Compucram Practice Exam Topics || with 100% Error-free Solutions.
Who oversees RESPA? correct answers CFPB
Who enforces RESPA? correct answers CFPB
Who oversees ECOA? correct answers CFPB
Who enforces ECOA? correct answers CFPB and FTC
Who oversees TILA? correct answers CFPB
Who enforces TILA? correct answers CFPB (FTC for advertisement penalties)
Who oversees the National Do Not Call Registry? correct answers FCC, FTC
Who enforces the National Do Not Call Registry? correct answers FTC
Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? correct answers FCRA
The ECOA is a law that ensures? correct answers Lenders make credit available with fairness and without discrimination.
Who oversees FCRA? correct answers CFPB
Who enforces FCRA? correct answers CFPB and FTC
TILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? correct answers Two
Who oversees FHA (Fair Housing Civil Rights Act)/Fair Housing/Federal Housing Administration/(FHEO) Fair Housing and Equal Opportunity? correct answers HUD - US Dept. of Housing and Urban Development
How long does a lender have to cure a tolerance violation? correct answers Within 60 calendar days after settlement
What document would be required in order for a person to relinquish all interest and future rights
to property that is jointly owned by him/her and a person other than his or her spouse? correct answers Quitclaim deed
When must a re-certification of value be performed? correct answers 120 days After how many days is a new appraisal required? correct answers 180 days
Which agency is responsible for enforcement of the Ability to Repay rules? correct answers CFPB
A recorded deed or recorded note and mortgage are considered to be a(n) correct answers Constructive notice of title,
Constructive notice of title means making it public. By recording the documents, they are made public record.
In terms of a mortgage loan closing, conveyance is best described as correct answers The transfer
of title through the deed
Unintentional breach of a legal duty is unethical and is considered correct answers Negligence
Negligence is typically due to a lack of time, forgetfulness, or just plain laziness.
For example, if an agent was listing a property and there was a question regarding the zoning, the
agent should contact the zoning office. Usually, this can be determined by a phone call or checking the website. If the agent knew that there was a question regarding the zoning of a property and did nothing, the agent could be found guilty of negligence.
Which was the first major legislation to directly affect equal rights to ownership of real property?
correct answers Civil Rights Act
What is material omission? correct answers A federal securities law term used to describe conduct that may form the basis of a charge of fraud for the failure to provide information that is necessary to produce lawful disclosure in connection with the purchase or sale of securities
It is a violation of which law for lenders to discriminate against a potential borrower who receives Section 8 housing vouchers? correct answers ECOA
Which situation is considered grounds for suspension or revocation of a mortgage lender's license? correct answers failure to pay annual fees owed
If a licensed mortgage loan originator is convicted of a felony, who is responsible for reporting this information to the NMLS? correct answers mortgage loan originator
What is actual fraud? correct answers Ignoring a critical fact
Involves an intentional misrepresentation of a material fact
What is constructive fraud? correct answers Lying without knowing you are lying. There does not need to be intent to deceive somebody.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.09. You're not tied to anything after your purchase.
