DLM PAT Exam with accurate detailed answers

DLM PAT Exam with accurate detailed || || || || || ||




answers


A loan approval/denial decision on a direct loan application must be made within ______ days of
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the complete date.
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A. 30 ||




B. 45 ||




C. 60 ||




D. 90 - ✔✔C. 60
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Supervised bank accounts will be used only when necessary to ensure that loan or security
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proceeds are used according to the farm operating plan, agreement to use proceeds, or other
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agreement with FSA || ||




A. True ||




B. False - ✔✔A. True
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An applicant has applied for a direct operating loan to purchase machinery. Security for the loan is
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to be machinery and equipment. The remaining useful life of the property offered as collateral for
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the loan is 9 years. The requested loan amount is $35,000. The annual amortized payment at a full
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note rate of 8% is: || || || ||




A. $8,767 ||




B. $4,090 ||




C. $6,723 ||




D. $3,041 - ✔✔C. $6,723
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The ECOA (Equal Credit Opportunity Act) paragraph must be included as part of the Agency's
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nondiscrimination statement on letters: || || ||




A. Notifying the applicant/borrower of adverse decisions
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, B. Addressed to State Office personnel
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C. To OGC (Office of General Counsel) - ✔✔A. Notifying the applicant/borrower of adverse
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decisions


Select the cost below that is NOT considered as a real estate loan closing cost or transaction fee,
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and cannot be paid with FSA FO loan funds.
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A. Loan packaging or consultant fees
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B. Attorney's fees
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C. Title insurance policy
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D. A tax monitoring service - ✔✔A. Loan packaging or consultant fees
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A Direct Farm Ownership loan has a maximum term of _____ years.
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A. 20 ||




B. 40 ||




C. 30 ||




D. 50 - ✔✔B. 40
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The term "credit elsewhere" refers to:
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A. The likelihood that the applicant will repay the loan
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B. Whether the applicant meets the basic eligibility criteria
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C. The applicant's knowledge of basic financial principals
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D. The applicant's ability to obtain credit at reasonable rates and terms that is sufficient to finance
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the actual needs from a source other than the Agency - ✔✔D. The applicant's ability to obtain
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credit at reasonable rates and terms that is sufficient to finance the actual needs from a source
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other than the Agency || || ||




When an applicant's loan request has been denied, and the applicant wishes to exercise the options
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that have been offered in the denial letter, the applicant must first exhaust all appeal rights before
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mediation may be requested. || || ||