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Multi-choice Question Aswering
|
Which of the following statements is incorrect about the discussions within the Constituent Assembly?
A.The discussions within the Constituent Assembly were also influenced by the opinions expressed by the public.
B.As the deliberations continued, the arguments were reported in newspapers, but there was no time to debate publicly on the proposals.
C.Criticisms and counter-criticisms in the press in turn shaped the nature of the consensus that was ultimately reached on specific issues.
D.In order to create a sense of collective participation the public was also asked to send in their views on what needed to be done.
Answer:B
|
Which of the following statements is incorrect about the discussions within the Constituent Assembly?
|
Answer:B
|
[
"A.The discussions within the Constituent Assembly were also influenced by the opinions expressed by the public.",
"B.As the deliberations continued, the arguments were reported in newspapers, but there was no time to debate publicly on the proposals.",
"C.Criticisms and counter-criticisms in the press in turn shaped the nature of the consensus that was ultimately reached on specific issues.",
"D.In order to create a sense of collective participation the public was also asked to send in their views on what needed to be done."
] |
Explanation: The discussions within the Constituent Assembly were also influenced by the opinions expressed by the public. As the deliberations continued, the arguments were reported in newspapers, and the proposals were publicly debated. Criticisms and counter-criticisms in the press in turn shaped the nature of the consensus that was ultimately reached on specific issues. In order to create a sense of collective participation the public was also asked to send in their views on what needed to be done. Many of the linguistic minorities wanted the protection of their mother tongue, religious minorities asked for special safeguards, while dalits demanded an end to all caste oppression and reservation of seats in government bodies.
|
Multi-choice Question Aswering
|
Who among the following had moved the crucial “Objectives Resolution”?
A.Dr. Bhimrao Ambedkar
B.Dr. Rajendra Prasad
C.Jawaharlal Nehru
D.Motilal Nehru
Answer:C
|
Who among the following had moved the crucial “Objectives Resolution”?
|
Answer:C
|
[
"A.Dr. Bhimrao Ambedkar",
"B.Dr. Rajendra Prasad",
"C.Jawaharlal Nehru",
"D.Motilal Nehru"
] |
Explanation: The Constituent Assembly had 300 members. Of these, six members played particularly important roles. Three were representatives of the Congress, namely, Jawaharlal Nehru, Vallabh Bhai Patel and Rajendra Prasad. It was Nehru who moved the crucial “Objectives Resolution”.
|
Multi-choice Question Aswering
|
Who among the following had moved the resolution proposing that the National Flag of India be a “horizontal tricolour of saffron, white and dark green in equal proportion”, with a wheel in navy blue at the centre?
A.Jawaharlal Nehru
B.Dr. Bhimrao Ambedkar
C.Dr. Rajendra Prasad
D.Subhash Chandra Bose
Answer:A
|
Who among the following had moved the resolution proposing that the National Flag of India be a “horizontal tricolour of saffron, white and dark green in equal proportion”, with a wheel in navy blue at the centre?
|
Answer:A
|
[
"A.Jawaharlal Nehru",
"B.Dr. Bhimrao Ambedkar",
"C.Dr. Rajendra Prasad",
"D.Subhash Chandra Bose"
] |
Explanation: Three were representatives of the Congress, namely, Jawaharlal Nehru, Vallabh Bhai Patel and Rajendra Prasad. It was Nehru who moved the crucial “Objectives Resolution”, as well as the resolution proposing that the National Flag of India be a “horizontal tricolour of saffron, white and dark green in equal proportion”, with a wheel in navy blue at the centre.
|
Multi-choice Question Aswering
|
Who was the President of Constituent Assembly?
A.Dr. Bhimrao Ambedkar
B.Dr. Rajendra Prasad
C.Jawaharlal Nehru
D.Motilal Nehru
Answer:B
|
Who was the President of Constituent Assembly?
|
Answer:B
|
[
"A.Dr. Bhimrao Ambedkar",
"B.Dr. Rajendra Prasad",
"C.Jawaharlal Nehru",
"D.Motilal Nehru"
] |
Explanation: Rajendra Prasad’s role was as President of the Assembly, where he had to steer the discussion along constructive lines while making sure all members had a chance to speak.
|
Multi-choice Question Aswering
|
Who was the Chairman of the Drafting Committee of the Constitution?
A.Jawaharlal Nehru
B.Dr. Bhimrao Ambedkar
C.Dr. Rajendra Prasad
D.Subhash Chandra Bose
Answer:A
|
Who was the Chairman of the Drafting Committee of the Constitution?
|
Answer:A
|
[
"A.Jawaharlal Nehru",
"B.Dr. Bhimrao Ambedkar",
"C.Dr. Rajendra Prasad",
"D.Subhash Chandra Bose"
] |
Explanation: During the period of British rule, Ambedkar had been a political opponent of the Congress; but, on the advice of Mahatma Gandhi, he was asked at Independence to join the Union Cabinet as law minister. In this capacity, he served as Chairman of the Drafting Committee of the Constitution. Serving with him were two other lawyers, K.M. Munshi from Gujarat and Alladi Krishnaswamy Aiyar from Madras, both of whom gave crucial inputs in the drafting of the Constitution.
|
Multi-choice Question Aswering
|
Who was the Chief Draughtsman of the Constituent Assembly?
A.Jawaharlal Nehru
B.Dr. Bhimrao Ambedkar
C.Dr. Rajendra Prasad
D.S. N. Mukherjee
Answer:D
|
Who was the Chief Draughtsman of the Constituent Assembly?
|
Answer:D
|
[
"A.Jawaharlal Nehru",
"B.Dr. Bhimrao Ambedkar",
"C.Dr. Rajendra Prasad",
"D.S. N. Mukherjee"
] |
Explanation: The six members were given vital assistance by two civil servants. One was B. N. Rau, Constitutional Advisor to the Government of India, who prepared a series of background papers based on a close study of the political systems obtaining in other countries. The other was the Chief Draughtsman, S. N. Mukherjee, who had the ability to put complex proposals in clear legal language.
|
Multi-choice Question Aswering
|
Who among the following had made a powerful plea for continuing separate electorates?
A.Jawaharlal Nehru
B.Dr. Bhimrao Ambedkar
C.B. Pocker Bahadur
D.S. N. Mukherjee
Answer:C
|
Who among the following had made a powerful plea for continuing separate electorates?
|
Answer:C
|
[
"A.Jawaharlal Nehru",
"B.Dr. Bhimrao Ambedkar",
"C.B. Pocker Bahadur",
"D.S. N. Mukherjee"
] |
Explanation: On 27 August 1947, B. Pocker Bahadur from Madras made a powerful plea for continuing separate electorates. Minorities exist in all lands, argued Bahadur; they could not be wished away, they could not be “erased out of existence”. The need was to create a political framework in which minorities could live in harmony with others, and the differences between communities could be minimised.
|
Multi-choice Question Aswering
|
Who among the following had not opposed the ‘Idea of separate electorate’?
A.G. B. Pant
B.B. Pocker
C.Sardar Vallabh Bhai Patel
D.Dr. Bhimrao Ambedkar
Answer:B
|
Who among the following had not opposed the ‘Idea of separate electorate’?
|
Answer:B
|
[
"A.G. B. Pant",
"B.B. Pocker",
"C.Sardar Vallabh Bhai Patel",
"D.Dr. Bhimrao Ambedkar"
] |
Explanation: The demand for separate electorates provoked anger and dismay amongst most nationalists. In the passionate debate that followed, a range of arguments were offered against the demand. Most nationalists saw separate electorates as a measure deliberately introduced by the British to divide the people. “The English played their game under the cover of safeguards,” R.V. Dhulekar told Bahadur. “With the help of it they allured you (the minorities) to a long lull. Give it up now … Now there is no one to misguide you”.
|
Multi-choice Question Aswering
|
In which of the following schedule of the Indian Constitution have mentioned the scheduled languages of India?
A.One
B.Fourth
C.Eighth
D.Ninth
Answer:C
|
In which of the following schedule of the Indian Constitution have mentioned the scheduled languages of India?
|
Answer:C
|
[
"A.One",
"B.Fourth",
"C.Eighth",
"D.Ninth"
] |
Explanation: The Eighth Schedule to the Indian Constitution contains a list of scheduled languages, originally 14, but since expanded to 22. At the time the Constitution was enacted, inclusion in this list meant that the language was entitled to representation on the Official Languages Commission, and that the language would be one of the bases that would be drawn upon to enrich Hindi, the official language of the Union.
|
Multi-choice Question Aswering
|
Which among the following is not a scheduled language of India as per the ‘Eighth Schedule’?
