560 NMLS Terms and Exam Questions Review and Answers. Rated A+

560 NMLS Terms and Exam Questions Review and Answers. Rated A+ Document Content and Description Below 560 NMLS Terms and Exam Questions Review and Answers RESPA >>>Real Estate Settlement Procedures Act Regulation X Which of the following circumstances is least likely to lead to a determination tha t two entities are operating a sham affiliated business arrangement under RESPA? A. The same person owns both entities B. One entity shares office space with the other entity C. One entity's business comes exclusively from referrals from another entity D. Both entities share the same employees >>>A. The same person owns both entities An affiliated business arrangement is an arrangement in which a person or his or her associate is in a position to refer real estate settlement service business for a federallyrelated mortgage loan and has either an affiliate relationship with, or ownership interest of more than 1% in, a provider of settlement services and refers business to or influences the selection of that provider. As ownership in an affiliated business is part of the definition of an affiliated business relationship, such ownership does not necessarily point to a sham operation. Which of the following statements about the Loan Estimate is NOT true? A. The lender is solely responsible for providing the Loan Estimate to the prospective borrower B. The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing loan C. The Loan Estimate is not a loan guarantee D. The Loan Estimate must be provided to the applicant no more than three business days after submission of the application >>>B. The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing loan The Loan Estimate must be provided to a prospective borrower applying for any federally-regulated mortgage loan, including a refinance. It must be provided no more than three business days after the licensee receives an application. Although it need notbe provided directly by the lender, it is the lender that is ultimately responsible for ensuring that the borrower has received the required disclosure. Which of the following is not considered one of the six essential pieces of information constituting an application under RESPA? A. Borrower Social Security Number B. Loan program C. Borrower monthly income D. Loan amount >>>B. Loan program The 6 Essential Pieces of a Loan Application Are: 1. Borrower's Name 2. SSN 3. Monthly Income 4. Address of the Property 5. Estimated Value of Property 6. Loan Amount A lender may not charge for the preparation of any documents required in a federallyregulated mortgage loan transaction, based on provisions of the: A. Truth-in-Lending Act B. Home Ownership and Equity Protection Act C. Real Estate Settlement Procedures Act D. Fair Lending Act >>>C. Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act provides that no fee can be charged by a lender for the preparation and distribution of documents required in connection with the making of a federally-related mortgage loan. These documents include, but are not limited to, the Closing Disclosure, escrow account statements or statements required by the Truth-in-Lending Act. A borrower receives a document which contains a list of all closing costs, a disclosure of the borrower credits received on the transaction, an estimate of the cash the borrower needs to bring in to closing, and the sales price. Which of the following best identifies this document? A. Loan Closure B. Closing Disclosure C. Itemization of Amount Financed D. Loan Estimate >>>D. Loan Estimate The Loan Estimate provides an "estimate" only of closing costs. The Closing Disclosure sets forth the" actual" costs of the subject mortgage lending transaction in a clear and understandable manner.Which of the following would not be considered a settlement service as defined by RESPA? A. Real estate brokerage services B. Title insurance services C. Appraisal services D. Loan modification services >>>D. Loan modification services Settlement service fees are charges incurred in the mortgage loan origination process. They include: Real estate brokerage services, Title fees, appraisal costs, Credit report fees, and costs related to the settlement, or closing, of the loan. Which of the following would most likely not be considered a federally-related mortgage loan as defined by RESPA? A. Hard money, privately-placed loan B. Subprime loan C. FHA loan D. Conventional loan >>>A. Hard money, privately-placed loan The answer is hard money, privately-placed loan. Federally-related mortgage loans include FHA, VA, or other government-sponsored loans and most conventional loans, purchase loans, assumptions, refinances, and reverse mortgages, and subordinate lien loans. A private mortgage loan would not be considered a federally-related mortgage loan. Which of the following is NOT true about an Affiliated Business Arrangement Disclosure Statement? A. It must be provided to the prospective borrower at or before the time a third-party service provider referral is made B. It must specify the nature of any relationship between a settlement service provider and the referring licensee C. The disclosure may be provided instead of the list of third-party