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PLM Practice Exam 2024_2025 fully solved & updated
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PLM Practice Exam 2024/2025 fully solved& updated
Upfront MIP is collected on... - ANSWER-All FHA loans.
A licensed loan originator is working for a licensed entity. - ANSWER-He or she
can only work for the licensed entity with which he or she is currently employed
In a deed of trust, the right that the trustee has to proceed with non-judicial
foreclosure is called: - ANSWER-Power of sale
The DRE is headed by the: - ANSWER-Director
Utah's Residential Mortgage Regulatory Commission consists of: - ANSWER-Five
members that serve four-year terms
The ___________________ was created to detect, investigate, prosecute, and
deter mortgage fraud and other major financial fraud crimes in Utah. - ANSWER-
Mortgage and Financial Fraud Unit
Which of the following is an example of open-ended credit? - ANSWER-HELOC
An affiliated business arrangement established for the illegal purpose of
collecting excessive fees from consumers and splitting them among participants
is known as: - ANSWER-A sham affiliated business arrangement
USDA loans are primarily for properties located in: - ANSWER-Rural areas
The amount of income left over after debt is subtracted is called: - ANSWER-
Residual income
, The liability of the Recovery Fund for a single licensee may not exceed: -
ANSWER-$45,000.00
A mortgage loan originator advertises in conjunction with a real estate brokerage.
The advertisement features contact information for both entities, the role of the
brokerage in transactions, and the services the MLO may provide - ANSWER-This
is legal and in compliance with Utah law
A person who qualifies as a PLM and works by or on behalf of another PLM in
transacting mortgage business is: - ANSWER-An associate lending manager
With regard to qualified mortgages, the Veterans Administration has stated that
VA-insured or -guaranteed loans are: - ANSWER-Safe harbor qualified mortgages
A party who has been served a cease and desist order from the Director may
request a hearing within: - ANSWER-10 days of receiving the order
Which threshold CANNOT be used to identify high-cost loans according to
federal law? - ANSWER-PMI threshold
The administrative body existing within the DRE to help in regulating mortgage
professionals is: - ANSWER-The Residential Mortgage Regulatory Commission
This federal law is primarily concerned with disclosures and advertising. -
ANSWER-The Truth-in-Lending Act
Which of the following is not an affirmative duty of a principal lending manager? -
ANSWER-Ensuring that licensees do not offer high-cost mortgage loans
The Gramm-Leach-Bliley Act is concerned with: - ANSWER-Privacy of consumer
information
Every loan originator must: - ANSWER-Be affiliated with a PLM
What does "APR" mean? - ANSWER-Annual percentage rate
When a loan is characterized as "conforming," this means the loan: - ANSWER-
Meets guidelines established by Fannie Mae and Freddie Mac
The license of a person who commits mortgage fraud: - ANSWER-Is automatically
revoked
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