A.Bhojpuri
B.Nepali
C.Kashmiri
D.Dogri
Answer:A
|
Which among the following is not a scheduled language of India as per the ‘Eighth Schedule’?
|
Answer:A
|
[
"A.Bhojpuri",
"B.Nepali",
"C.Kashmiri",
"D.Dogri"
] |
Explanation: Nepali, Kashmiri and Dogri are contained in the ‘Eighth Schedule’ of the Indian Constitution.
|
Multi-choice Question Aswering
|
Till the time of partition of India, how many Harappan settlements have been explored?
A.35
B.40
C.45
D.50
Answer:B
|
Till the time of partition of India, how many Harappan settlements have been explored?
|
Answer:B
|
[
"A.35",
"B.40",
"C.45",
"D.50"
] |
Explanation: At the time of partition of India in 1947, barely 40 settlements belonging to Indus Valley civilization were known. Researches, carried, out during the last 50 years have altered the picture completely.
|
Multi-choice Question Aswering
|
Mohenjodaro, one of the sites of Harappan civilization was discovered by which of the following archaeologist?
A.R. D. Banerjee
B.D. R. Salini
C.B. K. Thapar
D.D. R. Bhandarkar
Answer:A
|
Mohenjodaro, one of the sites of Harappan civilization was discovered by which of the following archaeologist?
|
Answer:A
|
[
"A.R. D. Banerjee",
"B.D. R. Salini",
"C.B. K. Thapar",
"D.D. R. Bhandarkar"
] |
Explanation: Rakhaldas Bandyopadhyay, also known as R. D. Banerji, was an Indian historian and a native Indian pioneer in the fields of Indian archaeology, palaeography and epigraphy. He was the Manindra Chandra Nandy Professor of Ancient Indian History and Culture at the Banaras Hindu University from 1928–30. He is mostly known as the discoverer of Mohenjodaro, the principal site of the Harappa culture.
|
Multi-choice Question Aswering
|
The site at Harappa was discovered by which of the following archaeologists?
A.R. S Bisht
B.D. R. Salini
C.B. K. Thapar
D.Bindeshwari Prasad Sinha
Answer:B
|
The site at Harappa was discovered by which of the following archaeologists?
|
Answer:B
|
[
"A.R. S Bisht",
"B.D. R. Salini",
"C.B. K. Thapar",
"D.Bindeshwari Prasad Sinha"
] |
Explanation: THE Harappan civilization was discovered in 1920-21 following the excavations by R.D. Banerjee at Mohenjodaro and by D.R. Salini at Harappa. Since at that time the remains of the civilization were found only in the Indus valley, it came to be known also as the Indus civilization.
|
Multi-choice Question Aswering
|
Which of the following statement(s) is/are correct?
A.Only I
B.I and II
C.II and III
D.All of the above
Answer:D
|
Which of the following statement(s) is/are correct?
|
Answer:D
|
[
"A.Only I",
"B.I and II",
"C.II and III",
"D.All of the above"
] |
Explanation: It was at Harappa that the relics of this civilization were first noticed, it is also known as the Harappan civilization. At the time of partition of India in 1947, barely 40 settlements belonging to this civilization were known. Researches carried out during the last 50 years have altered the picture completely. Now about 1400 settlements belonging to the different phases of this culture are known from parts of India. In terms of political boundaries of today, of these 1400 sites nearly 925 settlements are in India and 475 in Pakistan.
|
Multi-choice Question Aswering
|
Which of the following Indus Valley settlements were located in Rann of Kachchha?
A.Kalibangan
B.Rakhigarhi
C.Mohenjodaro
D.Ganawariwala
Answer:A
|
Which of the following Indus Valley settlements were located in Rann of Kachchha?
|
Answer:A
|
[
"A.Kalibangan",
"B.Rakhigarhi",
"C.Mohenjodaro",
"D.Ganawariwala"
] |
Explanation: Most of the 1400 settlements belonging to this civilization can be classified as small villages (which are up to 10 hectares), a few larger towns and small cities (10 to 50 hectares). Some of the settlements like Mohenjodaro (+ 250 hectares), Harappa (+150 hectares), Ganawariwala (+80 hectares) and Rakhigarhi (+80 hectares), Kalibangan (+100 hectares), and Dholavira (+100 hectares) can easily be classed as large cities. The first five are inland centres located approximately at equidistance in a zigzag pattern that covers Indus and Saraswati river plain. The last two are located in Rann of Kachchha.
|
Multi-choice Question Aswering
|
Which of the following statement(s) is/are correct?
A.Only I
B.I and II
C.II and III
D.All of the above
Answer:D
|
Which of the following statement(s) is/are correct?
|
Answer:D
|
[
"A.Only I",
"B.I and II",
"C.II and III",
"D.All of the above"
] |
Explanation: The overall layout of the Indus Saraswati cities is distinguished by the orientation of streets and buildings, according to the cardinal directions - east-west, and north-south. The idea of settlement planning did not appear suddenly with the first large cities but was already well established in earlier period as has been revealed from the excavations at Kot Diji, Kalibangan, Harappa, Rahman Dheri, Nausharo etc. The basic layout at all these settlements was established along a grid that was defined by large streets running north south and east-west and fortification all around.
|
Multi-choice Question Aswering
|
With reference to the structure of Harappan buildings which of the following statements is incorrect?
A.The doors windows were made of iron and Glasses.
B.The floors of houses were generally hard-packed earth that was often plastered.
C.Bathing areas and drains were made with baked bricks or stone.
D.Some rooms were paved with bricks or fired terracotta cakes.
Answer:A
|
With reference to the structure of Harappan buildings which of the following statements is incorrect?
|
Answer:A
|
[
"A.The doors windows were made of iron and Glasses.",
"B.The floors of houses were generally hard-packed earth that was often plastered.",
"C.Bathing areas and drains were made with baked bricks or stone.",
"D.Some rooms were paved with bricks or fired terracotta cakes."
] |
Explanation: The doors windows were made of wood and mats. The floors of houses were generally hard-packed earth that was often plastered. Bathing areas and drains were made with baked bricks or stone. Some rooms were paved with bricks or fired terracotta cakes. Very few actual roof fragments have been recovered. They were probably made of wooden beams covered with reeds and packed clay. In rare instances timber also seems to have formed a semi-structural frame or lacing for brickwork.
|
Multi-choice Question Aswering
|
In which of the following states, the Union Government has made decision to set up the National Organic Farming Research Institute?
A. Himachal Pradesh
B. Assam
C. Maharashtra
D. Sikkim
Answer:D
|
In which of the following states, the Union Government has made decision to set up the National Organic Farming Research Institute?
|
Answer:D
|
[
"A. Himachal Pradesh",
"B. Assam",
"C. Maharashtra",
"D. Sikkim"
] |
Explanation: The Union Ministry of Agriculture and Farmers Welfare on 5 February 2016 decided to set up the National Organic Farming Research Institute in Sikkim.
|
Multi-choice Question Aswering
|
Which of the following statement(s) is/are correct?
A. Only I
B. I and II
C. II and III
D. All of the above
Answer:D
|
Which of the following statement(s) is/are correct?
|
Answer:D
|
[
"A. Only I",
"B. I and II",
"C. II and III",
"D. All of the above"
] |
Explanation: Union Minister of Health and Family Welfare Jagat Prakash Nadda on 6 February 2016 launched the Project Sunrise in Imphal, Manipur.
|
Multi-choice Question Aswering
|
The ‘Surya Kiran 2016’, a military exercise held in Pithoragarh between India and which of the following country?
A. Nepal
B. Sri Lanka
C. Bangladesh
D. Myanmar
Answer:A
|
The ‘Surya Kiran 2016’, a military exercise held in Pithoragarh between India and which of the following country?
|
Answer:A
|
[
"A. Nepal",
"B. Sri Lanka",
"C. Bangladesh",
"D. Myanmar"
] |
Explanation: The Nepal army was being represented by officers and troops of the elite Shree RudraDhoj battalion while an infantry battalion is participating on behalf of the Indian Army. The combined battalion-level exercise is being conducted under the aegis of the Panchshul Brigade of the Central Command.
|
Multi-choice Question Aswering
|
The Noor Ouarzazate Solar Complex, world’s largest solar power plant, was opened this year in which of the following country?
