RMLO- Questions & Answers 100%
Solved
non-recourse loan Correct Ans-a loan that carries neither a penalty nor further obligation to
repay if not paid back
ethical dilemma Correct Ans-a situation in which you have to decide whether to pursue a
course of action that may benefit you or your organization but that is unethical or even illegal
Redlining Correct Ans-a practice in which banks refuse to make loans to people living in
certain geographic locations
PMI Cancellation Act Correct Ans-also known as homeowners protection act
Force-Placed Insurance Correct Ans-insurance policy based by lender when a property
owners insurance is not in place or cancelled
Kickbacks/ Referral settlement business Correct Ans-section 8 of RESPA says you cannot give
things of value for ?
calculated as an annual rate Correct Ans-the APR as required to be disclosed under reg z is?
5 years after consummation Correct Ans-how long are you required to keep CDs
, ID theft Correct Ans-under red flag rules, lenders must write a program that identifies..?
Appraisal Management Company (AMC) Correct Ans-An entity that, for compensation, acts
as a third party intermediary by contracting with independent real estate appraisers to perform
appraisals for lenders.
Existing Properties Correct Ans-market data approach is most often used for
External Obsolescence Correct Ans-loss in value by outside factors is called...?
Lien, claim, or charge Correct Ans-Encumbrance
Reconveyance Deed Correct Ans-official doc from mortgage holder releasing debtor from
mortgage
Mortgagor Correct Ans-borrower
Mortgagee Correct Ans-lender
promise to pay Correct Ans-A promissory note is:
Solved
non-recourse loan Correct Ans-a loan that carries neither a penalty nor further obligation to
repay if not paid back
ethical dilemma Correct Ans-a situation in which you have to decide whether to pursue a
course of action that may benefit you or your organization but that is unethical or even illegal
Redlining Correct Ans-a practice in which banks refuse to make loans to people living in
certain geographic locations
PMI Cancellation Act Correct Ans-also known as homeowners protection act
Force-Placed Insurance Correct Ans-insurance policy based by lender when a property
owners insurance is not in place or cancelled
Kickbacks/ Referral settlement business Correct Ans-section 8 of RESPA says you cannot give
things of value for ?
calculated as an annual rate Correct Ans-the APR as required to be disclosed under reg z is?
5 years after consummation Correct Ans-how long are you required to keep CDs
, ID theft Correct Ans-under red flag rules, lenders must write a program that identifies..?
Appraisal Management Company (AMC) Correct Ans-An entity that, for compensation, acts
as a third party intermediary by contracting with independent real estate appraisers to perform
appraisals for lenders.
Existing Properties Correct Ans-market data approach is most often used for
External Obsolescence Correct Ans-loss in value by outside factors is called...?
Lien, claim, or charge Correct Ans-Encumbrance
Reconveyance Deed Correct Ans-official doc from mortgage holder releasing debtor from
mortgage
Mortgagor Correct Ans-borrower
Mortgagee Correct Ans-lender
promise to pay Correct Ans-A promissory note is:
