NRE Schools: Finance Exam Questions
and Answers
All licensed/registered MLOs are issued:
a. a unique identifier number.
b. a tax identification number.
c. a picture ID card.
d. all of the above. - Answer-a. a unique identifier number.
Prior to getting licensed by the NMLS all applicants must:
a. complete 20 hours of pre-licensing education approved by NMLS.
b. pass a 125 question national Uniform state test (UST).
c. provide fingerprints for a FBI criminal background check.
d. all of the above. - Answer-d. all of the above.
All state licensed MLOs must meet the following standards:
a. be at least 21 years old.
b. have a minimum of two years of experience in residential real estate lending.
,c. never have had a felony conviction in the past seven years.
d. have never had a bankruptcy. - Answer-c. never have had a felony conviction in the past seven years.
In a seller's market:
a. supply exceeds demand.
b. demand exceeds supply.
c. home prices decline.
d. none of the above. - Answer-b. demand exceeds supply.
How many hours of continuing education must all MLOs complete annually?
a. 45
b. 20
c. 12
d. 8 - Answer-d. 8
Who is responsible for supervising the Truth-in-Lending Law?
a. The Federal Bureau of Investigation (FBI)
b. The Consumer Financial Protection Bureau (CFPB)
c. The United States Treasury
d. The United States Attorney General - Answer-b. The Consumer Financial Protection Bureau (CFPB)
The prime rate is the:
a. rate of interest charged by the Fed to the banks.
b. interest rate at which banks lend balances at the Fed to each other.
c. lowest interest rate a bank charges its best customers.
, d. the interest rate the Fed charges the U.S. Treasury. - Answer-c. lowest interest rate a bank charges its
best customers.
Predatory loan practices include:
a. fraud.
b. usury.
c. deception.
d. all of the above. - Answer-d. all of the above.
The primary mortgage market is made up of:
a. first-time homebuyers.
b. federal agencies.
c. local lending institutions.
d. none of the above. - Answer-c. local lending institutions.
The availability of funds in the primary market depends on the existence of the:
a. secondary market.
b. stock market.
c. commodities market.
d. foreign exchange market. - Answer-a. secondary market.
FHLMC (Freddie Mac) is an example of a:
a. secondary market participant.
b. primary market only participant.
c. federal agency lender open only to veterans.
d. none of the above. - Answer-a. secondary market participant.
and Answers
All licensed/registered MLOs are issued:
a. a unique identifier number.
b. a tax identification number.
c. a picture ID card.
d. all of the above. - Answer-a. a unique identifier number.
Prior to getting licensed by the NMLS all applicants must:
a. complete 20 hours of pre-licensing education approved by NMLS.
b. pass a 125 question national Uniform state test (UST).
c. provide fingerprints for a FBI criminal background check.
d. all of the above. - Answer-d. all of the above.
All state licensed MLOs must meet the following standards:
a. be at least 21 years old.
b. have a minimum of two years of experience in residential real estate lending.
,c. never have had a felony conviction in the past seven years.
d. have never had a bankruptcy. - Answer-c. never have had a felony conviction in the past seven years.
In a seller's market:
a. supply exceeds demand.
b. demand exceeds supply.
c. home prices decline.
d. none of the above. - Answer-b. demand exceeds supply.
How many hours of continuing education must all MLOs complete annually?
a. 45
b. 20
c. 12
d. 8 - Answer-d. 8
Who is responsible for supervising the Truth-in-Lending Law?
a. The Federal Bureau of Investigation (FBI)
b. The Consumer Financial Protection Bureau (CFPB)
c. The United States Treasury
d. The United States Attorney General - Answer-b. The Consumer Financial Protection Bureau (CFPB)
The prime rate is the:
a. rate of interest charged by the Fed to the banks.
b. interest rate at which banks lend balances at the Fed to each other.
c. lowest interest rate a bank charges its best customers.
, d. the interest rate the Fed charges the U.S. Treasury. - Answer-c. lowest interest rate a bank charges its
best customers.
Predatory loan practices include:
a. fraud.
b. usury.
c. deception.
d. all of the above. - Answer-d. all of the above.
The primary mortgage market is made up of:
a. first-time homebuyers.
b. federal agencies.
c. local lending institutions.
d. none of the above. - Answer-c. local lending institutions.
The availability of funds in the primary market depends on the existence of the:
a. secondary market.
b. stock market.
c. commodities market.
d. foreign exchange market. - Answer-a. secondary market.
FHLMC (Freddie Mac) is an example of a:
a. secondary market participant.
b. primary market only participant.
c. federal agency lender open only to veterans.
d. none of the above. - Answer-a. secondary market participant.