service providers from which the borrower can shop for services D. A person that has a 2% interest in a settlement service provider to which the person is referring a borrower has an affiliated business arrangement with the referred-to entity >>>C. The disclosure may be provided instead of the list of third-party service providers from which the borrower can shop for servicesAn affiliated business arrangement is an arrangement in which a person is in a position to refer real estate settlement service business for a federally-related mortgage loan and has either an affiliate relationship with, or a direct or beneficial ownership interest of more than 1% in, a provider of settlement services and refers business to, or influences the selection of, that provider. According to RESPA, when would fee splitting be allowed? A. Never B. If all parties are licensed C. If all parties render a service D. If all parties are employed by different companies >>>C. If all parties render a service A settlement service provider may charge a borrower a fee only for work performed. RESPA and Regulation X prohibit fee-splitting and receiving unearned fees for services not actually performed. The rule dealing with the accurate disclosure of the cost and terms of credit is: A. Regulation X B. Regulation Z C. Regulation C D. Regulation Y >>>B. Regulation Z The answer is Regulation Z. Regulation Z implements the Truth-in-Lending Act and provides rules requiring the disclosure of material information related to the terms and costs of a specific mortgage loan. Qualified and Non-Qualified Mortgage Programs >>>Section 2 Which of the following refers to the amount that the government will guarantee to repay a lender of a VA loan in the case of borrower default? A. Guarantee amount B. Entitlement C. Insured amount D. Funding fee limit >>>B. Entitlement While the VA does not have a maximum loan amount, it does limit the amount that it can guarantee to repay a lender in the event of borrower default. The amount that the government will guarantee to a lender is known as a veteran's entitlement. In general, the government will guarantee to the lender the lesser of 25% of the loan balance or 25% of the Freddie Mac limit.A borrower requesting maximum FHA financing must have a credit score of at least: A. 640 B. 500 C. 620 D. 580 >>>D. 580 The answer is 580. An applicant with a credit score of at least 580 can qualify for maximum FHA financing, that being a cash investment of 3.5%. An applicant with a credit score between 500 and 579 can qualify for a cash investment of 10%. A person with a score below 500 is not eligible for an FHA-insured loan. Which of the following is true regarding a borrower's ability to qualify for FHA financing if their credit score is 560? A. they are not eligible for FHA financing B. they are eligible for FHA financing up to 85% LTV C. they are eligible for FHA financing up to 96.5% LTV D. they are eligible for FHA financing up to 90% LTV >>>D. they are eligible for FHA financing up to 90% LTV An applicant with a credit score of at least 580 can qualify for the maximum FHA financing - that being a cash investment of 3.5%. An applicant with a credit score between 500 and 579 can qualify for a cash investment of 10%. A person with a score below 500 is not eligible for an FHA-insured loan. Which of the following contains only terms which apply to VA loans? A. Guarantee fee, veterans, eligibility B. Residual income, funding fee, insuring C. Upfront mortgage insurance premium, 100% financing, base loan amount D. Residual income, guarantee, certificate of reasonable value >>>D. Residual income, guarantee, certificate of reasonable value According to the Statement on Subprime Mortgage Lending, which of the following would not be a characteristic of a subprime borrower? A. A foreclosure in the past 24 months B. A credit score of 645 C. Bankruptcy within the last three years D. Two 60-day delinquencies in the last year >>>B. A credit score of 645According to the Statement on Subprime Mortgage Lending, a subprime borrower may have one or more of the following characteristics: 1. a bankruptcy in the last five years, 2. a foreclosure in the last 24 months, 3. or one or more 60-day delinquencies in the last 24 months, among other indicators. According to the Interagency Guidance on Nontraditional Mortgage Product Risks, a borrower's repayment ability: A. Should be based on the initial payment terms of the loan B. Should be based on a fully-amortizing repayment schedule C. Is irrelevant if there is sufficient equity D. Is irrelevant if the borrower has sufficient assets >>>B. Should be based on a fullyamortizing repayment schedule The Guidance on Nontraditional Mortgage Product Risks suggests that a lender base a borrower's repayment ability on a fully-amortizing repayment schedule. Interagency Guidance on Nontraditional Mortgage Product Risks: -Implementation of the Ability to Repay Rule >>>The Guidance on Nontraditional Mortgage Product Risks suggests that a lender base a borrower's repayment ability on a fully-amortizing repayment schedule. The implementation of the Rule states that a creditor must make a good faith determination of the borrower's ability to repay the loan based on an