A. Turkey
B. Egypt
C. Morocco
D. Ethiopia
Answer:A
|
The Noor Ouarzazate Solar Complex, world’s largest solar power plant, was opened this year in which of the following country?
|
Answer:A
|
[
"A. Turkey",
"B. Egypt",
"C. Morocco",
"D. Ethiopia"
] |
Explanation: World’s largest Single Rooftop Solar Power Plant with capacity of 11.5 MegaWatt (MW) was inaugurated at Dera Baba Jaimal Singh at Beas, in Amritsar, Punjab. It was inaugurated by Punjab Chief Minister Prakash Singh Badal on 18 May 2016.
|
Multi-choice Question Aswering
|
For which of the following regions the Union Government has released the Hydrocarbon Vision 2030 in February 2016?
A. North-east
B. Bhundhel Khand
C. Ghoorkha land
D. North Andhra
Answer:A
|
For which of the following regions the Union Government has released the Hydrocarbon Vision 2030 in February 2016?
|
Answer:A
|
[
"A. North-east",
"B. Bhundhel Khand",
"C. Ghoorkha land",
"D. North Andhra"
] |
Explanation: Union Minister of State (Independent Charge) for Petroleum and Natural Gas Dharmendra Pradhan has released the Hydrocarbon Vision 2030 for north-east India.
|
Multi-choice Question Aswering
|
Which of the following statement(s) is/are correct?
A. Only I
B. I and II
C. II and III
D. All of the above
Answer:D
|
Which of the following statement(s) is/are correct?
|
Answer:D
|
[
"A. Only I",
"B. I and II",
"C. II and III",
"D. All of the above"
] |
Explanation: Union Health and Family Welfare Minister Jagat Prakash Nadda on 11 February 2016 released the National Framework for Malaria Elimination (NFME) 2016-2030 at New Delhi. The framework outlines India’s strategy for elimination of the disease by 2030.
|
Multi-choice Question Aswering
|
As per the United States Chamber of Commerce’s 2016, India's rank in Intellectual Property Index is?
A. 36
B. 37
C. 38
D. 39
Answer:B
|
As per the United States Chamber of Commerce’s 2016, India's rank in Intellectual Property Index is?
|
Answer:B
|
[
"A. 36",
"B. 37",
"C. 38",
"D. 39"
] |
Explanation: As per the data released recently regarding the Intellectual Property Index (IPI) by United States Chamber of Commerce (USCC), India was ranked 37th among the surveyed 38 countries. These 38 countries benchmarked in the 2016 index accounts for nearly 85% of the global GDP. Venezuela ranked lowest below India at 38th position with 6.42 points on the index.
|
Multi-choice Question Aswering
|
In which of following cities the ‘Make in India’ centre inaugurated recently in February, 2016?
A. Mumbai
B. Bangalore
C. Ahmadabad
D. Delhi
Answer:A
|
In which of following cities the ‘Make in India’ centre inaugurated recently in February, 2016?
|
Answer:A
|
[
"A. Mumbai",
"B. Bangalore",
"C. Ahmadabad",
"D. Delhi"
] |
Explanation: Kicking off the 'Make In India Week', Prime Minister Narendra Modi inaugurated the Make In India Centre at the MMRDA Grounds of Mumbai along with Swedish Prime Minister Kjell Stefan Lofven and the Prime Minister of Finland, Juha Petri Sipila.
|
Multi-choice Question Aswering
|
Which of the following committee was constituted for to look into the issue of promotion policy in Indian army?
A. BC Roy Committee
B. Ajai Vikram Singh Committee
C. PK Pahwa Committee
D. A Mukherjee Committee
Answer:B
|
Which of the following committee was constituted for to look into the issue of promotion policy in Indian army?
|
Answer:B
|
[
"A. BC Roy Committee",
"B. Ajai Vikram Singh Committee",
"C. PK Pahwa Committee",
"D. A Mukherjee Committee"
] |
Explanation: The Supreme Court on 15 February 2016 upheld the Union Government’s Command Exit Model (CEM) of preferential promotion. The 2009 CEM aimed at lowering the age of battalion and brigade commanders as well as improvement in career aspirations of military officers.
|
Multi-choice Question Aswering
|
The joint military exercise named LAMITYE 2016 was conducted in February this year between which of the following two nations?
A. India & Japan
B. India & Nepal
C. India & Russia
D. India & Seychelles
Answer:D
|
The joint military exercise named LAMITYE 2016 was conducted in February this year between which of the following two nations?
|
Answer:D
|
[
"A. India & Japan",
"B. India & Nepal",
"C. India & Russia",
"D. India & Seychelles"
] |
Explanation: LAMITYE 2016, the 7th joint military training exercise between the Indian Army and the Seychelles People’s Defence Forces (SPDF) began on 15 February 2016. It was a 2-week long exercise till 28 February 2016 and conducted at Seychelles Defence Academy (SDA) in Victoria, Seychelles.
|
Multi-choice Question Aswering
|
Which of the following statement(s) is/are correct?
A. Only I
B. I and II
C. II and III
D. All of the above
Answer:D
|
Which of the following statement(s) is/are correct?
|
Answer:D
|
[
"A. Only I",
"B. I and II",
"C. II and III",
"D. All of the above"
] |
Explanation: The TOP Scheme under the National Sports Development Fund (NSDF) was formulated with the objective of identifying and supporting potential medal prospects for 2016 and 2020 Olympic Games.
|
Multi-choice Question Aswering
|
Which of the following states plans to introduce ‘contract farming’ in the State for making the agriculture more lucrative?
A. Kerala
B. Arunachal Pradesh
C. Sikkim
D. Punjab
Answer:C
|
Which of the following states plans to introduce ‘contract farming’ in the State for making the agriculture more lucrative?
|
Answer:C
|
[
"A. Kerala",
"B. Arunachal Pradesh",
"C. Sikkim",
"D. Punjab"
] |
Explanation: The Denzong Agricultural Cooperative Society Limited (DACS) launched the Contract Farming program at Daragaon, Turuk, and South Sikkim.
|
Multi-choice Question Aswering
|
With which of the following country India signed the third agreement on Standard Operating Procedure for conducting maritime coordinated patrols?
A. Bangladesh
B. Singapore
C. Sri Lanka
D. Myanmar
Answer:D
|
With which of the following country India signed the third agreement on Standard Operating Procedure for conducting maritime coordinated patrols?
|
Answer:D
|
[
"A. Bangladesh",
"B. Singapore",
"C. Sri Lanka",
"D. Myanmar"
] |
Explanation: Indian Navy and Myanmar Navy on 16 February 2016 signed Standard Operating Procedure (SOP) for India-Myanmar Coordinated Patrol (IMCOR) at the Tri-Service Headquarters in Port Blair, Andaman and Nicobar Islands. With this signing of SOP, Myanmar became the third country with which India has signed a formal agreement for maritime coordinated patrols.
|
Multi-choice Question Aswering
|
Of the following choices, which contains information that is not included in the six items constituting a live application?
A. Social security number, borrower's name, appraised property value
B. Loan amount, borrower's name, property address
C. Monthly income, amount of assets, social security number
D. Social security number, property address, borrower's name
Answer:C
|
Of the following choices, which contains information that is not included in the six items constituting a live application?
|
Answer:C
|
[
"A. Social security number, borrower's name, appraised property value",
"B. Loan amount, borrower's name, property address",
"C. Monthly income, amount of assets, social security number",
"D. Social security number, property address, borrower's name"
] | null |
Multi-choice Question Aswering
|
Joan applies for a mortgage on Tuesday. By the end of what day must the Transfer of Servicing disclosure be issued?
A. Friday
B. Saturday
C. Thursday
D. None of the above
Answer:D
|
Joan applies for a mortgage on Tuesday. By the end of what day must the Transfer of Servicing disclosure be issued?
|
Answer:D
|
[
"A. Friday",
"B. Saturday",
"C. Thursday",
"D. None of the above"
] | null |
Multi-choice Question Aswering
|
An application is taken on May 1st. By May 30th the customer has not returned most of the documentation needed in order to underwrite the file. What must be issued by the end of the day?
