This preview shows page 1. Sign up to view the full content.
Unformatted text preview: requisite for institutions to open new branches and to engage in expansions, acquisitions, and mergers, since outside third parties can petition agencies to deny these activities to institutions with poor CRA grades. Form 10-1: Good Faith Estimate Disclosure (RE 883) 10-28 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE Dynasty School (www.dynastySchool.com) 10-29 REAL ESTATE FINANCE 10-30 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE
1. Article 5 of the real estate law does NOT apply to: A. B. C. D. 2. Licensed real estate brokers Broker loans arranged as part of a sale Brokers who make fewer than 20 loans per year All of the above A mortgage loan broker, without authorization to the contrary, cannot retain funds received for a loan payment for more than: A. B. C. D. 24 hours 7 days 30 days 60 days 3. A broker may not advertise a yield different than the rate of the note: A. B. C. D. Under any circumstances Unless a permit was issued by the DRE Unless the rate of the note and discount are stated Unless the broker has put up a $10,000 bond 4. In servicing a loan, a broker used her own funds to remit a note to an owner when a purchaser was late on a payment. The broker: A. B. C. D. Has placed her license in jeopardy Must be licensed by the Department of Corporations to advance funds Must give written notice to the lender within 10 days of making the payment Has 7 days to notify the Department of Corporations 5. A broker released funds prior to close of a loan transaction and recording the deed. The broker should deliver the deed to the lender with the recommendation of recording or record it within: A. B. C. D. 24 hours of release of funds 3 days of release of funds 10 days of release of funds 60 days of release of funds 6. Exempt under the Real Property Loan law are
Dynasty School (www.dynastyS...
View Full Document
- Spring '10