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A title insurance policy ensures that:
A. The borrower owns the property.
B. The borrower can repay the loan.
C. The title commitment is accurate.
D. A condominium is warrantable.
Answer: A
Explanation:
Title insurance protects against losses arising from disputes over property ownership or other defects in title.
It ensures the borrower (and lender) that the property being purchased is rightfully owned by the borrower and is free of undisclosed liens or encumbrances.
"Title insurance protects against losses if there are problems with the ownership of your property after you buy it. It guarantees that you legally own the home."
- CFPB, What is title insurance?
References:
CFPB, What is title insurance?
NEW QUESTION # 218
Offering or negotiating the terms of a loan includes which of the following actions?
A. Making an underwriting decision about whether an applicant qualifies for a loan
B. Arranging the loan closing or other aspects of the loan process
C. Presenting particular loan terms to an applicant verbally, in writing, or otherwise
D. Providing general explanations or descriptions in response to a consumer's inquiry
Answer: C
Explanation:
Under the SAFE Act, offering or negotiating the terms of a loan includes presenting specific loan terms to an applicant, whether verbally, in writing, or through any other communication method. This activity directly involves discussing or negotiating loan details like interest rates, loan amounts, and repayment terms, which requires licensure as a mortgage loan originator (MLO).
* Providing general explanations (A) and arranging loan closings (D) do not require an MLO license because they do not involve negotiating or offering specific loan terms.
* Making underwriting decisions (B) is also a separate activity not considered "offering or negotiating" loan terms.
References:
* SAFE Act, 12 USC ∫5101
* NMLS Guidelines on MLO licensure requirements
NEW QUESTION # 219
Which of the following real estate methods allows investors to estimate the value of a property by taking the rent collected and dividing it by the capitalization rate?
A. Income approach
B. Cost approach
C. Residual method approach
D. Sales comparison approach
Answer: A
Explanation:
The income approach (sometimes called the capitalization approach) is a method used to estimate the value of income-producing properties. This method divides the net operating income (rent collected, less expenses) by the capitalization rate (cap rate) to determine value.
"The income approach to value is used to estimate the value of properties that generate income. The appraiser divides net operating income by a capitalization rate to derive the value."
- Fannie Mae Appraisal Guidelines; SAFE MLO National Test Study Guide
References:
Fannie Mae Selling Guide, Income Approach
SAFE MLO National Test Study Guide
NEW QUESTION # 220
Which of the following advertising statements is permissible?
A. "30-year fixed mortgage for a 5% APR with approved credit"
B. "30-year variable rate mortgages starting at ____"
C. "5% 30-year fixed with no closing costs"
D. "5% for 10 years, then one balloon payment"
Answer: A
Explanation:
The Truth in Lending Act (TILA) Regulation Z requires that advertisements for mortgage credit products that state a rate or terms must be clear and not misleading. Phrases like "with approved credit" are permissible when a specific APR is disclosed and required terms are provided. However, "no closing costs" or "variable rate starting at ___" are considered potentially misleading if not all relevant terms are disclosed.
"If an advertisement states a rate of finance charge, it must state the rate as an annual percentage rate (APR)...
Disclosures must not be misleading. Stating 'with approved credit' in connection with an APR is permissible."
- 12 CFR ∫ 1026.24, Regulation Z
References:
CFPB, Advertising Requirements
SAFE MLO National Test Study Guide
NEW QUESTION # 221
A borrower has been approved for a new home loan and has completed all necessary paperwork. When should the borrower receive the Closing Disclosure?
A. 4 business days prior lo consummation
B. 3 business days prior to consummation
C. 1 business day prior to consummation
D. On the day of consummation
Answer: B
Explanation:
According to the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive the Closing Disclosure (CD) at least 3 business days prior to loan consummation. This waiting period gives the borrower adequate time to review the final terms and costs associated with the mortgage loan. If there are significant changes to the terms of the loan after the CD is issued, a new 3-day waiting period may be required.
References:
* TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR ∫1026.19(f)
* CFPB Closing Disclosure Guidelines
NEW QUESTION # 222
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