13. How many hours of continuing education must all MLOs complete annually?a. 15b. 12c. 10d. 8

31. The availability of funds in the primary market depends on the existence of the:a. secondary market.b. stock market.c. commodities market.d. foreign exchange market.

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.  

7. Predatory loan practices include:a. fraud.                                         b. usury.                              c. deception.                                 d. all of the above.

1. Private mortgage insurance reduces:a. the lender’s risk of loss in the event of borrower default.                          b. the borrower’s risk against rising interest rates.           c. the seller’s risk in the event of a buyer backing out of the sale.                                d. none of the above.           

43. A wraparound mortgage can:a. provide an above-market rate of return to the seller.     b. allow a buyer to have a below-market interest rate.      c. be used in place of a simple assumption. d. all of the above.  

Prion disease is spread by ______.

74. A foreclosure under a mortgage which requires a court ordered sale is called a:a. robo-sale foreclosure.                             b. judicial foreclosure.                           c. conventional foreclosure.d. standard foreclosure.

20. A foreclosure that does not have to be taken to court is called:a. nonjudicial.                                               b. nonrecurring.                                            c. nonamortized.d. all of the above.

18. In a seller’s market:a. supply exceeds demand.       b. demand exceeds supply.            c. home prices decline.             d. none of the above.