A. An Adverse Action Notice
B. A Notice of Incomplete Application
C. A Notice of Action Taken
D. An Interest Rate Lock Extension Request
Answer:B
|
An application is taken on May 1st. By May 30th the customer has not returned most of the documentation needed in order to underwrite the file. What must be issued by the end of the day?
|
Answer:B
|
[
"A. An Adverse Action Notice",
"B. A Notice of Incomplete Application",
"C. A Notice of Action Taken",
"D. An Interest Rate Lock Extension Request"
] | null |
Multi-choice Question Aswering
|
What is the APR?
A. The cost of the credit expressed as a dollar amount
B. The cost of the credit expressed as an interest rate
C. The interest rate used to calculate the periodic payment
D. A way to determine the interest rate of an ARM
Answer:B
|
What is the APR?
|
Answer:B
|
[
"A. The cost of the credit expressed as a dollar amount",
"B. The cost of the credit expressed as an interest rate",
"C. The interest rate used to calculate the periodic payment",
"D. A way to determine the interest rate of an ARM"
] | null |
Multi-choice Question Aswering
|
Which of the following is permitted when servicing or originating a HOEPA loan?
A. Increasing the interest rate in the event of default
B. Disbursing funds directly to the contractor when the loan purpose is home improvement
C. Excluding charges paid by the creditor (other than MLO compensation) from the total points and fees
D. Originating a 3/23 balloon loan
Answer:C
|
Which of the following is permitted when servicing or originating a HOEPA loan?
|
Answer:C
|
[
"A. Increasing the interest rate in the event of default",
"B. Disbursing funds directly to the contractor when the loan purpose is home improvement",
"C. Excluding charges paid by the creditor (other than MLO compensation) from the total points and fees",
"D. Originating a 3/23 balloon loan"
] | null |
Multi-choice Question Aswering
|
Which of the following is not excluded from higher priced mortgage considerations?
A. A conventional/conforming loan on a two-family property
B. A reverse mortgage
C. An eight-month bridge loan
D. A construction loan used to build a property from scratch
Answer:A
|
Which of the following is not excluded from higher priced mortgage considerations?
|
Answer:A
|
[
"A. A conventional/conforming loan on a two-family property",
"B. A reverse mortgage",
"C. An eight-month bridge loan",
"D. A construction loan used to build a property from scratch"
] | null |
Multi-choice Question Aswering
|
Loan originators may be compensated through all but which of the following methods:
A. Trips/prizes
B. A percentage of the loan amount
C. Based off of the interest rate
D. A loan’s seasoning
Answer:C
|
Loan originators may be compensated through all but which of the following methods:
|
Answer:C
|
[
"A. Trips/prizes",
"B. A percentage of the loan amount",
"C. Based off of the interest rate",
"D. A loan’s seasoning"
] | null |
Multi-choice Question Aswering
|
Loan Officer Larry receives a call from Borrower Brandi during which they discuss many aspects of applying for a mortgage to refinance her home. Among other things, Borrower Brandi shares her income, date of birth, bank account balances, social security number, marital status, property address, years of schooling, property value, needed loan amount, and her employer’s name. After the call ends, what, if anything, must Loan Officer Larry do?
A. Proactively check in with Brandi in 31 days to see if she’s still interested in proceeding
B. Issue a Loan Estimate within three precise business days
C. Nothing - the Do Not Call Rule prohibits Larry from calling her
D. Issue a Loan Estimate within three general business days
Answer:D
|
Loan Officer Larry receives a call from Borrower Brandi during which they discuss many aspects of applying for a mortgage to refinance her home. Among other things, Borrower Brandi shares her income, date of birth, bank account balances, social security number, marital status, property address, years of schooling, property value, needed loan amount, and her employer’s name. After the call ends, what, if anything, must Loan Officer Larry do?
|
Answer:D
|
[
"A. Proactively check in with Brandi in 31 days to see if she’s still interested in proceeding",
"B. Issue a Loan Estimate within three precise business days",
"C. Nothing - the Do Not Call Rule prohibits Larry from calling her",
"D. Issue a Loan Estimate within three general business days"
] | null |
Multi-choice Question Aswering
|
Which of the following is not a consideration of HMDA?
A. Race, Income, property usage, and loan amount
B. Ethnicity, previous employer, loan disposition, and property location
C. Sex, age, property location, and loan disposition
D. Intended property usage, ethnicity, loan amount, and income
Answer:B
|
Which of the following is not a consideration of HMDA?
|
Answer:B
|
[
"A. Race, Income, property usage, and loan amount",
"B. Ethnicity, previous employer, loan disposition, and property location",
"C. Sex, age, property location, and loan disposition",
"D. Intended property usage, ethnicity, loan amount, and income"
] | null |
Multi-choice Question Aswering
|
What does CRA stand for?
A. Consumer Records Association
B. Consumer Reporting Association
C. Credit Reporting Association
D. Consumer Reporting Agency
Answer:D
|
What does CRA stand for?
|
Answer:D
|
[
"A. Consumer Records Association",
"B. Consumer Reporting Association",
"C. Credit Reporting Association",
"D. Consumer Reporting Agency"
] | null |
Multi-choice Question Aswering
|
The E-Sign Act requires that all of the individuals needed to electronically sign documentation be provided with:
A. The equipment to do so if they lack access to a computer
B. The exception to consummate transactions orally if they are unable to access electronic devices
C. The freedom to receive and sign documents in paper format
D. Recourse to rescind within the first three years on any loan utilizing electronic signatures
Answer:C
|
The E-Sign Act requires that all of the individuals needed to electronically sign documentation be provided with:
|
Answer:C
|
[
"A. The equipment to do so if they lack access to a computer",
"B. The exception to consummate transactions orally if they are unable to access electronic devices",
"C. The freedom to receive and sign documents in paper format",
"D. Recourse to rescind within the first three years on any loan utilizing electronic signatures"
] | null |
Multi-choice Question Aswering
|
FACTA affords individuals which of the following considerations?
A. A free credit report annually from all three CRAs, the protection of account number truncation on credit card receipts, and the ability to dispute discrepancies appearing on one’s credit profile
B. The right to opt out of information sharing
C. The right to know the name and address of the credit repository from which the credit report used in rendering a credit decision was ascertained
D. The right to receive a free copy of one’s credit report in the event that s/he is declined credit for credit-related reasons
Answer:A
|
FACTA affords individuals which of the following considerations?
|
Answer:A
|
[
"A. A free credit report annually from all three CRAs, the protection of account number truncation on credit card receipts, and the ability to dispute discrepancies appearing on one’s credit profile",
"B. The right to opt out of information sharing",
"C. The right to know the name and address of the credit repository from which the credit report used in rendering a credit decision was ascertained",
"D. The right to receive a free copy of one’s credit report in the event that s/he is declined credit for credit-related reasons"
] | null |
Multi-choice Question Aswering
|
A/an _________ is an individual who uses a financial institution’s products and services while a/an _________ is an individual who has a formal business relationship with that institution.
A. consumer / customer
B. customer / consumer
C. applicant / borrower
D. borrower / applicant
Answer:A
|
A/an _________ is an individual who uses a financial institution’s products and services while a/an _________ is an individual who has a formal business relationship with that institution.
|
Answer:A
|
[
"A. consumer / customer",
"B. customer / consumer",
"C. applicant / borrower",
"D. borrower / applicant"
] | null |
Multi-choice Question Aswering
|
Which of the following is not an exception to having to scrub a telephone number through the Do Not Call Registry before making an outbound call?
A. A current customer
B. A non-current customer, but someone who was a customer within the previous 24 months
C. A charitable organization
D. An individual who initiates an inquiry within the previous 90 days
Answer:B
|
Which of the following is not an exception to having to scrub a telephone number through the Do Not Call Registry before making an outbound call?
|
Answer:B
|
[
"A. A current customer",
"B. A non-current customer, but someone who was a customer within the previous 24 months",
"C. A charitable organization",
"D. An individual who initiates an inquiry within the previous 90 days"
] | null |
Multi-choice Question Aswering
|
How often must telephone numbers be scrubbed through the Do Not Call Registry in order to ensure compliance?
A. Every 10 days
B. Every six months
C. Every 31 days
D. Every month
Answer:C
|
How often must telephone numbers be scrubbed through the Do Not Call Registry in order to ensure compliance?
|
Answer:C
|
[
"A. Every 10 days",
"B. Every six months",
"C. Every 31 days",
"D. Every month"
] | null |
Multi-choice Question Aswering
|
What is the penalty for violating the Telemarketing Sales Rule?
