Question 1

An easement:

Options :

A : is a mortgage modification.

B : is a right to cross or otherwise use someone else-s land for a specified purpose.

C : allows a loan applicant to close on a loan even if all the stipulations have not been met.

D :

allows a borrower to make less than the required payments without going through a full mortgage modification.

Answer: B

Question 2

Under the TILA-RESPA Integrated Disclosure rule (TRID), what is the minimum time period that must pass between a borrower's receipt of a Loan Estimate and the closing of a mortgage loan?

Options :

A : 7 business days

B : 15 business days

C : 30 business days

D : 45 calendar days

Answer: A

Question 3

A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?

Options :

A : Tip sharing

B : Fee splitting

C : Single fee method

D : Double fee method

Answer: B

Question 4

Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

Options :

A : The National Bank Act

B : The National Currency Act

C : The Bank Secrecy Act

D : The Real Estate Settlement Procedures Act

Answer: C

Question 5

Which of the following items is a liquid asset?

Options :

A : Antique jewelry

B : Publicly traded stocks

C : Net worth of a business

D : An automobile owned free and clear

Answer: B

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