20 Hour SAFE Comprehensive Exam Questions With Verified Answers

20 Hour SAFE Comprehensive Exam Questions With Verified Answers The appraisal approach that is used as the best indicator of value for existing properties is __________ - answerMarket Data Approach Mortgage Loan originators who make cold calls must comply woth the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every ___________ - answer31 days The Truth in Lending Act is contained in Title I of the ________ - answerConsumer Credit Protection Act FHA sellers are permitted to provide financing concessions up to 6 percent of the __________ - answerSales Price The APR disclosed for a regular transaction the allowable tolerance of ____________ - answer.125% According to this principle the value of a commodity is influenced by the cost of acquiring a substitute or comparable item: - answerPrinciple of substitution The Consumer Financial Protection Act of 2010 establishes the Consumer Financial Protection Bureau (CFPB), as an independent entity housed within the _________ - answerFederal Reserve System The creditor is generally required to ensure that the consumer recieves the Closing Disclosers (CD) - answer3 days prior to consummation Transactions exempt from RESPA include ___________ - answerLoans secured by parcels of 25 or more acres VA's debt-to-income ratio is a ratio of total monthly debt payments (housing expense, installment debt, etc.) to gross income. It is a guide and, as an underwriting factor, it is secondary to the ___________ - answerResidual Income The Equal Credit Opportunity Act, and the CFPB's implementing Regulation B, prohibits discrimination in any aspect of a credit transaction on the basis of all of the following except ___________ - answerImmigration status