A. Six months in prison and a fine of $40,000 per occurrence
B. Six months in prison
C. A fine of up to $43,280 per occurrence
D. One year in prison and a fine of $10,000
Answer:C
|
What is the penalty for violating the Telemarketing Sales Rule?
|
Answer:C
|
[
"A. Six months in prison and a fine of $40,000 per occurrence",
"B. Six months in prison",
"C. A fine of up to $43,280 per occurrence",
"D. One year in prison and a fine of $10,000"
] | null |
Multi-choice Question Aswering
|
Loan Officer Lenny calls Customer Cathy to attempt to get her to refinance her mortgage. Customer Cathy politely requests not to receive any further sales calls. What, if anything, must Loan Officer Lenny now do?
A. Finish the sales call and refrain from calling her back
B. Politely terminate the call and refer the request internally so that Customer Cathy’s number is added to the company’s internal do not call list
C. Politely inform Customer Cathy that, since she is a current customer, they have the right to call her
D. End the phone call and move on to the next call
Answer:B
|
Loan Officer Lenny calls Customer Cathy to attempt to get her to refinance her mortgage. Customer Cathy politely requests not to receive any further sales calls. What, if anything, must Loan Officer Lenny now do?
|
Answer:B
|
[
"A. Finish the sales call and refrain from calling her back",
"B. Politely terminate the call and refer the request internally so that Customer Cathy’s number is added to the company’s internal do not call list",
"C. Politely inform Customer Cathy that, since she is a current customer, they have the right to call her",
"D. End the phone call and move on to the next call"
] | null |
Multi-choice Question Aswering
|
At the conclusion of the application, a loan officer observes her customer becoming noticeably uneasy after reading the URLA discloser containing the FBI’s fraud warning notice. Additionally, the customer hesitates to sign the 1003 for a few moments after reading it. She finally signs it, thanks the loan officer, gets up, and hurries out of the office. What rule, if any, requires the loan officer to take further action?
A. Patriot Act
B. FCRA
C. FTC Red Flags Rule
D. The loan officer is not compelled to do anything since the applicant did not commit any obvious crime or violation
Answer:C
|
At the conclusion of the application, a loan officer observes her customer becoming noticeably uneasy after reading the URLA discloser containing the FBI’s fraud warning notice. Additionally, the customer hesitates to sign the 1003 for a few moments after reading it. She finally signs it, thanks the loan officer, gets up, and hurries out of the office. What rule, if any, requires the loan officer to take further action?
|
Answer:C
|
[
"A. Patriot Act",
"B. FCRA",
"C. FTC Red Flags Rule",
"D. The loan officer is not compelled to do anything since the applicant did not commit any obvious crime or violation"
] | null |
Multi-choice Question Aswering
|
Which of the following is a major component of the Dodd Frank Act?
A. Positively identifying one’s customer
B. Establishing the applicant’s ability to repay
C. Ensuring the proper use of the loan proceeds at closing
D. Ensuring that the customer’s interest rate is reasonable
Answer:B
|
Which of the following is a major component of the Dodd Frank Act?
|
Answer:B
|
[
"A. Positively identifying one’s customer",
"B. Establishing the applicant’s ability to repay",
"C. Ensuring the proper use of the loan proceeds at closing",
"D. Ensuring that the customer’s interest rate is reasonable"
] | null |
Multi-choice Question Aswering
|
A customer provides two months’ bank statements. The earlier of the two statements shows a $5,000 deposit that does not coincide with the applicant’s defined payment schedule. What, if anything, must the loan originator do?
A. Report the matter to his superior and ask for advice
B. Note the observation on the file’s underwriter log
C. Nothing - it’s obviously the applicant’s money and there is no reason to question it further
D. Ask the customer to provide documentation evidencing the source of the $5,000
Answer:D
|
A customer provides two months’ bank statements. The earlier of the two statements shows a $5,000 deposit that does not coincide with the applicant’s defined payment schedule. What, if anything, must the loan originator do?
|
Answer:D
|
[
"A. Report the matter to his superior and ask for advice",
"B. Note the observation on the file’s underwriter log",
"C. Nothing - it’s obviously the applicant’s money and there is no reason to question it further",
"D. Ask the customer to provide documentation evidencing the source of the $5,000"
] | null |
Multi-choice Question Aswering
|
When must a financial institution initially provide its customer with a copy of its privacy notice?
A. Any time upon request
B. At the time when a customer relationship is established and annually thereafter
C. Annually
D. Only upon request
Answer:B
|
When must a financial institution initially provide its customer with a copy of its privacy notice?
|
Answer:B
|
[
"A. Any time upon request",
"B. At the time when a customer relationship is established and annually thereafter",
"C. Annually",
"D. Only upon request"
] | null |
Multi-choice Question Aswering
|
Which of the following would not be considered public, personal information addressed through the Gramm-Leach-Bliley Act?
A. Published telephone number
B. Marriage certificate
C. Unpublished telephone number
D. Birth certificate
Answer:C
|
Which of the following would not be considered public, personal information addressed through the Gramm-Leach-Bliley Act?
|
Answer:C
|
[
"A. Published telephone number",
"B. Marriage certificate",
"C. Unpublished telephone number",
"D. Birth certificate"
] | null |
Multi-choice Question Aswering
|
A loan originator advertises that he has the lowest rates for a thousand miles. Which regulation, if any, did he violate by doing this?
A. Mortgage Acts and Practices (MAP) Rule
B. No regulation was violated
C. Truth-in-Lending Act (TILA)
D. Both a) and c).
Answer:D
|
A loan originator advertises that he has the lowest rates for a thousand miles. Which regulation, if any, did he violate by doing this?
|
Answer:D
|
[
"A. Mortgage Acts and Practices (MAP) Rule",
"B. No regulation was violated",
"C. Truth-in-Lending Act (TILA)",
"D. Both a) and c)."
] | null |
Multi-choice Question Aswering
|
The E-Sign Act:
A. Allows for the electronic delivery and consummation of financial transactions
B. Allows for the electronic delivery and consummation of financial transactions to individuals who have not refused to utilize this means
C. Allows for the electronic delivery and consummation of financial transactions to individuals who have consented to this method and have not rescinded their consent
D. Allows for the electronic delivery and consummation of financial transactions originated outside of the United States
Answer:C
|
The E-Sign Act:
|
Answer:C
|
[
"A. Allows for the electronic delivery and consummation of financial transactions",
"B. Allows for the electronic delivery and consummation of financial transactions to individuals who have not refused to utilize this means",
"C. Allows for the electronic delivery and consummation of financial transactions to individuals who have consented to this method and have not rescinded their consent",
"D. Allows for the electronic delivery and consummation of financial transactions originated outside of the United States"
] | null |
Multi-choice Question Aswering
|
The USA Patriot Act is primarily concerned with:
A. Identity theft and money laundering
B. Money laundering and terrorist financing
C. Terrorist financing and fraud
D. Both a) and c).
Answer:B
|
The USA Patriot Act is primarily concerned with:
|
Answer:B
|
[
"A. Identity theft and money laundering",
"B. Money laundering and terrorist financing",
"C. Terrorist financing and fraud",
"D. Both a) and c)."
] | null |
Multi-choice Question Aswering
|
At what equity position is MIP automatically removed?
A. MIP is never removed based on equity position
B. 80%
C. 78%
D. 22%
Answer:A
|
At what equity position is MIP automatically removed?
|
Answer:A
|
[
"A. MIP is never removed based on equity position",
"B. 80%",
"C. 78%",
"D. 22%"
] | null |
Multi-choice Question Aswering
|
What must a customer be able to demonstrate when requesting PMI be removed at 80% LTV?
A. Their 20% equity position
B. Their 20% equity position, a good payment history, and no subordinate liens
C. A good payment history
D. Their 20% equity position and being current on their loan
Answer:B
|
What must a customer be able to demonstrate when requesting PMI be removed at 80% LTV?
|
Answer:B
|
[
"A. Their 20% equity position",
"B. Their 20% equity position, a good payment history, and no subordinate liens",
"C. A good payment history",
"D. Their 20% equity position and being current on their loan"
] | null |
Multi-choice Question Aswering
|
What constitutes a good payment history in terms of PMI removal?
