South Carolina-Specific Flashcards
TRUE OR FALSE: The state treasurer is a member of the SC-BFI.
True
TRUE OR FALSE: A person cannot be licensed as a broker; brokers can only be companies.
False
The NMLS was created by which 2 entities?
CSBS and AARMR
TRUE OR FALSE: There can only be one control person in each mortgage company.
False
TRUE OR FALSE: The renewal fee for brokers in SC is $550.
True
You must send a letter of explanation to the NMLS about any misdemeanor in the past ___ years
10
TRUE OR FALSE: You cannot receive compensation for a loan that is closed during your reinstatement period.
True
TRUE OR FALSE: The Attorney Insurance Preference Form must be provided to the borrower within three days after receiving their application.
True
TRUE OR FALSE: You can require borrowers to sign documents electronically.
False
TRUE OR FALSE: 29,000 of the complaints the CFPB received in 2020 were related to mortgages.
True
TRUE OR FALSE: In 2013, the CFPB issued the HOEPA Rule that amended Reg Z.
True
TRUE OR FALSE: High-cost home loans can include a call provision.
False
TRUE OR FALSE: An error of legal judgment is not considered a bona fide error.
True
TRUE OR FALSE: The initial escrow statement must be disclosed to the borrower within ____ calendar days of closing or settlement.
45
TRUE OR FALSE: If you have committed multiple violations, you can be charged up to $10,000.
True
