CA Real Estate Finance Course » 2021 » Sec 11 Unit 2 Exam

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Question #1
MLO applicants give permission for a credit report to be pulled so the NMLS can evaluate whether the applicant demonstrates ______.
A.   A criminal history
B.   Financial responsibility
C.   A lengthy credit history
D.   A low debt-to-income ratio
Question #2
To qualify for a mortgage loan originator endorsement, applicants must meet education, fingerprint, credit report, and _____ requirements.
A.   Experience
B.   Location
C.   Examination
D.   Age
Question #3
Three months ago, Jamie started performing MLO activities, but she has yet to obtain an MLO endorsement. How much will she be penalized?
A.   $50 per day for each day so far
B.   $50 per day for the first 30 days of the violation, $100 per day starting on the 31st day
C.   $10,000
D.   $100 per day for each day so far
Question #4
Jackson holds a real estate broker license with an MLO endorsement. How many hours of continuing education must he complete each year to renew this endorsement?
A.   45 hours
B.   20 hours
C.   10 hours
D.   Eight hours
Question #5
Jansen is a real estate licensee with a mortgage loan originator endorsement. He’s representing the seller as their real estate agent, and the buyer as a mortgage loan originator in the same transaction, without the permission of either party. What is this an example of?
A.   Subagency
B.   Double dipping
C.   Cooperating brokerage
D.   Undisclosed dual agency
Question #6
Jackson holds a real estate broker license with an MLO endorsement. How often must he renew his MLO endorsement?
A.   Every three years
B.   Every year
C.   Every two years
D.   Every four years
Question #7
Scott is an MLO. Arthur, his assistant, does not have an MLO endorsement. Which of these activities must be performed by Scott?
A.   Presenting a loan offer to a consumer for acceptance
B.   Explaining the steps the consumer needs to take to obtain a loan offer
C.   Contacting a consumer to obtain tax returns or payroll receipts to verify loan application information
D.   Receiving a loan application through the mail and forwarding it, without review
Question #8
Maura is a real estate salesperson who does not have an MLO endorsement. Which of these actions can she perform for her client, who is financing the purchase of a single-family home?
A.   Offer to provide the client with a list of lenders they could consider working with to obtain the loan.
B.   Take the client's residential mortgage loan application.
C.   Offer to negotiate the terms of the client's loan application.
D.   Service the client's loan.

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