A. No late payments within the previous 12 months
B. No 60-day late payments within the previous 24 months and no 30-day late payments within the previous 12
C. No 60-date late payments within the previous 24 months
D. No 30-day late payments within the previous 24 months and no 60-day late payments within the previous 12
Answer:B
|
What constitutes a good payment history in terms of PMI removal?
|
Answer:B
|
[
"A. No late payments within the previous 12 months",
"B. No 60-day late payments within the previous 24 months and no 30-day late payments within the previous 12",
"C. No 60-date late payments within the previous 24 months",
"D. No 30-day late payments within the previous 24 months and no 60-day late payments within the previous 12"
] | null |
Multi-choice Question Aswering
|
PMI Is utilized:
A. On FHA loans
B. On USDA loans
C. On VA loans
D. On conventional loans
Answer:D
|
PMI Is utilized:
|
Answer:D
|
[
"A. On FHA loans",
"B. On USDA loans",
"C. On VA loans",
"D. On conventional loans"
] | null |
Multi-choice Question Aswering
|
The two types of MIP associated with FHA financing are:
A. AMIP and PMI
B. UFMIP and MIP
C. UFMIP and AMIP
D. AMIP and Financed MI
Answer:C
|
The two types of MIP associated with FHA financing are:
|
Answer:C
|
[
"A. AMIP and PMI",
"B. UFMIP and MIP",
"C. UFMIP and AMIP",
"D. AMIP and Financed MI"
] | null |
Multi-choice Question Aswering
|
A veteran may be exempt from paying the funding fee associated with her VA loan if:
A. If she has a 10% or greater disability
B. She is actively serving
C. The VA funding fee is always charged
D. If she has a 10% or greater disability that was militarily incurred
Answer:D
|
A veteran may be exempt from paying the funding fee associated with her VA loan if:
|
Answer:D
|
[
"A. If she has a 10% or greater disability",
"B. She is actively serving",
"C. The VA funding fee is always charged",
"D. If she has a 10% or greater disability that was militarily incurred"
] | null |
Multi-choice Question Aswering
|
What is the maximum LTV on USDA loans?
A. 100%
B. 0%
C. 125%
D. 102.5%
Answer:A
|
What is the maximum LTV on USDA loans?
|
Answer:A
|
[
"A. 100%",
"B. 0%",
"C. 125%",
"D. 102.5%"
] | null |
Multi-choice Question Aswering
|
In order to be eligible for VA financing, the applicant must possess a certificate of eligibility reflecting what entitlement amount?
A. $144,000
B. $548,250
C. $1,000,000
D. $36,000
Answer:D
|
In order to be eligible for VA financing, the applicant must possess a certificate of eligibility reflecting what entitlement amount?
|
Answer:D
|
[
"A. $144,000",
"B. $548,250",
"C. $1,000,000",
"D. $36,000"
] | null |
Multi-choice Question Aswering
|
Conventional/conforming DTI guidelines are:
A. 28/31
B. 29/41
C. 28/36
D. 33/41
Answer:C
|
Conventional/conforming DTI guidelines are:
|
Answer:C
|
[
"A. 28/31",
"B. 29/41",
"C. 28/36",
"D. 33/41"
] | null |
Multi-choice Question Aswering
|
A borrower has 10% to put down but desperately wishes to avoid paying a monthly PMI premium. Which of the following options would not be a way for her to avoid paying this monthly expense?
A. Piggyback financing
B. Above-par pricing
C. Financed MI
D. LPMI
Answer:B
|
A borrower has 10% to put down but desperately wishes to avoid paying a monthly PMI premium. Which of the following options would not be a way for her to avoid paying this monthly expense?
|
Answer:B
|
[
"A. Piggyback financing",
"B. Above-par pricing",
"C. Financed MI",
"D. LPMI"
] | null |
Multi-choice Question Aswering
|
Harry Homebuyer has 7% to put down. He wishes to avoid PMI by pursuing piggyback financing. The scenario for which he decided is:
A. 80/10/10
B. 13/7/80
C. 7/13/80
D. 70/23/7
Answer:D
|
Harry Homebuyer has 7% to put down. He wishes to avoid PMI by pursuing piggyback financing. The scenario for which he decided is:
|
Answer:D
|
[
"A. 80/10/10",
"B. 13/7/80",
"C. 7/13/80",
"D. 70/23/7"
] | null |
Multi-choice Question Aswering
|
Remitting principal pre-payments to an adjustable rate mortgage in addition to the regular periodic payments, affects the ________?
A. Loan term
B. Overall interest expenditure
C. Future payment amount
D. Future interest rate
Answer:C
|
Remitting principal pre-payments to an adjustable rate mortgage in addition to the regular periodic payments, affects the ________?
|
Answer:C
|
[
"A. Loan term",
"B. Overall interest expenditure",
"C. Future payment amount",
"D. Future interest rate"
] | null |
Multi-choice Question Aswering
|
Which of the following is not a loan type warned about through the Guidance on Non-Traditional Mortgage Product Risks?
A. 5/1 ARM
B. 15-year fixed, stated asset
C. No-income, no asset
D. 30-year fixed
Answer:D
|
Which of the following is not a loan type warned about through the Guidance on Non-Traditional Mortgage Product Risks?
|
Answer:D
|
[
"A. 5/1 ARM",
"B. 15-year fixed, stated asset",
"C. No-income, no asset",
"D. 30-year fixed"
] | null |
Multi-choice Question Aswering
|
With few exceptions, QMs limit a loan’s back-end DTI to:
A. 43%
B. 36%
C. 50%
D. 28%
Answer:A
|
With few exceptions, QMs limit a loan’s back-end DTI to:
|
Answer:A
|
[
"A. 43%",
"B. 36%",
"C. 50%",
"D. 28%"
] | null |
Multi-choice Question Aswering
|
All but which of the following are types of QM’s?
A. General
B. Adjustable
C. Balloon-Payment
D. Small Creditor
Answer:B
|
All but which of the following are types of QM’s?
|
Answer:B
|
[
"A. General",
"B. Adjustable",
"C. Balloon-Payment",
"D. Small Creditor"
] | null |
Multi-choice Question Aswering
|
One way to safe harbor against steering is to:
A. Offer the customer several different mortgage loan options
B. Have the customer sign a statement attesting that they were not coerced into choosing a particular product or loan program
C. Ensure that the customer receives all of any applicable above-par pricing credit
D. Provide each customer with three specific options for the loan they’re considering - one with the highest rate at the lowest cost, one at par pricing, and one with the lowest rate at the highest cost
Answer:D
|
One way to safe harbor against steering is to:
|
Answer:D
|
[
"A. Offer the customer several different mortgage loan options",
"B. Have the customer sign a statement attesting that they were not coerced into choosing a particular product or loan program",
"C. Ensure that the customer receives all of any applicable above-par pricing credit",
"D. Provide each customer with three specific options for the loan they’re considering - one with the highest rate at the lowest cost, one at par pricing, and one with the lowest rate at the highest cost"
] | null |
Multi-choice Question Aswering
|
Lucy Loan Shopper wants to secure a $250,000 loan at a 30-year fixed-rate of 3.375%. Par pricing is at 4.125%. In order to reach the rate of 3.375%, Larry Loan Supplier would have to charge Lucy one and a quarter points. How much would Lucy have to pay to secure a rate of 3.375%?
A. 1.25%
B. $1,250
C. 3.125%
D. $3,125
Answer:D
|
Lucy Loan Shopper wants to secure a $250,000 loan at a 30-year fixed-rate of 3.375%. Par pricing is at 4.125%. In order to reach the rate of 3.375%, Larry Loan Supplier would have to charge Lucy one and a quarter points. How much would Lucy have to pay to secure a rate of 3.375%?
|
Answer:D
|
[
"A. 1.25%",
"B. $1,250",
"C. 3.125%",
"D. $3,125"
] | null |
Multi-choice Question Aswering
|
Which of the following would not be a non-QM loan?
