mortgage educators and compliance -online
course exam questions with correct answers
(true |or |false) |in |addition |to |the |20-hour |course, |it |is |suggested |to |spend |an |extra |40-60 |hours
|studying |all |the |content |before |taking |the |exam |- |CORRECT |ANSWER✔✔-true
(true |or |false) |the |federal |reserve |system |was |created |in |1913 |- |CORRECT |ANSWER✔✔-true
(true |or |false) |prior |to |the |federal |government |passing |the |SAFE |act |in |2008, |all |states |
required |MLOs |to |be |licensed |- |CORRECT |ANSWER✔✔-false
(true |or |false) |a |person |who |has |worked |at |a |bank |giving |loans |could |be |considered |a |
mortgage |loan |originator |- |CORRECT |ANSWER✔✔-false
(true |or |false) |a |loan |processor |and |underwriter |must |be |licensed |if |they |are |independent |
contractors |- |CORRECT |ANSWER✔✔-true
(ture |or |false) |mortgage |brokers |usually |do |not |fund |their |own |loans |- |CORRECT |ANSWER✔✔-
true
(true |or |false) |the |three |secondary |market |players |are |FNMA, |FHLMC, |and |HMDA |- |CORRECT |
ANSWER✔✔-false
(true |or |false) |regulatory |authorities |have |the |authority |to |investigate, |impose |penalties, |
provide |supervision, |or |a |combination |of |all |three |- |CORRECT |ANSWER✔✔-true
(true |or |false) |to |be |a |licensed |MLO |you |must |apply |for |a |state, |and |national |license |- |
CORRECT |ANSWER✔✔-false
, (true |or |false) |your |pre-licensing |education |requires, |3 |hours |of |federal |law, |2 |hours |of |ethics, |
2 |hours |of |non-traditional |mortgage |products, |and |12 |hours |of |electives |- |CORRECT |
ANSWER✔✔-true
(true |or |false) |the |national |test |component |with |the |uniform |state |content |will |test |your |
knowledge |on |the |following |five |topics, |federal |laws |and |regulations, |ethics, |general |mortgage |
knowledge, |MATH, |and |customer |service |essentials |- |CORRECT |ANSWER✔✔-false
(true |or |false) |if |you |fail |the |national |test |3 |times, |you |must |wait |6 |months |to |retake |the |test |-
|CORRECT |ANSWER✔✔-true
(true |or |false) |the |national |test |contains |120 |questions, |and |10 |of |those |are |unscored |- |
CORRECT |ANSWER✔✔-false
(true |or |false) |you |will |pay |a |non-refundable |application |fee; |the |cost |of |the |fee |varies |by |state
|- |CORRECT |ANSWER✔✔-true
(true |or |false) |having |your |license |revoked |in |another |state |is |not |a |reason |the |state |could |
deny |your |license |- |CORRECT |ANSWER✔✔-false
(true |or |false) |once |you |have |your |license |it |must |be |renewed |every |year |by |December |31st |or
|sooner |- |CORRECT |ANSWER✔✔-true
(true |or |false) |if |you |forget |to |renew |your |license, |there |is |a |reinstatement |period |in |some |
states, |and |you |can |do |late |continuing |education |- |CORRECT |ANSWER✔✔-true
(true |or |false) |filling |out |your |MU4 |is |a |one-time |requirement |and |won't |be |updated |again |
throughout |the |course |of |your |career |- |CORRECT |ANSWER✔✔-false
course exam questions with correct answers
(true |or |false) |in |addition |to |the |20-hour |course, |it |is |suggested |to |spend |an |extra |40-60 |hours
|studying |all |the |content |before |taking |the |exam |- |CORRECT |ANSWER✔✔-true
(true |or |false) |the |federal |reserve |system |was |created |in |1913 |- |CORRECT |ANSWER✔✔-true
(true |or |false) |prior |to |the |federal |government |passing |the |SAFE |act |in |2008, |all |states |
required |MLOs |to |be |licensed |- |CORRECT |ANSWER✔✔-false
(true |or |false) |a |person |who |has |worked |at |a |bank |giving |loans |could |be |considered |a |
mortgage |loan |originator |- |CORRECT |ANSWER✔✔-false
(true |or |false) |a |loan |processor |and |underwriter |must |be |licensed |if |they |are |independent |
contractors |- |CORRECT |ANSWER✔✔-true
(ture |or |false) |mortgage |brokers |usually |do |not |fund |their |own |loans |- |CORRECT |ANSWER✔✔-
true
(true |or |false) |the |three |secondary |market |players |are |FNMA, |FHLMC, |and |HMDA |- |CORRECT |
ANSWER✔✔-false
(true |or |false) |regulatory |authorities |have |the |authority |to |investigate, |impose |penalties, |
provide |supervision, |or |a |combination |of |all |three |- |CORRECT |ANSWER✔✔-true
(true |or |false) |to |be |a |licensed |MLO |you |must |apply |for |a |state, |and |national |license |- |
CORRECT |ANSWER✔✔-false
, (true |or |false) |your |pre-licensing |education |requires, |3 |hours |of |federal |law, |2 |hours |of |ethics, |
2 |hours |of |non-traditional |mortgage |products, |and |12 |hours |of |electives |- |CORRECT |
ANSWER✔✔-true
(true |or |false) |the |national |test |component |with |the |uniform |state |content |will |test |your |
knowledge |on |the |following |five |topics, |federal |laws |and |regulations, |ethics, |general |mortgage |
knowledge, |MATH, |and |customer |service |essentials |- |CORRECT |ANSWER✔✔-false
(true |or |false) |if |you |fail |the |national |test |3 |times, |you |must |wait |6 |months |to |retake |the |test |-
|CORRECT |ANSWER✔✔-true
(true |or |false) |the |national |test |contains |120 |questions, |and |10 |of |those |are |unscored |- |
CORRECT |ANSWER✔✔-false
(true |or |false) |you |will |pay |a |non-refundable |application |fee; |the |cost |of |the |fee |varies |by |state
|- |CORRECT |ANSWER✔✔-true
(true |or |false) |having |your |license |revoked |in |another |state |is |not |a |reason |the |state |could |
deny |your |license |- |CORRECT |ANSWER✔✔-false
(true |or |false) |once |you |have |your |license |it |must |be |renewed |every |year |by |December |31st |or
|sooner |- |CORRECT |ANSWER✔✔-true
(true |or |false) |if |you |forget |to |renew |your |license, |there |is |a |reinstatement |period |in |some |
states, |and |you |can |do |late |continuing |education |- |CORRECT |ANSWER✔✔-true
(true |or |false) |filling |out |your |MU4 |is |a |one-time |requirement |and |won't |be |updated |again |
throughout |the |course |of |your |career |- |CORRECT |ANSWER✔✔-false
