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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

42. What age must a reverse mortgage borrower be?a. Over 55              b. Over 62                       c. Over 65             d. Over 70                        

94. Market value is the:a. amount the broker needs to do the loan.           b. sales price of the home.                                     c. most probable price that a property should bring in an open and competitive market.d. none of the above.

35. Regulation Z:a. allows the right of rescission.                                                 b. requires that a consumer be provided with the annual percentage rate. c. requires proper disclosure of all finance terms in advertising.               d. all of the above.