A. Back-end DTI of 50%
B. Limited doc loan
C. Back-end DTI of 43%
D. Stated asset loan
Answer:C
|
Which of the following would not be a non-QM loan?
|
Answer:C
|
[
"A. Back-end DTI of 50%",
"B. Limited doc loan",
"C. Back-end DTI of 43%",
"D. Stated asset loan"
] | null |
Multi-choice Question Aswering
|
The process by which a fixed-rate loan repays is referred to as:
A. Assimilation
B. Maturation
C. Amortization
D. Amalgamation
Answer:C
|
The process by which a fixed-rate loan repays is referred to as:
|
Answer:C
|
[
"A. Assimilation",
"B. Maturation",
"C. Amortization",
"D. Amalgamation"
] | null |
Multi-choice Question Aswering
|
The cost of originating a loan expressed as an interest rate is known as the:
A. APR
B. Index
C. Finance charge
D. CAP
Answer:A
|
The cost of originating a loan expressed as an interest rate is known as the:
|
Answer:A
|
[
"A. APR",
"B. Index",
"C. Finance charge",
"D. CAP"
] | null |
Multi-choice Question Aswering
|
When originating an adjustable rate mortgage, the lender’s cost and operating expense is covered via the:
A. Broker fee
B. Origination fee
C. Servicing fee
D. Margin
Answer:D
|
When originating an adjustable rate mortgage, the lender’s cost and operating expense is covered via the:
|
Answer:D
|
[
"A. Broker fee",
"B. Origination fee",
"C. Servicing fee",
"D. Margin"
] | null |
Multi-choice Question Aswering
|
LTV + _____ = 100%
A. DTI
B. PMI
C. Equity
D. APR
Answer:C
|
LTV + _____ = 100%
|
Answer:C
|
[
"A. DTI",
"B. PMI",
"C. Equity",
"D. APR"
] | null |
Multi-choice Question Aswering
|
How do principal pre-payments remitted against a fixed-rate loan balance affect the loan?
A. By reducing the term
B. By reducing the future payment amount
C. By reducing the overall interest expense
D. By reducing the term and overall interest expense
Answer:D
|
How do principal pre-payments remitted against a fixed-rate loan balance affect the loan?
|
Answer:D
|
[
"A. By reducing the term",
"B. By reducing the future payment amount",
"C. By reducing the overall interest expense",
"D. By reducing the term and overall interest expense"
] | null |
Multi-choice Question Aswering
|
Barry Borrower has a fixed rate loan. After winning big on a scratch-off lottery ticket, Barry wishes to reduce his principal balance by $50,000. After applying the principal reduction, Barry would prefer that his servicer reduce the payment amount and not the overall term. Barry calls his servicer to discuss:
A. A recast
B. An exception
C. Applying for a new loan
D. His frustration surrounding how principal pre-payments remitted against fixed-rate loan balances only reduce the term and not the payment amount
Answer:A
|
Barry Borrower has a fixed rate loan. After winning big on a scratch-off lottery ticket, Barry wishes to reduce his principal balance by $50,000. After applying the principal reduction, Barry would prefer that his servicer reduce the payment amount and not the overall term. Barry calls his servicer to discuss:
|
Answer:A
|
[
"A. A recast",
"B. An exception",
"C. Applying for a new loan",
"D. His frustration surrounding how principal pre-payments remitted against fixed-rate loan balances only reduce the term and not the payment amount"
] | null |
Multi-choice Question Aswering
|
A 7/1 Hybrid ARM:
A. Has an initially-stable interest rate for seven years and then adjusts annually for 23 years thereafter
B. Has an initially-stable interest rate for 23 years and then adjusts annually for 7 years thereafter
C. Has an initially-stable interest rate for 7 years and adjusts every seven years thereafter
D. Must be paid in full after 7 years
Answer:A
|
A 7/1 Hybrid ARM:
|
Answer:A
|
[
"A. Has an initially-stable interest rate for seven years and then adjusts annually for 23 years thereafter",
"B. Has an initially-stable interest rate for 23 years and then adjusts annually for 7 years thereafter",
"C. Has an initially-stable interest rate for 7 years and adjusts every seven years thereafter",
"D. Must be paid in full after 7 years"
] | null |
Multi-choice Question Aswering
|
All but which of the following are conditions included in the right to conditionally modify a balloon loan?
A. The new rate cannot be more than 6% higher than the initial rate
B. The home must be owner-occupied
C. The balloon loan must be the only lien
D. The loan must be current
Answer:A
|
All but which of the following are conditions included in the right to conditionally modify a balloon loan?
|
Answer:A
|
[
"A. The new rate cannot be more than 6% higher than the initial rate",
"B. The home must be owner-occupied",
"C. The balloon loan must be the only lien",
"D. The loan must be current"
] | null |
Multi-choice Question Aswering
|
30/15 refers to:
A. A 30-year loan that balloons at 15 years and lacks a conditional right to modify
B. A 15-year loan that balloons in 15 years and has a conditional right to modify
C. A 15-year loan that balloons in 15 years and lacks a conditional right to modify
D. A 30-year loan that balloons in 15 years and has a conditional right to modify
Answer:A
|
30/15 refers to:
|
Answer:A
|
[
"A. A 30-year loan that balloons at 15 years and lacks a conditional right to modify",
"B. A 15-year loan that balloons in 15 years and has a conditional right to modify",
"C. A 15-year loan that balloons in 15 years and lacks a conditional right to modify",
"D. A 30-year loan that balloons in 15 years and has a conditional right to modify"
] | null |
Multi-choice Question Aswering
|
What is a benefit of securing a balloon loan?
A. It’s a short-term loan
B. The interest rate may be lower than an ARM start rate or a standard fixed-rate loan
C. It has very easy underwriting criteria
D. The customer does not have to worry about qualifying
Answer:B
|
What is a benefit of securing a balloon loan?
|
Answer:B
|
[
"A. It’s a short-term loan",
"B. The interest rate may be lower than an ARM start rate or a standard fixed-rate loan",
"C. It has very easy underwriting criteria",
"D. The customer does not have to worry about qualifying"
] | null |
Multi-choice Question Aswering
|
An ARM start rate that is more than 3% below FIAR is known as a ______ rate:
A. Discount
B. Teaser
C. Temporary
D. Floating
Answer:B
|
An ARM start rate that is more than 3% below FIAR is known as a ______ rate:
|
Answer:B
|
[
"A. Discount",
"B. Teaser",
"C. Temporary",
"D. Floating"
] | null |
Multi-choice Question Aswering
|
Charlie Chancetaker likes the low interest rate offered by the 360/60 balloon loan on which he settles. He is not worried about going into foreclosure because his company transfers him every four years and he intends to sell the home and pay off the loan well in advance of the balloon call. Which of the following would not represent a possible problem when the time to address the balloon call arrives?
A. He might not meet one of the conditions of modification
B. His home might be worth less than what he owes when the time arrives to sell
C. He might no longer be working for his employer in four years and therefore won’t be transferred
D. He might still work for his employer but his employer might not transfer him
Answer:A
|
Charlie Chancetaker likes the low interest rate offered by the 360/60 balloon loan on which he settles. He is not worried about going into foreclosure because his company transfers him every four years and he intends to sell the home and pay off the loan well in advance of the balloon call. Which of the following would not represent a possible problem when the time to address the balloon call arrives?
|
Answer:A
|
[
"A. He might not meet one of the conditions of modification",
"B. His home might be worth less than what he owes when the time arrives to sell",
"C. He might no longer be working for his employer in four years and therefore won’t be transferred",
"D. He might still work for his employer but his employer might not transfer him"
] | null |
Multi-choice Question Aswering
|
HECM stands for:
A. Home Equity Conversion Mortgage
B. Home Equity Conventional Mortgage
C. Home Equivalent Consensus Mortgage
D. Housing Education Consistency Mandate
Answer:A
|
HECM stands for:
|
Answer:A
|
[
"A. Home Equity Conversion Mortgage",
"B. Home Equity Conventional Mortgage",
"C. Home Equivalent Consensus Mortgage",
"D. Housing Education Consistency Mandate"
] | null |
Multi-choice Question Aswering
|
Jennifer is a 30-year old home buyer. In order to close on the purchase of her new home, she will need to bring $65,750 to the settlement table. Her only asset from which she intends to secure this money is her 401(k) account bearing a face value of $75,500. Jennifer demonstrates that she is the owner of the account, confirms that the account is vested, and that it allows for withdrawals regardless of her current employment status. As such, will Jennifer be able to close on her loan?
