CA Real Estate Finance Course » 2021 » Sec 11 Unit 1 Exam

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Question #1
Loans to purchase a residential property, refinance an existing residential real property loan, or a home equity line of credit are considered ______.
A.   Conforming loans
B.   Jumbo loans
C.   Residential mortgage loans
D.   Nonconforming loans
Question #2
Samantha is an assistant to Matt, a real estate licensee with an MLO endorsement. She performs administrative tasks on his behalf. Does she need an MLO endorsement?
A.   Yes, she must have an MLO endorsement to work as an assistant to the MLO.
B.   No, she doesn't need an MLO endorsement because she is not paid by Matt.
C.   Yes, she must have an MLO because she's being compensated for mortgage-related activities.
D.   No, she doesn't need an MLO endorsement because she is only performing administrative tasks.
Question #3
Mary is a licensed real estate professional. She only performs licensed real estate activities and does not receive any compensation from lenders, mortgage brokers, or other mortgage-related parties. Does she need an MLO endorsement?
A.   No, real estate licensees are not eligible to obtain an MLO endorsement.
B.   Yes, she must have an MLO if she intends to work with buyers.
C.   No, she does not need an MLO endorsement if she only performs real estate activities and does not receive compensation from mortgage-related parties.
D.   Yes, all licensed real estate professionals must hold an MLO endorsement.
Question #4
Any person acting as a mortgage loan originator must register with the ______.
A.   State real estate commission or bureau
B.   Nationwide Mortgage Licensing System and Registry
C.   U.S. Treasury
D.   Office of the Inspector General

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