Finance&Loan Brokering Chapter 5 Quiz

Good ethics leads to: a. happy clients b. referrals c. more income for you d. all of the above

all of the above

An order to cease and desist is known as a(n): a. demurer b. novation c. judgement d. injunction

injunction.

Ethics differs from law in that ethics: a. the minimum standard for behavior b. always a written code c. is what is right d. usually illegal

is what is right

The main purpose of the Home Mortgage Disclosure Act is: a. expose incidents of redlining b. stabilize real estate loan interest rates c. stabilize real estate prices d. qualify construction trends

to expose incidents of redlining

A scheme where the property and borrower are non-existent is referred to as a(n): a. air loan fraud scheme b.Houdini loan scheme c.ninja loan scheme d. shell game loan scheme

Air Loan Fraud Scheme

Lending in the absence of discrimination based on race, sex, color, religion, national ancestry, marital status, or handicap is known as: a. politically correct lending b. fair lending c. safe lending d. equal rights lending

Fair Lending

The act that establishes uniform standards for credit reporting and strengthens consumer protection against identity theft is known as the: a. Fair Accurate Credit Transaction Act b. Home mortgage disclosure Act c. Consumer Credit Protection Act d. FTC Red Flags rule

Fair and Accurate Credit Transaction Act (FACTA).

Any person who receives or represents to the public that he or she will for compensation assist an applicant in obtaining a residential mortgage loan is defined as a: a. residential mortgage loan expeditor b.residential mortgage loan finder c.residential mortgage loan processor d.residential mortgage loan originator

Residential Mortgage Loan Originator

A core area containing a substantial population nucleus of 50,000 or more inhabitants is known as a: a. standard census tract b. standard urban neighborhood c. standard map grid section d. standard metropolitan statistical area

Standard Metropolitan Statistical Area

The intentional misrepresentation or omission of material facts by applicants to improperly influence a mortgage loan lender is is referred to as: a. fictitious underwriting b. mortgage fraud c. negative posturing d. risk management

mortgage fraud