A. Yes - she has satisfied all conditions and has enough money to cover all cash needed to close
B. Yes – she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account and maintains a paper trail
C. No - she has not documented receipt of the funds
D. Yes - she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account, maintains a paper trail, and has provided the terms of her account’s liquidity
Answer:C
|
Jennifer is a 30-year old home buyer. In order to close on the purchase of her new home, she will need to bring $65,750 to the settlement table. Her only asset from which she intends to secure this money is her 401(k) account bearing a face value of $75,500. Jennifer demonstrates that she is the owner of the account, confirms that the account is vested, and that it allows for withdrawals regardless of her current employment status. As such, will Jennifer be able to close on her loan?
|
Answer:C
|
[
"A. Yes - she has satisfied all conditions and has enough money to cover all cash needed to close",
"B. Yes – she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account and maintains a paper trail",
"C. No - she has not documented receipt of the funds",
"D. Yes - she has satisfied all conditions and has enough cash needed to close once she liquidates the money in her retirement account, maintains a paper trail, and has provided the terms of her account’s liquidity"
] | null |
Multi-choice Question Aswering
|
Barry is told that he is lacking reserves and may not be able to close. What might he use to supplement his assets?
A. A liquid whole life insurance policy containing a cash value
B. An asset statement from a blood relative along with an affidavit guaranteeing the use of these funds if Barry ever needed them
C. A liquid term life insurance policy
D. His mint 1967 Chevrolet Camaro convertible
Answer:A
|
Barry is told that he is lacking reserves and may not be able to close. What might he use to supplement his assets?
|
Answer:A
|
[
"A. A liquid whole life insurance policy containing a cash value",
"B. An asset statement from a blood relative along with an affidavit guaranteeing the use of these funds if Barry ever needed them",
"C. A liquid term life insurance policy",
"D. His mint 1967 Chevrolet Camaro convertible"
] | null |
Multi-choice Question Aswering
|
If a borrower has a mutual fund, how much of the fund’s face value may be used to satisfy reserve requirements?
A. 70%
B. 60%
C. 100%
D. 80%
Answer:C
|
If a borrower has a mutual fund, how much of the fund’s face value may be used to satisfy reserve requirements?
|
Answer:C
|
[
"A. 70%",
"B. 60%",
"C. 100%",
"D. 80%"
] | null |
Multi-choice Question Aswering
|
Which of the following loans would require MIP?
A. A conventional mortgage with an 85% initial LTV
B. An FHA mortgage after a 35% down payment
C. A USDA mortgage with an initial LTV of 82%
D. A 100% LTV VA mortgage
Answer:B
|
Which of the following loans would require MIP?
|
Answer:B
|
[
"A. A conventional mortgage with an 85% initial LTV",
"B. An FHA mortgage after a 35% down payment",
"C. A USDA mortgage with an initial LTV of 82%",
"D. A 100% LTV VA mortgage"
] | null |
Multi-choice Question Aswering
|
If an applicant discloses that she is a party to a lawsuit, what should the loan originator request?
A. Nothing since, as a plaintiff, there is no lender concern
B. Evidence of her position as a plaintiff
C. Evidence that the lawsuit has been resolved
D. An application cannot be processed if an applicant is actively involved in litigation
Answer:B
|
If an applicant discloses that she is a party to a lawsuit, what should the loan originator request?
|
Answer:B
|
[
"A. Nothing since, as a plaintiff, there is no lender concern",
"B. Evidence of her position as a plaintiff",
"C. Evidence that the lawsuit has been resolved",
"D. An application cannot be processed if an applicant is actively involved in litigation"
] | null |
Multi-choice Question Aswering
|
When is an applicant obligated to disclose child support payments as a liability?
A. Any time he or she is paying child support
B. Whenever there is any sort of agreement between two individuals for the payment of support
C. Individuals are not required to disclose the payment of child support since it is considered a private matter between two people
D. Any time there is an order of support requiring the applicant to pay child support
Answer:D
|
When is an applicant obligated to disclose child support payments as a liability?
|
Answer:D
|
[
"A. Any time he or she is paying child support",
"B. Whenever there is any sort of agreement between two individuals for the payment of support",
"C. Individuals are not required to disclose the payment of child support since it is considered a private matter between two people",
"D. Any time there is an order of support requiring the applicant to pay child support"
] | null |
Multi-choice Question Aswering
|
What is another term for the URLA?
A. FNMA form 1004
B. FNMA form 1003
C. FNMA form 1070
D. FNMA form 1099
Answer:B
|
What is another term for the URLA?
|
Answer:B
|
[
"A. FNMA form 1004",
"B. FNMA form 1003",
"C. FNMA form 1070",
"D. FNMA form 1099"
] | null |
Multi-choice Question Aswering
|
How many pages of a savings account statement must a loan originator request from an applicant?
A. Just the first one reflecting the account balance
B. All pages
C. All pages except for any intentionally left blank
D. Just the summary pages
Answer:B
|
How many pages of a savings account statement must a loan originator request from an applicant?
|
Answer:B
|
[
"A. Just the first one reflecting the account balance",
"B. All pages",
"C. All pages except for any intentionally left blank",
"D. Just the summary pages"
] | null |
Multi-choice Question Aswering
|
If an individual is only an obligated co-signer to a debt, why may they have to qualify for their mortgage counting that debt?
A. Just to be safe
B. They won't have to qualify counting the debt if they can clearly demonstrate that they are only an obligated co-signer
C. As an obligated co-signer, they have agreed to accept liability for that debt and would be responsible for its repayment in the event that the person for whom they co-signed defaulted
D. An obligated co-signer is never required to qualify considering any debt for which they co-signed
Answer:C
|
If an individual is only an obligated co-signer to a debt, why may they have to qualify for their mortgage counting that debt?
|
Answer:C
|
[
"A. Just to be safe",
"B. They won't have to qualify counting the debt if they can clearly demonstrate that they are only an obligated co-signer",
"C. As an obligated co-signer, they have agreed to accept liability for that debt and would be responsible for its repayment in the event that the person for whom they co-signed defaulted",
"D. An obligated co-signer is never required to qualify considering any debt for which they co-signed"
] | null |
Multi-choice Question Aswering
|
Which of the following debts does not have to be considered in an applicant’s DTIs?
A. Obligatory alimony payments with fewer than 10 months remaining
B. A credit card minimum payment equal to the total amount owed
C. A boat loan with 11 months remaining
D. A deferred payment on living room furniture recently purchased with no payment owed for 18 months
Answer:A
|
Which of the following debts does not have to be considered in an applicant’s DTIs?
|
Answer:A
|
[
"A. Obligatory alimony payments with fewer than 10 months remaining",
"B. A credit card minimum payment equal to the total amount owed",
"C. A boat loan with 11 months remaining",
"D. A deferred payment on living room furniture recently purchased with no payment owed for 18 months"
] | null |
Multi-choice Question Aswering
|
What is the appropriate documentation to secure from an applicant disclosing that she is a permanent resident alien?/strong>
A. A certificate of authenticity from her country of citizenship's consulate
B. Residential mortgage financing may only be extended to citizens of the United States
C. A copy of her entry visa
D. A copy of the front and back of her valid permanent resident alien card
Answer:D
|
What is the appropriate documentation to secure from an applicant disclosing that she is a permanent resident alien?/strong>
|
Answer:D
|
[
"A. A certificate of authenticity from her country of citizenship's consulate",
"B. Residential mortgage financing may only be extended to citizens of the United States",
"C. A copy of her entry visa",
"D. A copy of the front and back of her valid permanent resident alien card"
] | null |
Multi-choice Question Aswering
|
For what does VVOE stand?
A. Visual verification or evaluation
B. Visual verification of entitlement
C. Verbal verification of employment
D. Visual verification of employment
Answer:C
|
For what does VVOE stand?
|
Answer:C
|
[
"A. Visual verification or evaluation",
"B. Visual verification of entitlement",
"C. Verbal verification of employment",
"D. Visual verification of employment"
] | null |
Multi-choice Question Aswering
|
Anyone applying for a reverse mortgage must have:
A. A single-family property
B. Completed independent, third-party homeownership counseling before closing
C. Never previously had a reverse mortgage
D. A life estate
Answer:B
|
Anyone applying for a reverse mortgage must have:
|
Answer:B
|
[
"A. A single-family property",
"B. Completed independent, third-party homeownership counseling before closing",
"C. Never previously had a reverse mortgage",
"D. A life estate"
] | null |
Multi-choice Question Aswering
|
Once a loan estimate has been issued, when is the first opportunity that the loan may close?
A. After three general business days
B. After seven precise business days
C. After seven general business days
D. After three precise business days
Answer:B
|
Once a loan estimate has been issued, when is the first opportunity that the loan may close?
|
Answer:B
|
[
"A. After three general business days",
"B. After seven precise business days",
"C. After seven general business days",
"D. After three precise business days"
] | null |
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