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

57. A credit report is:a. paid for at the time of application.                         b. provided by the borrower.                                      c. ordered by the escrow agent.d. not necessary.

43. A wraparound mortgage can:a. provide an above-market rate of return to the seller.     b. allow a buyer to have a below-market interest rate.      c. be used in place of a simple assumption. d. all of the above.  

35. Regulation Z:a. allows the right of rescission.                                                 b. requires that a consumer be provided with the annual percentage rate. c. requires proper disclosure of all finance terms in advertising.               d. all of the above.      

11. A borrower seeking a conventional loan with a larger LTV than the traditional ratio is required to:  a. have a cosigner on the loan.                              b. make a 50% down payment.   c. be over the age of 55.   d. carry private mortgage insurance.

48. All licensed/registered MLOs are issued:a. a unique identifier number.b. a tax identification number.c. a picture ID card.d. all of the above.