equal periodic payment that fully amortizes the loan over its term and that the payment amount be calculated based on the fully-indexed rate of the loan. When would a lender be required to cancel private mortgage insurance? A. Once the borrower has made 24 payments and a new appraisal shows the equity at 80% B. Once the LTV reaches 78%, based on a new appraisal C. After five years D. Once the LTV reaches 78%, based on the lower of the original appraisal or purchase price >>>D. Once the LTV reaches 78%, based on the lower of the original appraisal or purchase priceA lender is required to cancel private mortgage insurance once the borrower pays their mortgage down to 78% of the original value or when the loan reaches the midpoint of its amortization period -(e.g., after 180 payments of a 30-year loan). A jumbo loan: A. Is for subprime borrowers only B. Is another name for a VA loan C. Exceeds conforming loan limits D. Is illegal >>>C. Exceeds conforming loan limits Conventional loans that meet the maximum loan limit eligibility guidelines for purchase by Fannie Mae or Freddie Mac are considered conforming loans. Loans that exceed this loan limit are called jumbo loans, or nonconforming loans. All of the following could be used to correctly describe Fannie Mae, except: A. Government owned B. Government sponsored C. Private sector D. Government regulated >>>A. Government owned Fannie Mae is a government-sponsored enterprise, regulated by but not owned by the federal government. A veteran with full eligibility and who is seeking a loan greater than $144,000 would be able to obtain a maximum guaranty of: A. $548,250 B. $100% of the loan amount C. $144,000 D. 25% of the loan amount >>>D. 25% of the loan amount A veteran with full eligibility who is obtaining a loan greater than $144,000 can get a maximum guaranty of 25% of the loan amount, regardless of the conforming loan limit. A homeowner has an FHA mortgage that is assumable. The homeowner would like to sell his home and carry the contract - in other words, offer seller financing. The homeowner's current FHA loan would not be paid off. Which of the following is most true? A. The homeowner can legally allow the buyer to assume the existing loan, provided that the buyer is qualifiedB. The homeowner is violating the assumability clause in their loan and risks having the loan called due and payable C. The homeowner is violating the due-on-sale clause and risks having the loan called due and payable D. Because the loan is FHA-insured and is assumable, the homeowner can offer seller financing without paying off their current loan and without violating the terms of their note and trust deed >>>A. The homeowner can legally allow the buyer to assume the existing loan, provided that the buyer is qualified FHA loans are assumable, meaning that if a borrower sells the home, the homebuyer could potentially assume - i.e., take over - the existing FHA loan. If a borrower's debt-to-income ratio is more than 43%: A. The loan is a subprime loan B. The loan is not eligible for sale on the secondary mortgage market C. The loan may not be considered a qualified mortgage D. Mortgage insurance will be required >>>C. The loan may not be considered a qualified mortgage A qualified mortgage is a covered transaction that provides for substantially-equal, regular periodic payments that do not provide for negative amortization, allow the borrower to defer repayment of principal, or result in a balloon payment. The loan may not have a term that exceeds 30 years or provide for points and fees that exceed 3% of the total loan amount. The borrower may not have a monthly debt-to-income ratio that exceeds 43%. Which of the following transactions would carry monthly mortgage insurance? A. VA 100% LTV, 30-year fixed B. Conventional 80% first, 15% second; combined LTV of 95% C. Conventional 30-year fixed, 72% LTV D. FHA 30-year fixed, 20% down >>>D. FHA 30-year fixed, 20% down For all FHA insured mortgages involving an original principal obligation less than or equal to 90% LTV, regardless of amortization terms, an annual mortgage insurance premium will be assessed until the end of the mortgage term or for the first 11 years of the mortgage term, whichever occurs first. In order for a loan to be considered a qualified mortgage, which of the following is true? A. The loan may not include a prepayment penaltyB. The loan may include a prepayment penalty for up to the first three years C. The loan may include a prepayment penalty for up to the first five years D. The loan may include a prepayment penalty for up to the first four years >>>B. The loan may include a prepayment penalty for up to the first three years Under the ATR/QM Rule, a qualified mortgage may not include a prepayment penalty unless: 1. it is permitted by law, 2. the transaction has an annual percentage rate that may not increase after consummation, 3. it is not a higher-priced mortgage, and 4. the prepayment penalty does not exceed 2% of the outstanding loan balance prepaid if prepaid during the first two years following consummation 5. or 1% of the outstanding loan balance prepaid if prepaid during the third year following consummation. Which of the following is NOT a required characteristic