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30. FHLMC (Freddie Mac) is an example of:a. a secondary market participant.                              b. a primary market only participant.                                 c. a federal agency lender open only to veterans.d. none of the above.

37. Based on FNMA and FHLMC guidelines, mortgage interest rates are generally limited by lenders to an annual increase of:a. 2%.                                    b. 20%.                                     c. 200%.d. none of the above.

25. “One point” is:a. $1,000.00.                                     b. 1% of the sales price.                    c. 1% of the loan amount.d. none of the above.

99. According to the Mortgage Reform and Anti-Predatory Lending Act, a mortgage loan originator may only receive compensation that is based on:a. the borrower’s income above the national poverty rate.b. actual time spent working on the file.c. the lender’s cost of funds.d. the principal amount of a residential mortgage loan.  

32. What agency exists solely to provide a secondary market for farm mortgages?a. “Farmer Mac”                                               b. “Freddie Mac”                                               c. “Sally Mae”d. “Fannie Mae”

95. Bankruptcies must be reported on the loan application if they have occurred within the past:a. 3 years.                      b. 7 years.               c. 10 years.                 d. 15 years. 

85. The purchaser of an option is called:a. the optionor.                   b. the optionee.                    c. the lessee.                       d. none of the above.          

78. An FHA appraiser must:a. be an employee of the lender.                                             b. only charge $300.c. have a valid real estate broker license.d. note major health and safety deficiencies on the URAR.

92. Liquid assets include:a. real estate only.                                         b. cash only.                                                                             c. any assets that can readily be converted to cash.d. none of the above.                                                                

13. How many hours of continuing education must all MLOs complete annually?a. 15b. 12c. 10d. 8