Lending Info and Do Not Call Laws

All of the following actions would be examples of predatory lending EXCEPT A. asking a real estate agent to rewrite the sales contract to reflect a higher purchase price. B. changing loan terms at the last minute and not informing the borrower until closing. C. the underwriter checking the credit report of the borrower one day prior to closing. D. telling potential borrowers that there is no need to apply elsewhere for a loan.

the underwriter checking the credit report of the borrower one day prior to closing

If a telemarketer calls a number on the Do Not Call list, the telemarketer may be fined up to A. $5,000 per call. B. $11,00 per call. C. $16,000 per call. D. $21,00 per call.

$16,000 per call

Telemarketers are required to search the registry at least once every A. 31 days. B. 60 days. C. 75 days. D. 90 days.

31 days

Which of the following statements is FALSE regarding the Can-Spam laws? A. The "header" information must be accurate and correct. B. A physical address of the sender does not have to be included in the email. C. There must be a readily apparent opt-out feature. D. The "subject" must be accurate and correct.

A physical address of the sender does not have to be included in the email

A listing expired and the seller's name is on the Do-Not-Call registry. Who has the legal right to call the sellers under the Do-Not-Call laws? A. Only the listing agent B. Only REALTORS® C. Any agent within the listing brokerage firm D. Any real estate agent in the country

Any agent within the listing brokerage firm

Which of the following actions would constitute predatory lending? A. The borrower gives written permission for the real estate agent to communicate about the loan to the loan officer B. Providing applicants with a good faith estimate within three days of loan application C. The loan officer calls the place of employment found on the loan application to verify employment history D. Asking potential borrowers to sign blank loan application documents

Asking potential borrowers to sign blank loan application documents

Which of the following actions is NOT an example of mortgage fraud? A. Three months of bank statements that have been photo copied B. A potential borrower who changes the divorce decree to show child support for another two years C. An appraisal that reflects the an inflated price because of the selections of comparable properties D. The use of a stolen identification to apply for the loan

Three months of bank statements that have been photo copied.

The Can-Spam Act requires the opt-out feature to be A. active for 10 days after the email was sent and the request for the opt-out must be honored within 30 days. B. active for 15 days after the email was sent and the request for the opt-out must be honored within 30 days. C. active for 30 days after the email was sent and the request for the opt-out must be honored within 30 days. D. active for 30 days after the email was sent and the request for the opt-out must be honored within 10 days

active for 30 days after the email was sent and the request for the opt-out must be honored within 10 days

The National Do-Not-Call law applies to A. intrastate calls made from one business to another business. B. any plan, program, or campaign to sell goods or services through interstate phone calls. C. intrastate calls made from one residence to another residence. D. calls made from one brokerage firm to another brokerage firm.

any plan, program, or campaign to sell goods or services through interstate phone calls

Can-Spam is the law that regulates A. email communications between agents and clients. B. email communications between agents and customers. C. unsolicited email that is sent by potential buyers to agents. D. commercial emails that advertises a product or service.

commercial emails that advertise a product or service

A potential buyer applied to a mortgage broker for a loan to purchase a home. The loan officer may call the potential buyer A. for up to one month. B. for up to two months. C. for up to three months. D. for up to four months.

for up to three months

A potential buyer went to a lender to be preapproved for the loan. The potential buyer is twenty years old, has no credit history and $5,000 for a down payment. If he is approved for a loan he will MOST LIKELY be approved for a A. prime loan. B. graduated payment loan. C. land contract. D. subprime loan.

subprime loan (A subprime loan is for borrowers who have a questionable credit history. This could be because the borrow has no credit, have not made their payments in a timely manner on a current loan or they refuse to provide verifiable information on a loan application.)

The MAJOR DIFFERENCE between a short sale and a foreclosure is A. that short sales can only take place on residential properties while foreclosure can take place on any type of property. B. the short sale is a lender process and a foreclosure is a legal process that is determined by state laws. C. with a short sale the agent is paid a real estate commission on the sale price but there is no commission on a foreclosure sale. D. that the difference between the sale price and the mortgage balance is automatically forgiven in a short sale, but a deficiency judgment can be filed with a foreclosure.

the short sale is a lender process and foreclosure is a legal process that is determined by state law

The penalty that can be imposed for a violation of the Can-Spam Act is A. up to $7,500 for each email that is not in compliance. B. up to $11,000 for each email that is not in compliance. C. up to $16,000 for each email that is not in compliance. D. up to $20,000 for each email that is not in compliance.

up to $16,000 for each email that is not in compliance

A telemarketer may call a consumer with whom it has an established business relationship for A. up to 18 months after the consumer's last purchase, delivery, or payment; even if the consumer's number is on the National Do-Not-Call Registry. B. up to 3 months after the consumer's last purchase, delivery, or payment; but the consumer's number cannot be on the National Do-Not-Call Registry. C. up to 6 months after the consumer's last purchase, delivery, or payment; even if the consumer's number is on the National Do-Not-Call Registry. D. up to 12 months after the consumer's last purchase, delivery, or payment; but the consumer's number cannot be on the National Do-Not-Call Registry.

up to 18 months after the consumer's last purchase, delivery, or payment; even if the consumer's number is on the National Do-Not-Call Registry.

In regards to mortgage fraud, a straw buyer is A. a parent agrees to cosign the note for a child so he/she could purchase a first home upon college graduation. B. when one person negotiates a loan on behalf of another person who could not qualify for the loan. C. the local lender negotiates the loan and agrees to sell the note on the secondary market before the loan has even closed. D. a member of the secondary market who only purchases prime loans within fifteen days of the closing.

when one person negotiates a loan on behalf of another person who could not qualify for the loan.