Prepayment penalties cannot be collected on a second mortgage
loan: -
correct answer ✅After the first five years. C
All of the following are prohibited under the Missouri S.A.F.E. Act,
except: -
correct answer ✅Advertising loan terms and applicable qualifying
information. C
Escrow funds must be placed with an appropriate institution within
how many day(s) of receipt? -
correct answer ✅Five days. C
Brokers must use this to disclose whether they make loans and
whether loan funds may be provided by another person. -
(Grade A+)
Which of the following most accurately describes second mortgage
loans in Missouri? -
correct answer ✅Second mortgage loans may be made, in an
amount of no less than $2,500. c For his violations of the law, Dean
could face a civil fine of up to how much per violation?
For his violations of the law, Dean could face a civil fine of up to
how much per violation? -
correct answer ✅$25,000. C
If Dean were to offer a legitimate second mortgage to his clients, it
would be subject to all of the following limitations, except: -
correct answer ✅No prepayment penalties after the first five
years. W
An origination fee of no more than 5% of the principal amount. W
An interest rate that is fixed for the entire term of the loan. C
Dean engages in all of the following examples of fraudulent
conduct, except: -
correct answer ✅Receiving portions of loan proceeds he knows
are obtained through fraud. W
Making mortgage loans secured by property already subject to
mortgage liens. C
, MO MLO Exam Questions & Answers
(Grade A+)
Each act of mortgage fraud committed by Dean is a: -
correct answer ✅Gross misdemeanor. W
Class A felony. W
Class D felony. C
Prepayment penalties cannot be collected on a second mortgage
loan: -
correct answer ✅After the first five years. C
All of the following are prohibited under the Missouri S.A.F.E. Act,
except: -
correct answer ✅Advertising loan terms and applicable qualifying
information. C
Escrow funds must be placed with an appropriate institution within
how many day(s) of receipt? -
correct answer ✅Five days. C
Brokers must use this to disclose whether they make loans and
whether loan funds may be provided by another person. -
