The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2 with Complete Solutions

The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2 with Complete Solutions 1. Which of the following is NOT a loan origination activity? C. Assisting in a loan modification 2. A unilateral contract is binding on: A. One party 3. Loan originator organizations must keep compensation records for how many years? C. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: B. Three months 5. How many years must loan originator applicants wait after a felony fraud conviction, in order to qualify for a license? D. They aren't eligible for licensing 6. How many years must loan originator applicants wait after having a loan origination license revoked in another state, in order to qualify for a license? C. They aren't eligible for licensing 7. Who chooses force-placed hazard insurance companies? A. Lender 8. Which of the following is required for an FHA Streamline refinance loan? C. Current on mortgage payments for the last three months 9. What law addresses loan originators' compensation issues? B. Loan Origination Rule 10. Commercial telemarketers are restricted to calling: C. Between 8 AM and 9 PM 11. Commercial telemarketers must search the Do-Not-Call registry: B. Every 31 days 12. In order to send a fax, advertisers must: A. Have an established business relationship with recipient 13. The first page of an advertiser's fax must include: D. Opt-out instructions 14. What type of real estate co-ownership is only for married couples? C. Tenancy by the entireties 15. Increasing neighborhood crime exemplifies what type of depreciation? A. Economic obsolescence 16. What agency was established to respond to consumer financial complaints? D. Consumer Financial Protection Bureau 17. What law protects homeowners from foreclosure-prevention scams? B. Mortgage Assistance Relief Services Rule 18. Individuals must file a report when they transport how much cash out of the country? B. $10,000 or more 19. What type of federal report is filed when financial institutions detect suspicious activity? A. Suspicious Activity Report