Exam (elaborations)
FLOT COMP EXAM - DLM KC11.E1 QUESTIONS AND ANSWERS 2024
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FLOT COMP EXAM - DLM KC11.E1
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FLOT COMP EXAM - DLM KC11.E1Title clearance is not required for real estate that is taken as additional security or that is
considered a non-essential asset regardless of the appraised value.
a. True
b. False - answer a. True
Youth loan applicants are not required to sign promissory notes because they are not of
legal age to incur the debt.
a. True
b. False - answer b. False
Loan closing fees are the responsibility of the borrower or, in the case of a real estate loan, the borrower and the seller.
a. True
b. False - answer a. True
In the case of a partnership or joint operation, the individual authorized to sign for the entity is required to sign the promissory note, as well as:
a. the spouses of the individual members
b. all partners or joint operators, as individuals, and any cosigners, if required
c. all partners or joint operators, as individuals, along with their spouses
d. only the individual authorized by the partnership or joint operation to obligate the entity for the loan. - answer b. all partners or joint operators, as individuals, and any cosigners, if required
A preliminary title opinion or title commitment is obtained prior to closing chattel loans.
a. True
b. False - answer a. True
A lien search is always required on chattel when:
a. the chattel is taken as additional security
b. the chattel is considered non-essential assets
c. a youth loan is being closed
d. the chattel is providing adequate security for the loan. - answer d. the chattel is providing adequate security for the loan.
The closing agent is responsible for disbursing loan funds in accordance with specific Agency instructions.
a. True
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