of a qualified mortgage (QM)? A. Debt-to-income may not exceed 43% B. Qualifying points and fees charged may not exceed 3% of the loan amount C. The borrower must make a down payment D. Loan must be fully amortizing >>>C. The borrower must make a down payment A QM may not have a term that exceeds 30 years or provide for points and fees that exceed 3% of the total loan amount, and the borrower may not have a monthly debt-toincome ratio that exceeds 43%. -Borrower sometimes has a chance to put 0% down making C correct. The Interagency Guidance on Nontraditional Mortgage Products applies to: A. Any adjustable-rate mortgage B. Any mortgage with a prepayment penalty C. Any mortgage that requires a determination of ability to repayD. Any mortgage which allows the deferment of principal or interest >>>D. Any mortgage which allows the deferment of principal or interest Under the Guidance, the term "nontraditional mortgage product" refers to a closed-end residential mortgage loan product that allows a borrower to defer payment of principal and sometimes interest. What is the maximum prepayment penalty which may be charged in the first year of the loan if the loan is considered a qualified mortgage? A. Zero B. 2% of the outstanding balance C. 3% of the outstanding balance D. 1% of the outstanding balance >>>B. 2% of the outstanding balance If the loan is prepaid in the first two years, the prepayment penalty may not exceed 2% of the amount prepaid. Loan limits for products like conforming loans and FHA loans vary based on: A. State B. County C. Municipality D. Acreage >>>B. County Loan products, such as conforming loans, jumbo loans, FHA loans, and some VA loans are based on county loan limits. Low-cost areas and high-cost areas have different limits, and available loan amounts for these programs will vary accordingly. Loan Inquiry and Application Process Requirements >>>Section 3 The Uniform Residential Loan Application is also known as the: A. 1008 B. 1003 C. 4506 D. 2106 >>>B. 1003 The Uniform Residential Loan Application is also known as the 1003. Your borrower does not wish to provide demographic information during the loan application process. What should you do? A. Complete the section based on a visual observation of the borrower during a face-toface applicationB. Leave the section blank C. Tell the borrower that his or her loan cannot be funded until the information is obtained D. Refuse to take the application >>>A. Complete the section based on a visual observation of the borrower during a face-to-face application If an applicant chooses not to provide the information, the mortgage loan originator will note the race, ethnicity, and sex on the basis of visual observation. In a loan transaction involving a mortgage broker: A. The Loan Estimate must be provided by the lender B. The lender is responsible for ascertaining whether the Loan Estimate has been provided C. The Loan Estimate must be provided by the mortgage broker D. The mortgage broker is responsible for ascertaining whether the Loan Estimate has been provided >>>B. The lender is responsible for ascertaining whether the Loan Estimate has been provided A loan applicant must be provided with a Loan Estimate no more than three days after submission of an application. If there is a mortgage broker involved in the transaction, the Loan Estimate may be provided by the broker. However, ultimate responsibility for ensuring that the applicant is provided with the required disclosure falls to the lender. If a consumer pays more at consummation than what was disclosed in the Loan Estimate and the amounts exceed the tolerances allowed by law, the creditor must: A. Refund the excess within 60 calendar days of consummation B. Provide an additional disclosure acknowledging this fact C. Waive all application fees D. Refund the excess within five business days of providing the Closing Disclosure >>>A. Refund the excess within 60 calendar days of consummation If a consumer pays more at consummation than what was disclosed in the Loan Estimate and the amount paid exceeded the allowable tolerances, the creditor must refund the excess to the consumer within 60 calendar days of consummation. Consumer Paying More at Consummation than Disclosed Amount in Loan Estimate(Tolerances) >>>For those charges subject to zero tolerance, the full amount in excess of the amount disclosed must be refunded For charges subject to the 10% tolerance, to the extent the total sum of the charges added together exceeds the sum of all such charges disclosed on the Loan Estimate by more than 10%, the difference must be refunded to the consumer. If a lender wished to request copies of tax forms directly from the IRS, they would use IRS form number: A. 4506 B. 1040 C. 2106 D. 2200 >>>A. 4506 The answer is 4506. IRS Form 4506 would be the form used by a lender to secure a copy of a borrower's tax return. Which of the following transactions would involve monthly mortgage insurance? A. VA 100% mortgage B. Conventional 80/15/5 C. Conventional loan with 20% down D. FHA 30-year mortgage with 25% down >>>D. FHA 30-year mortgage with 25% down All FHA forward mortgages must carry mortgage insurance until the end of the loan's term or for the first 11 years of the