NYS REAL ESTATE 2021 CHAPTER 7:
Mortgage Brokerage MULTIPLE CHOICE
STUDY GUIDE
The NYS Department of State does not license: - correct answer ✔✔mortgage bankers
Which of the following is TRUE? - correct answer ✔✔mortgage broker's fee may be a yield service
premium paid by the lender.
An applicant for a mortgage broker registration must submit surety bond with the application for: -
correct answer ✔✔$10,000
A loan is said to be nonconforming when: - correct answer ✔✔does not follow Fannie Mae guidelines for
a conforming loan
Which of the following is TRUE? a. Borrower preapproval for a loan is the same as final approval. b.
Borrower preapproval for a loan is the same as prequalification. c. Borrowers who are preapproved
always pay fewer points than those who are not preapproved. d. Preapproval involves verifying the
borrower's credit history. - correct answer ✔✔Preapproval involves verifying the borrower's credit
history.
A dual agency affidavit for the mortgage broker application is: - correct answer ✔✔qubmitted by
applicants for the mortgage broker license who are also real estate brokers
A main difference between mortgage broker and a mortgage banker is that a: - correct answer
✔✔mortgage banker can lend the company's own funds but a mortgage broker generally does not
When a mortgage broker is also the real estate broker in a residential real estate transaction, this fact
must be disclosed: - correct answer ✔✔the first substantive contact between the mortgage broker and
the borrower
Mortgage Brokerage MULTIPLE CHOICE
STUDY GUIDE
The NYS Department of State does not license: - correct answer ✔✔mortgage bankers
Which of the following is TRUE? - correct answer ✔✔mortgage broker's fee may be a yield service
premium paid by the lender.
An applicant for a mortgage broker registration must submit surety bond with the application for: -
correct answer ✔✔$10,000
A loan is said to be nonconforming when: - correct answer ✔✔does not follow Fannie Mae guidelines for
a conforming loan
Which of the following is TRUE? a. Borrower preapproval for a loan is the same as final approval. b.
Borrower preapproval for a loan is the same as prequalification. c. Borrowers who are preapproved
always pay fewer points than those who are not preapproved. d. Preapproval involves verifying the
borrower's credit history. - correct answer ✔✔Preapproval involves verifying the borrower's credit
history.
A dual agency affidavit for the mortgage broker application is: - correct answer ✔✔qubmitted by
applicants for the mortgage broker license who are also real estate brokers
A main difference between mortgage broker and a mortgage banker is that a: - correct answer
✔✔mortgage banker can lend the company's own funds but a mortgage broker generally does not
When a mortgage broker is also the real estate broker in a residential real estate transaction, this fact
must be disclosed: - correct answer ✔✔the first substantive contact between the mortgage broker and
the borrower
