The SAFE Mortgage Loan Originator
National Exam Study Guide practice exam 2
UPDATED ACTUAL Exam Questions and
CORRECT Answers
1. Which of the following is NOT a loan origination activity? - CORRECT ANSWER - C.
Assisting in a loan modification
2. A unilateral contract is binding on: - CORRECT ANSWER - A. One party
3. Loan originator organizations must keep compensation records for how many years? -
CORRECT ANSWER - C. Three
4. Mortgage companies must submit a residential loan origination activity report to the NMLSR
every: - CORRECT ANSWER - 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 ANSWER - 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 ANSWER - C.
They aren't eligible for licensing
7. Who chooses force-placed hazard insurance companies? - CORRECT ANSWER - A.
Lender
8. Which of the following is required for an FHA Streamline refinance loan? - CORRECT
ANSWER - C. Current on mortgage payments for the last three months
, 9. What law addresses loan originators' compensation issues? - CORRECT ANSWER - B.
Loan Origination Rule
10. Commercial telemarketers are restricted to calling: - CORRECT ANSWER - C.
Between 8 AM and 9 PM
11. Commercial telemarketers must search the Do-Not-Call registry: - CORRECT
ANSWER - B. Every 31 days
12. In order to send a fax, advertisers must: - CORRECT ANSWER - A. Have an
established business relationship with recipient
13. The first page of an advertiser's fax must include: - CORRECT ANSWER - D. Opt-out
instructions
14. What type of real estate co-ownership is only for married couples? - CORRECT
ANSWER - C. Tenancy by the entireties
15. Increasing neighborhood crime exemplifies what type of depreciation? - CORRECT
ANSWER - A. Economic obsolescence
16. What agency was established to respond to consumer financial complaints? - CORRECT
ANSWER - D. Consumer Financial Protection Bureau
17. What law protects homeowners from foreclosure-prevention scams? - CORRECT
ANSWER - B. Mortgage Assistance Relief Services Rule
18. Individuals must file a report when they transport how much cash out of the country? -
CORRECT ANSWER - B. $10,000 or more
National Exam Study Guide practice exam 2
UPDATED ACTUAL Exam Questions and
CORRECT Answers
1. Which of the following is NOT a loan origination activity? - CORRECT ANSWER - C.
Assisting in a loan modification
2. A unilateral contract is binding on: - CORRECT ANSWER - A. One party
3. Loan originator organizations must keep compensation records for how many years? -
CORRECT ANSWER - C. Three
4. Mortgage companies must submit a residential loan origination activity report to the NMLSR
every: - CORRECT ANSWER - 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 ANSWER - 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 ANSWER - C.
They aren't eligible for licensing
7. Who chooses force-placed hazard insurance companies? - CORRECT ANSWER - A.
Lender
8. Which of the following is required for an FHA Streamline refinance loan? - CORRECT
ANSWER - C. Current on mortgage payments for the last three months
, 9. What law addresses loan originators' compensation issues? - CORRECT ANSWER - B.
Loan Origination Rule
10. Commercial telemarketers are restricted to calling: - CORRECT ANSWER - C.
Between 8 AM and 9 PM
11. Commercial telemarketers must search the Do-Not-Call registry: - CORRECT
ANSWER - B. Every 31 days
12. In order to send a fax, advertisers must: - CORRECT ANSWER - A. Have an
established business relationship with recipient
13. The first page of an advertiser's fax must include: - CORRECT ANSWER - D. Opt-out
instructions
14. What type of real estate co-ownership is only for married couples? - CORRECT
ANSWER - C. Tenancy by the entireties
15. Increasing neighborhood crime exemplifies what type of depreciation? - CORRECT
ANSWER - A. Economic obsolescence
16. What agency was established to respond to consumer financial complaints? - CORRECT
ANSWER - D. Consumer Financial Protection Bureau
17. What law protects homeowners from foreclosure-prevention scams? - CORRECT
ANSWER - B. Mortgage Assistance Relief Services Rule
18. Individuals must file a report when they transport how much cash out of the country? -
CORRECT ANSWER - B. $10,000 or more
