SAFE Mortgage Loan Originator National
Exam Study Guide practice exam 2
1. Which of the following is NOT a loan origination activity? -
Correct Answers ✅C. Assisting in a loan modification
2. A unilateral contract is binding on: - Correct Answers
✅A. One party
3. Loan originator organizations must keep compensation
records for how many years? - Correct Answers ✅C. Three
4. Mortgage companies must submit a residential loan
origination activity report to the NMLSR every: - Correct
Answers ✅B. Three months
5. How many years must loan originator applicants wait after
a felony fraud conviction, in order to qualify for a license? -
Correct Answers ✅D. They aren't eligible for licensing
6. How many years must loan originator applicants wait after
having a loan origination license revoked in another state, in
order to qualify for a license? - Correct Answers ✅C. They
aren't eligible for licensing
7. Who chooses force-placed hazard insurance companies? -
Correct Answers ✅A. Lender
, SAFE Mortgage Loan Originator National
Exam Study Guide practice exam 2
8. Which of the following is required for an FHA Streamline
refinance loan? - Correct Answers ✅C. Current on
mortgage payments for the last three months
9. What law addresses loan originators' compensation issues?
- Correct Answers ✅B. Loan Origination Rule
10. Commercial telemarketers are restricted to calling: -
Correct Answers ✅C. Between 8 AM and 9 PM
11. Commercial telemarketers must search the Do-Not-Call
registry: - Correct Answers ✅B. Every 31 days
12. In order to send a fax, advertisers must: - Correct
Answers ✅A. Have an established business relationship with
recipient
13. The first page of an advertiser's fax must include: -
Correct Answers ✅D. Opt-out instructions
14. What type of real estate co-ownership is only for married
couples? - Correct Answers ✅C. Tenancy by the entireties
15. Increasing neighborhood crime exemplifies what type of
depreciation? - Correct Answers ✅A. Economic
obsolescence
Exam Study Guide practice exam 2
1. Which of the following is NOT a loan origination activity? -
Correct Answers ✅C. Assisting in a loan modification
2. A unilateral contract is binding on: - Correct Answers
✅A. One party
3. Loan originator organizations must keep compensation
records for how many years? - Correct Answers ✅C. Three
4. Mortgage companies must submit a residential loan
origination activity report to the NMLSR every: - Correct
Answers ✅B. Three months
5. How many years must loan originator applicants wait after
a felony fraud conviction, in order to qualify for a license? -
Correct Answers ✅D. They aren't eligible for licensing
6. How many years must loan originator applicants wait after
having a loan origination license revoked in another state, in
order to qualify for a license? - Correct Answers ✅C. They
aren't eligible for licensing
7. Who chooses force-placed hazard insurance companies? -
Correct Answers ✅A. Lender
, SAFE Mortgage Loan Originator National
Exam Study Guide practice exam 2
8. Which of the following is required for an FHA Streamline
refinance loan? - Correct Answers ✅C. Current on
mortgage payments for the last three months
9. What law addresses loan originators' compensation issues?
- Correct Answers ✅B. Loan Origination Rule
10. Commercial telemarketers are restricted to calling: -
Correct Answers ✅C. Between 8 AM and 9 PM
11. Commercial telemarketers must search the Do-Not-Call
registry: - Correct Answers ✅B. Every 31 days
12. In order to send a fax, advertisers must: - Correct
Answers ✅A. Have an established business relationship with
recipient
13. The first page of an advertiser's fax must include: -
Correct Answers ✅D. Opt-out instructions
14. What type of real estate co-ownership is only for married
couples? - Correct Answers ✅C. Tenancy by the entireties
15. Increasing neighborhood crime exemplifies what type of
depreciation? - Correct Answers ✅A. Economic
obsolescence
