Which of the following acts requires mortgage loan originators to complete annual continuing education to satisfy the requirement for licensure?

• A.The SAFE Act
• B.The Dodd-Frank Act
• C.The Truth in Lending Act (TILA)
• D.The Equal Credit Opportunity Act

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Which of the following is a requirement for a mortgage loan originator (MLO) license?

• A.Completed at least 10 hours of pre-licensing education
• B.Have not had an MLO license revoked in the last five years
• C.Have never been convicted of a felony in a domestic, foreign or military court
• D.Are covered by either a net worth or surety bond or pay into a state fund as required by the state loan originator's supervisory authority

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According to the Truth in Lending Act (TILA), the term "finance charge" includes which of the following charges?

• A.Daily or per diem interest paid by borrower
• B.Seller's points offered to reduce the borrower's closing costs
• C.A standard credit application fee charged to all loan applicants
• D.Document preparation fees for items such as mortgages and deeds

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Which of the following does a higher-priced mortgage require if the seller acquired the home 90 days or fewer prior to the date of the purchase contract and the sales price exceeds the seller's acquisition price by more than
10%?

• A.One written appraisal and one broker price opinion
• B.One written appraisal only and one automated valuation model
• C.Two written appraisals only
• D.Two written appraisals and one automated valuation model

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A friend contacts a mortgage loan originator (MLO) and asks her to obtain a credit report for him to review before he tries to rent a house. The MLO has access to obtaining credit reports but does not handle any rental applications. Which of the following actions should the MLO take?

• A.Offer to obtain the credit report but only if the friend will pay for the cost of the report
• B.Ask the friend to provide the MLO with a written authorization to obtain his credit report
• C.Explain that the MLO cannot obtain the friend's credit report since he is not looking for a home loan
• D.Start a loan application so that the MLO can obtain the credit report and then show the application as
  "withdrawn"

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