loan, whichever occurs first. Which of the following best describes the tolerance applicable to the escrow account? A. Tolerance depends on certain factors B. Zero tolerance C. No tolerance requirement D. 10% tolerance >>>C. No tolerance requirement There is no tolerance requirement for an escrow account. In other words, the creditor may charge more than it discloses in the Loan Estimate as long as the original estimate was based on the best available information at the time. Which of the following would not be an acceptable source for a down payment? A. An unsecured loan from the borrower's father B. A bonus received from the borrower's primary employer C. A loan secured by borrower's boat D. A gift from a stepsibling >>>A. An unsecured loan from the borrower's fatherEach of the following would be an acceptable source for a down payment: 1. a savings or checking account, a gift from relatives (a gift letter may be required), 2. the sale of property, a seller contribution, the cash value of a life insurance policy, or a money market account. 3. An unsecured loan to the borrower would not be acceptable as a down payment. Which of the following would be an acceptable down payment on an FHA-insured loan for a newly-constructed single-family residence? A. A grant from a nonprofit organization B. A seller contribution of 5% of the selling price C. A "bonus" from the mortgage broker associated with the project D. The builder's credit >>>A. A grant from a nonprofit organization Some or all of a down payment on an FHA-insured loan may come from a gift from an immediate relative, a labor union or employer, a government agency or public entity, or a nonprofit charitable organization. A gift donor, or the source of the funds, may not come from a person or entity with an interest in the sale of the property; in other words, it may not come from the seller or builder or mortgage licensee as each would have an interest in the consummation of the deal. Where could a borrower look to determine whether or not their conventional loan, which is not a high-cost loan, contains a prepayment penalty? A. The CHARM Booklet B. The deed of trust C. The assurances of their mortgage loan originator D. The Loan Estimate >>>D. The Loan Estimate Whether or not a mortgage loan has a prepayment penalty can be found on the Loan Estimate in the Loan Terms section. In the Loan Estimate, fees related to recording and to third-party service providers the borrower can shop for are grouped together and subject to: A. No tolerance limitation B. 10% tolerance C. 15% tolerance D. Zero tolerance >>>B. 10% toleranceQuotes of recording fees and third-party service provider fees (when the borrower can shop for their own providers) made on the Loan Estimate are subject to the 10% tolerance limitation. Which of the following lists contains a piece of information which will usually not be found on the 1003? A. Mortgage type, borrower's housing expenses, purchase price B. Borrower's name, borrower's Social Security Number, underwriter's name C. Subject property address, PMI, closing costs paid by the seller D. Borrower's income, interest rate, loan term >>>B. Borrower's name, borrower's Social Security Number, underwriter's name The underwriter's name is not included in the 1003. The acronym CHARM refers to which of the following? A. A disclosure law requiring the APR to be disclosed on balloon programs B. A booklet which must be given to a borrower applying for an adjustable-rate loan C. A booklet describing the Loan Estimate D. A disclosure requirement under RESPA >>>B. A booklet which must be given to a borrower applying for an adjustable-rate loan The CHARM Booklet (Consumer Handbook on Adjustable Rate Mortgages Booklet) is one of the required disclosures which must be provided to a person applying for an adjustable-rate mortgage loan. The section of the Uniform Residential Loan Application titled "Demographic Information": A. Must note the applicant's sex, race, and ethnicity based on the lender's visual observation or the applicant's surname if the applicant refuses to provide the information B. Is included to aid the federal government in monitoring compliance with the Fair Lending Act C. Is mandatory, to ensure compliance with federal lawsD. Must be completed only if the applicant is in a protected class >>>A. Must note the applicant's sex, race, and ethnicity based on the lender's visual observation or the applicant's surname if the applicant refuses to provide the information Completion of Section 8 of the 1003, "Demographic Information," is required to aid the federal government in monitoring compliance with fair lending laws (the Fair Lending Act is not a federal fair lending law). If the applicant does not choose to provide the required information, the loan originator must note the applicant's sex, race, and ethnicity based on the loan originator's visual observation and/or the applicant's surname. Which of the following events would not warrant the creditor terminating a home equity plan and demanding payment of the entire balance in advance of the original loan term? A. The consumer has committed fraud B. The consumer has defaulted on the loan C. The consumer has expressed an interest in paying off the