37. Based on FNMA and FHLMC guidelines, mortgage interest rates are generally limited by lenders to an annual increase of:a. 2%.                                    b. 20%.                                     c. 200%.d. none of the above.

31. The availability of funds in the primary market depends on the existence of the:a. secondary market.b. stock market.c. commodities market.d. foreign exchange market.

68. In a growth equity mortgage (GEM):a. payments increase annually.          b. payments decrease annually.                             c. interest rates decrease annually.d. none of the above.

62. In a foreclosure under a Deed of Trust the Notice of Sale must be published in a newspaper for:a. 6 weeks.                               b. 3 weeks.c. 5 days.                        d. 3 days.  

7. Predatory loan practices include:a. fraud.                                         b. usury.                              c. deception.                                 d. all of the above.

33. Prior to getting licensed by the NMLS all applicants must:a. complete 20 hours of pre-licensing education approved by NMLS.b. pass a 125 question national Uniform state test (UST).c. provide fingerprints for a FBI criminal background check.d. all of the above.

8. Mortgage bankers/mortgage companies:a. both originate and loan funds.                                    b. act only as “go-betweens.”                                         c. are part of the secondary market only.d. none of the above.

24. A loan that is repaid with periodic payments that include principal and interest so that the entire loan is paid by the end of the term is a(n):a. unconventional loan.                b. straight note loan.         c. annualized loan.                       d. amortized loan.             

14. The Fair Credit Reporting Act:a. does not pertain to real estate transactions.b. does not pertain to unmarried individuals.c. requires credit reporting agencies to remove all adverse information over 7 years old except for     bankruptcies and foreclosures.d. does not pertain to collection accounts.

61. Which federal Act gives consumers rights to know what is in their credit files and the right to correct inaccurate credit information?a. The Fair Credit Reporting Actb. The Home Mortgage Disclosure Actc. The Fair Housing Actd. The Patriot Act