RMLO for Real Estate Agents
(Champions)- Questions & Answers
The TDSML is an agency of the State of Texas that is subject to the oversight and under the
jurisdiction of the _____ Commission of Texas. Correct Ans-Finance
All books and records required by state law must be maintained Correct Ans-For 3 years or
longer as may be required by applicable state and or federal laws & regulations.
Temporary Authority Correct Ans-Individuals employed by a bank and registered under the
federal system for a least a year may be granted ____ ____ to originate mortgage loans for a
period of not more than 120 days while completing the licensing process
Is NOT a responsibility of the TX Dept. if Savings & Mortgage Lending? (TDSML) Correct Ans-
Licensing and registering real estate license holders in the state of Texas.
This is not a requirement for an MLO's physical office in Texas Correct Ans-A post office box
number
By _____ an originator, a company acknowledges and accepts responsibility for the actions of
the originator. Correct Ans-Sponsoring
Cold Lead Correct Ans-Originates from advertising campaign
,Warm Call Correct Ans-Originates from someone who knows or has worked with the
salesperson
Seller's Market Correct Ans-There are more buyers than sellers.
Pre-Approved Correct Ans-Lenders generate this letter that confirms that a buyer can close
on a loan.
Pre-Qualified Correct Ans-Lenders can generate this letter in about 15 to 20 minutes.
Scenario Desk Correct Ans-____ at a mortgage company is typically an underwriter or group
of underwriters, who will analyze loan scenarios before a loan application is even taken.
Another set of experienced eyes...
Home Buyer/Real Estate Agent Correct Ans-Loan officers help the ______ ______ and the
___ ____ ____ before there is a contract, working in a supportive role with the agent as part of
the sales process, answering questions & educating home buyers.
It is more challenging to get offers accepted in a ____ market Correct Ans-Seller's
The heart and soul of generating more referrals is: Correct Ans-Funding and closing on time
is the ultimate goal and is _________.
,Real Estate Agents & Loan Originators rely on ____ to build their business Correct Ans-Leads
Negotiable Correct Ans-All blank on a real estate contract are ____.
Interested Third Party Correct Ans-May contribute up to 6% of the lesser of the property's
sales price or the appraised value toward the buyers closing costs, prepaid expenses, discount
points, and other financing concessions.
Existing Tax Laws limit the amount of tax-exempt gifts to: Correct Ans-$16,000 per individual
per year. Most loan programs require that gift funds come from immediate family.
Mother to each child: $16,000
Father to each child: $16,000
Mother & Father combined to each child: $32,000
Mother & Father to child & spouse: $64,000
How long information stays on a credit report: Correct Ans-Most negative information must
be erased after 7 years.
How long does Bankruptcies stay on credit report Correct Ans-Chapters 7, 11, & 12 remain
for ten years.
Chapter 13 remains for seven years.
, Judgements, paid tax liens, trade accounts, collections & Chapter 13 Bankruptcy Correct Ans-
Remain on credit report for 7 years.
Three major credit repositories Correct Ans-Equifax, TransUnion, and Experian
Converting Decimals to Percentages Correct Ans-Move decimal point 2 places to the right
and add % sign.
Loan to Value Ratio is calculated by: Correct Ans-Dividing the amount of a loan by the lower
of the appraised value or sales price.
Requires no discount points Correct Ans-A "par" quote
The payment rate charged meets lender's yield requirement
Primary Mortgage Market Correct Ans-The market where borrowers and mortgage
originators come together to negotiate terms and effectuate mortgage transaction. Mortgage
brokers, mortgage bankers, credit unions and banks are all part of the primary mortgage
market.
Secondary Mortgage Market Correct Ans-A market for the purchase and sale of existing
mortgages designed to provide greater liquidity for selling mortgages.
(Champions)- Questions & Answers
The TDSML is an agency of the State of Texas that is subject to the oversight and under the
jurisdiction of the _____ Commission of Texas. Correct Ans-Finance
All books and records required by state law must be maintained Correct Ans-For 3 years or
longer as may be required by applicable state and or federal laws & regulations.
Temporary Authority Correct Ans-Individuals employed by a bank and registered under the
federal system for a least a year may be granted ____ ____ to originate mortgage loans for a
period of not more than 120 days while completing the licensing process
Is NOT a responsibility of the TX Dept. if Savings & Mortgage Lending? (TDSML) Correct Ans-
Licensing and registering real estate license holders in the state of Texas.
This is not a requirement for an MLO's physical office in Texas Correct Ans-A post office box
number
By _____ an originator, a company acknowledges and accepts responsibility for the actions of
the originator. Correct Ans-Sponsoring
Cold Lead Correct Ans-Originates from advertising campaign
,Warm Call Correct Ans-Originates from someone who knows or has worked with the
salesperson
Seller's Market Correct Ans-There are more buyers than sellers.
Pre-Approved Correct Ans-Lenders generate this letter that confirms that a buyer can close
on a loan.
Pre-Qualified Correct Ans-Lenders can generate this letter in about 15 to 20 minutes.
Scenario Desk Correct Ans-____ at a mortgage company is typically an underwriter or group
of underwriters, who will analyze loan scenarios before a loan application is even taken.
Another set of experienced eyes...
Home Buyer/Real Estate Agent Correct Ans-Loan officers help the ______ ______ and the
___ ____ ____ before there is a contract, working in a supportive role with the agent as part of
the sales process, answering questions & educating home buyers.
It is more challenging to get offers accepted in a ____ market Correct Ans-Seller's
The heart and soul of generating more referrals is: Correct Ans-Funding and closing on time
is the ultimate goal and is _________.
,Real Estate Agents & Loan Originators rely on ____ to build their business Correct Ans-Leads
Negotiable Correct Ans-All blank on a real estate contract are ____.
Interested Third Party Correct Ans-May contribute up to 6% of the lesser of the property's
sales price or the appraised value toward the buyers closing costs, prepaid expenses, discount
points, and other financing concessions.
Existing Tax Laws limit the amount of tax-exempt gifts to: Correct Ans-$16,000 per individual
per year. Most loan programs require that gift funds come from immediate family.
Mother to each child: $16,000
Father to each child: $16,000
Mother & Father combined to each child: $32,000
Mother & Father to child & spouse: $64,000
How long information stays on a credit report: Correct Ans-Most negative information must
be erased after 7 years.
How long does Bankruptcies stay on credit report Correct Ans-Chapters 7, 11, & 12 remain
for ten years.
Chapter 13 remains for seven years.
, Judgements, paid tax liens, trade accounts, collections & Chapter 13 Bankruptcy Correct Ans-
Remain on credit report for 7 years.
Three major credit repositories Correct Ans-Equifax, TransUnion, and Experian
Converting Decimals to Percentages Correct Ans-Move decimal point 2 places to the right
and add % sign.
Loan to Value Ratio is calculated by: Correct Ans-Dividing the amount of a loan by the lower
of the appraised value or sales price.
Requires no discount points Correct Ans-A "par" quote
The payment rate charged meets lender's yield requirement
Primary Mortgage Market Correct Ans-The market where borrowers and mortgage
originators come together to negotiate terms and effectuate mortgage transaction. Mortgage
brokers, mortgage bankers, credit unions and banks are all part of the primary mortgage
market.
Secondary Mortgage Market Correct Ans-A market for the purchase and sale of existing
mortgages designed to provide greater liquidity for selling mortgages.
