Washington TEST PAPER 2025/2026 QUESTIONS AND
SOLUTIONS MARKED A+
Washington's Consumer Loan Act prevents a lender from collecting more
than ____ days' prepaid interest when using the simple interest
calculation method. - ,,,answer,,,..30 x
A mortgage broker must provide the Washington Department of Financial
Institutions with _______ notice when there is a change in standing with
the Washington Secretary of State. - ,,,answer,,,..Ten business days'
An individual may act as both a loan originator and real estate broker in
the same transaction as long as: - ,,,answer,,,..A disclosure is provided to
the borrower prior to providing any mortgage services c
According to the Washington Usury Act, what is the legal maximum
annual interest rate in Washington? - ,,,answer,,,..10% x12% c
The Mortgage Broker Practices Act requires prior notice of which of the
following events: - ,,,answer,,,..A mortgage broker's decision to sell a
mortgage business c
Licensees must maintain books and records for at least ______ following
the effective date to which the records relate. - ,,,answer,,,..Three years c
The administrative agency that implements regulations and enforces laws
regulating mortgage brokers and loan originators in Washington is: -
,,,answer,,,..The Department of Financial Institutions c
, Which of the following is not a requirement for an individual applying for a
loan originator license under the MBPA? - ,,,answer,,,..At least three years
of industry experience c
The Magnificent Mortgage Loans advertisement violates the MBPA
because it includes a product: - ,,,answer,,,..With an adjustable rate x The
Magnificent Mortgage Loans advertisement violates the MBPA because it
includes a product: x That has a prepayment penalty x
The Magnificent Mortgage Loans advertisement violates the MBPA
because it does not include the advertiser's: - ,,,answer,,,..Unique
identifier c
Rebecca has committed which of the following violations of the MBPA in
her transaction with Mark? - ,,,answer,,,..Coercing him to proceed with
the loan transaction c
Of the images included in the Magnificent Mortgage Loans advertisement,
which is least likely to violate the MBPA? - ,,,answer,,,..Company logo c
Of the statements included in the Magnificent Mortgage Loans
advertisement, which is least likely to violate the MBPA? - ,,,answer,,,.."All
applicants will be evaluated for credit!" c
The Mortgage Broker Practices Act requires prior notice of which of the
following events? - ,,,answer,,,..A mortgage broker's decision to sell a
mortgage business c
Under the Washington Mortgage Broker Practices Act, a mortgage broker
may not include which of the following in an advertisement for services? -
,,,answer,,,..An official looking emblem c
SOLUTIONS MARKED A+
Washington's Consumer Loan Act prevents a lender from collecting more
than ____ days' prepaid interest when using the simple interest
calculation method. - ,,,answer,,,..30 x
A mortgage broker must provide the Washington Department of Financial
Institutions with _______ notice when there is a change in standing with
the Washington Secretary of State. - ,,,answer,,,..Ten business days'
An individual may act as both a loan originator and real estate broker in
the same transaction as long as: - ,,,answer,,,..A disclosure is provided to
the borrower prior to providing any mortgage services c
According to the Washington Usury Act, what is the legal maximum
annual interest rate in Washington? - ,,,answer,,,..10% x12% c
The Mortgage Broker Practices Act requires prior notice of which of the
following events: - ,,,answer,,,..A mortgage broker's decision to sell a
mortgage business c
Licensees must maintain books and records for at least ______ following
the effective date to which the records relate. - ,,,answer,,,..Three years c
The administrative agency that implements regulations and enforces laws
regulating mortgage brokers and loan originators in Washington is: -
,,,answer,,,..The Department of Financial Institutions c
, Which of the following is not a requirement for an individual applying for a
loan originator license under the MBPA? - ,,,answer,,,..At least three years
of industry experience c
The Magnificent Mortgage Loans advertisement violates the MBPA
because it includes a product: - ,,,answer,,,..With an adjustable rate x The
Magnificent Mortgage Loans advertisement violates the MBPA because it
includes a product: x That has a prepayment penalty x
The Magnificent Mortgage Loans advertisement violates the MBPA
because it does not include the advertiser's: - ,,,answer,,,..Unique
identifier c
Rebecca has committed which of the following violations of the MBPA in
her transaction with Mark? - ,,,answer,,,..Coercing him to proceed with
the loan transaction c
Of the images included in the Magnificent Mortgage Loans advertisement,
which is least likely to violate the MBPA? - ,,,answer,,,..Company logo c
Of the statements included in the Magnificent Mortgage Loans
advertisement, which is least likely to violate the MBPA? - ,,,answer,,,.."All
applicants will be evaluated for credit!" c
The Mortgage Broker Practices Act requires prior notice of which of the
following events? - ,,,answer,,,..A mortgage broker's decision to sell a
mortgage business c
Under the Washington Mortgage Broker Practices Act, a mortgage broker
may not include which of the following in an advertisement for services? -
,,,answer,,,..An official looking emblem c
