Ethics Test Questions Flashcards
the applicant is too young to enter the contract
Both
Payment of the fee is illegal
Fraud for profit
Regulation Z
To help a borrower pay for settlement costs
Requiring financial institutions, including mortgage companies to obtain permission for the use and sharing of consumers’ non-public personal information
a property is bought and resold in a very short period of time.
a person who accepts a fee for the use of his/her ssn and other information for use on the application
Can you explain why this property is valued so low, compared to the current market.
the real estate licensee
Neither the title company nor the mortgage broker
Both the title insurance company and the mortgage broker
Neither the title company nor the mortgage company
Neither the title company nor the mortgage company
Neither the mortgage broker nor the real estate agent
Lets review your bank statements and tax returns to determine your income.
an amount paid by a lender to a loan originator for closing at a higher amount than the borrower qualifies.
Paying every originator 3% …
An open end HELOC
The Safeguards rule
Refusing to originate loans in zip codes known to be economically depressed
Equity based lending
contact loan applicants to get info for the loan
Regulation Z
Failing to submit and FHA loan at the borrowers request
shares non-public personal information with non-affiliated third parties
a fiduciary duty
fictitious borrower obtains mortgage with fictitious property
loan originator gives airline travel voucher
clear and conspicuous disclosure of relevant terms
four months pregnant and might not continue working once her baby is born
Not a violation of TILA
she must report the actions of the appraiser
imposed by state licensing laws in some states
valuation used innappropriate comparables including errors
fraud for housing
the fraud enforcement and recovery act
targeting consumers in specific neighborhoods