loan D. The consumer has taken action that might adversely impact the security for the loan >>>C. The consumer has expressed an interest in paying off the loan Creditors may not terminate a home equity plan and demand payment of the loan balance prior to the end of the term unless the consumer has committed fraud, defaulted on the loan, or taken any action that might adversely impact the security for the loan. The fact that a consumer has expressed an interest in paying off the loan would not be grounds for the creditor to call the loan due and payable. The Loan Estimate may be conveyed to a consumer: A. By telephone B. By text message C. In any of these forms D. By mail >>>D. By mail The Loan Estimate must be provided to a loan applicant no more than three business days after submission of an application. Provision of this disclosure may be made by personal delivery, overnight delivery, or through the U.S. Mail. In terms of loan underwriting, which of the following is true concerning self-employment income? A. A self-employed loan applicant must provide proof of having liquid funds to cover at least six months' worth of mortgage paymentsB. The self-employed applicant must provide proof that he or she has received income sufficient to qualify for the loan on a consistent basis for at least five years C. Self-employment income may be averaged over the two-year period prior to loan application D. While untaxed commission income may be grossed up by 25%, income received as a result of self-employment may not >>>C. Self-employment income may be averaged over the two-year period prior to loan application Self-employed or commissioned income is averaged over a two-year period. Income received from self-employment may be verified with the submission of applicable tax returns (e.g., for a sole proprietorship, a profit-and-loss statement attached to the applicant's 1040; for income derived from a partnership, a Partnership Return of Income [IRS form 1065] attached to the applicant's 1040). Which of the following does not need to be mailed to the borrower within three days of the loan application for a purchase transaction? A. Loan Estimate B. Right of Rescission Notice C. Mortgage Servicing Disclosure D. Your Home Loan Toolkit: A Step-by-Step Guide >>>B. Right of Rescission Notice The Right of Rescission Notice must be provided to each borrower who signs on the loan at the time of loan closing. The booklet required to be given to borrowers who are contemplating an adjustable-rate loan is referred to as the: A. CHARM Booklet B. RESPA Booklet C. ARM Booklet D. HMDA Booklet >>>A. CHARM Booklet A loan originator making an adjustable-rate mortgage loan must provide the borrower with the Consumer Handbook on Adjustable-Rate Mortgages (the CHARM Booklet) at the time of application or before he or she pays any required non-refundable fee. Assume a borrower was allowed to shop for title insurance and chose a provider listed on the creditor's preferred provider list. Which of the following best describes the applicable tolerance? A. No tolerance requirement B. Zero tolerance C. 10% toleranceD. Tolerance depends on certain factors >>>D. Tolerance depends on certain factors Charges subject to the 10% tolerance limitation are recording fees and charges for third-party provider services if the charge is not paid to the creditor or its affiliate and the consumer is permitted to shop for a service provider and chooses a provider from the creditor's written list. Ethical Issues >>>Section 4 Which of the following is true about the Do-Not-Call Implementation Act? A. A business entity may never call a number listed on the Do-Not-Call Registry B. The Do-Not-Call Registry only relates to telemarketers engaging in solicitation activities in the mortgage industry C. An established business relationship between a business entity and a consumer does not fall under the scope of the Do-Not-Call Implementation Act D. Once a phone number is listed on the Do-Not-Call Registry, it remains on the Registry until it is removed or service is discontinued >>>D. Once a phone number is listed on the Do-Not-Call Registry, it remains on the Registry until it is removed or service is discontinued As a result of the Do-Not-Call Implementation Act, a consumer may register his or her phone number on the national Do-Not Call Registry as a number that may not be called by telemarketers. Once registered, a phone number remains on the Registry until it is removed or service is discontinued. A company engaging in telemarketing activities may, however, call a number listed on the Registry if the company has an established business relationship with the consumer, unless the consumer specifically asks not to be contacted. Which of the following best describes the potential penalty for violators of Do-Not-Call rules? A. Up to $43,280 per day in which calls were made B. Up to $43,280 per customer actually contacted C. Up to $43,280 per call made D. Up to $43,280 per hour in which calls were made >>>C. Up to $43,280 per call madeWhere a violation is a call made in violation of Do-Not-Call rules, the penalty is imposed per call. An example of a red flag under the Red Flags Rule would include all of the following, except: A. Misse