Ethics Test Questions

Question 1

Answer 1

the applicant is too young to enter the contract

Question 2

Answer 2

Both

Question 3

Answer 3

Payment of the fee is illegal

Question 4

Answer 4

Fraud for profit

Question 5

Answer 5

Regulation Z

Question 6

Answer 6

To help a borrower pay for settlement costs

Question 7

Answer 7

Requiring financial institutions, including mortgage companies to obtain permission for the use and sharing of consumers’ non-public personal information

Question 8

Answer 8

a property is bought and resold in a very short period of time.

Question 9

Answer 9

a person who accepts a fee for the use of his/her ssn and other information for use on the application

Question 10

Answer 10

Can you explain why this property is valued so low, compared to the current market.

Question 11

Answer 11

the real estate licensee

Question 12

Answer 12

Neither the title company nor the mortgage broker

Question 13

Answer 13

Both the title insurance company and the mortgage broker

Question 14

Answer 14

Neither the title company nor the mortgage company

Question 15

Answer 15

Neither the title company nor the mortgage company

Question 16

Answer 16

Neither the mortgage broker nor the real estate agent

Question 17

Answer 17

Lets review your bank statements and tax returns to determine your income.

Question 18

Answer 18

an amount paid by a lender to a loan originator for closing at a higher amount than the borrower qualifies.

Question 19

Answer 19

Paying every originator 3% …

Question 20

Answer 20

An open end HELOC

Question 21

Answer 21

The Safeguards rule

Question 22

Answer 22

Refusing to originate loans in zip codes known to be economically depressed

Question 23

Answer 23

Equity based lending

Question 24

Answer 24

contact loan applicants to get info for the loan

Question 25

Answer 25

Regulation Z

Question 26

Answer 26

Failing to submit and FHA loan at the borrowers request

Question 27

Answer 27

shares non-public personal information with non-affiliated third parties

Question 28

Answer 28

a fiduciary duty

Question 29

Answer 29

fictitious borrower obtains mortgage with fictitious property

Question 30

Answer 30

loan originator gives airline travel voucher

Question 31

Answer 31

clear and conspicuous disclosure of relevant terms

Question 32

Answer 32

four months pregnant and might not continue working once her baby is born

Question 33

Answer 33

Not a violation of TILA

Question 34

Answer 34

she must report the actions of the appraiser

Question 35

Answer 35

imposed by state licensing laws in some states

Question 36

Answer 36

valuation used innappropriate comparables including errors

Question 37

Answer 37

fraud for housing

Question 38

Answer 38

the fraud enforcement and recovery act

Question 39

Answer 39

targeting consumers in specific neighborhoods

Question 40

for which of the following reasons would it be permissible to refuse to take an application from a potential borrower?

Answer 40

the borrower has alluded to the fact the she is submitting false documents to qualify for a larger loan.