⭐️NMLS Test w Colorado Specifics
Questions and Answers 100%Rated
Correct
On dealing with an appraiser, a mortgage loan originator is permitted to - ANSWER-Ask
the appraiser to provide further detail regarding the results of an appraisal
The designated responsible party must maintain copies of all advertisements for: -
ANSWER-Four years
The Colorado loan modification services contract must be completed: - ANSWER-At the
time of application
Which of the following is a true stamens regarding recordkeeping requirements? -
ANSWER-Records must be kept in a safe and secure manner
In order to renew a registration, a mortgage company must be legally operating in
Colorado according to the standards established by the: - ANSWER-Secretary of State
A mortgage loan originator must display his/her unique identifier on all of the following
except: - ANSWER-Office signage
A surety must provide notice to the board within___ if payment is made from a bond or if
a bond is canceled. - ANSWER-30 days
A person that provides financing for the sale of a property that the person owns, no
more than____ times in any 12 month period, is exempt from licensing requirements. -
ANSWER-Three
An individual acting as a mortgage loan originator without a license may be subject to a
fine of up to____, imprisonment for up to___, or both. - ANSWER-$5000; 18 months
, Prepayment penalties are only permitted in transactions for - ANSWER-Fixed-rate
qualified mortgage loans
Which of the following is not exempt from the Colorado licensing requirements? -
ANSWER-An individual who lives outside of Colorado but who engages in mortgage
loan originator business in Colorado
Phil works for a mortgage company with 37 employees. Under what circumstances
would be be permitted to operate under the company's surety bond instead of obtaining
his own? - ANSWER-If the surety bond is in the amount of $200,000
Which of the following is not a prohibited practice in the state of Colorado? - ANSWER-
Conducting business covered by the mortgage loan originator licensing act while
holding a valid license
Which of the following would be subject to the requirements pertaining to loan
modifiers? - ANSWER-A licensed attorney primarily engaged in the business of
negotiating loan modifications
Which of the following is NOT required so that mortgage and real estate activities may
be conducted from an office location with a common mailing address and entrance? -
ANSWER-Employees must wear a badge containing the business name
What is a non traditional mortgage product? - ANSWER-Any mortgage other than a 30-
year-fixed-rate mortgage
A mortgage loan originator who plans to also represent a borrower as a real estate
broker or salesperson must provide the Colorado dual status disclosure form to the
borrower: - ANSWER-Within three business days after receipt of a loan application
The activities of a loan processor or underwriter would not include : - ANSWER-
Counseling a borrower about loan rates or terms
An individual or entity solely involved in the extension of credit for an____ is not
required to obtain a mortgage loan originator license - ANSWER-Time share plan
Questions and Answers 100%Rated
Correct
On dealing with an appraiser, a mortgage loan originator is permitted to - ANSWER-Ask
the appraiser to provide further detail regarding the results of an appraisal
The designated responsible party must maintain copies of all advertisements for: -
ANSWER-Four years
The Colorado loan modification services contract must be completed: - ANSWER-At the
time of application
Which of the following is a true stamens regarding recordkeeping requirements? -
ANSWER-Records must be kept in a safe and secure manner
In order to renew a registration, a mortgage company must be legally operating in
Colorado according to the standards established by the: - ANSWER-Secretary of State
A mortgage loan originator must display his/her unique identifier on all of the following
except: - ANSWER-Office signage
A surety must provide notice to the board within___ if payment is made from a bond or if
a bond is canceled. - ANSWER-30 days
A person that provides financing for the sale of a property that the person owns, no
more than____ times in any 12 month period, is exempt from licensing requirements. -
ANSWER-Three
An individual acting as a mortgage loan originator without a license may be subject to a
fine of up to____, imprisonment for up to___, or both. - ANSWER-$5000; 18 months
, Prepayment penalties are only permitted in transactions for - ANSWER-Fixed-rate
qualified mortgage loans
Which of the following is not exempt from the Colorado licensing requirements? -
ANSWER-An individual who lives outside of Colorado but who engages in mortgage
loan originator business in Colorado
Phil works for a mortgage company with 37 employees. Under what circumstances
would be be permitted to operate under the company's surety bond instead of obtaining
his own? - ANSWER-If the surety bond is in the amount of $200,000
Which of the following is not a prohibited practice in the state of Colorado? - ANSWER-
Conducting business covered by the mortgage loan originator licensing act while
holding a valid license
Which of the following would be subject to the requirements pertaining to loan
modifiers? - ANSWER-A licensed attorney primarily engaged in the business of
negotiating loan modifications
Which of the following is NOT required so that mortgage and real estate activities may
be conducted from an office location with a common mailing address and entrance? -
ANSWER-Employees must wear a badge containing the business name
What is a non traditional mortgage product? - ANSWER-Any mortgage other than a 30-
year-fixed-rate mortgage
A mortgage loan originator who plans to also represent a borrower as a real estate
broker or salesperson must provide the Colorado dual status disclosure form to the
borrower: - ANSWER-Within three business days after receipt of a loan application
The activities of a loan processor or underwriter would not include : - ANSWER-
Counseling a borrower about loan rates or terms
An individual or entity solely involved in the extension of credit for an____ is not
required to obtain a mortgage loan originator license - ANSWER-Time share plan
