Florida Mortgage Law Practice Questions

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Holly
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302
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Florida Mortgage Law Practice Questions
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2009-10-15 13:27:22
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Florida Mortgage Law Practice Questions
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Florida Mortgage Law Practice Questions
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  1. Which of the following agencies is responsible for monitoring and regulating mortgage professionals in Florida?

    A. Division of Finance
    B. Office of Insurance Regulation
    C. Secretary of State
    D. Mortgage Brokers Association
    A. Division of Finance
    (this multiple choice question has been scrambled)
  2. Which of the following statements accurately describes Florida's position on high-cost home loans?

    A. High-cost home loans are absolutely prohibited
    B. High-cost home loans are prohibited, unless the borrower has blemished credit
    C. High-cost home loans are permitted, subject to conditions
    D. High-cost home loans require no particular regulation
    C. High-cost home loans are permitted, subject to conditions
    (this multiple choice question has been scrambled)
  3. A violation of the Florida Fair Lending Act can lead to a fine of up to:

    A. $10,000
    B. $5,000
    C. $500
    D. $1,000
    B. $5,000
    (this multiple choice question has been scrambled)
  4. All but which of the following is considered an advertising violation in Florida?

    A. Advertising that an applicant will have unqualified access to credit without disclosing what material limitations on the availability of credit exist
    B. Advertising a mortgage loan at an expressed interest rate without stating that the expressed rate could change or not be available at commitment or closing
    C. Using advertisements to target individuals with blemished credit
    D. Falsely advertising or misusing the names of a federal agency
    C. Using advertisements to target individuals with blemished credit
    (this multiple choice question has been scrambled)
  5. The initial licensure fee for a Florida mortgage broker is?

    A. $300
    B. $100
    C. $200
    D. $425
    D. $425
    (this multiple choice question has been scrambled)
  6. According to Florida law, samples of advertising must be kept for how long after the date of publication or broadcast?

    A. 2 years
    B. 5 years
    C. 1 year
    D. 3 years
    A. 2 years
    (this multiple choice question has been scrambled)
  7. In Florida, a late payment fee for a high-cost loan may not exceed:

    A. $100
    B. 5% of the amount of the payment past due
    C. 10% of the amount of the payment past due
    D. $500
    B. 5% of the amount of the payment past due
    (this multiple choice question has been scrambled)
  8. What is the maximum fee or commission that may be charged on a mortgage loan exceeding $5,000?

    A. $300 plus 10% of the entire mortgage loan
    B. $300 plus 5% of the entire mortgage loan
    C. $250 plus 5% of the entire mortgage loan
    D. $250 plus 10% of the entire mortgage loan
    D. $250 plus 10% of the entire mortgage loan
    (this multiple choice question has been scrambled)
  9. Any required disclosure made for a high-cost loan under the Florida Fair Lending Act must be made:

    A. Not less than 3 business days after the consummation of the high-cost home loan
    B. Not less than 3 business days prior to the consummation of the high-cost home loan
    C. Prior to the borrower making any payments on the high-cost home loan
    D. Not less than 1 month after the consummation of the high-cost home loan
    B. Not less than 3 business days prior to the consummation of the high-cost home loan
    (this multiple choice question has been scrambled)
  10. A loan originator applicant may be denied licensure if the Office finds which of the following:

    A. A court judgment against the applicant for past due medical bills
    B. A serious delinquent account relating to the applicant's automobile loan within the past year
    C. A foreclosure in 2001
    D. A current mortgage note
    B. A seriously delinquent account relating to the applicant's automobile loan within the past year
    (this multiple choice question has been scrambled)
  11. Florida has adopted which of the following?

    a. Guidance on Nontraditional Mortgage Product Risks
    b. Guidance on Subprime Mortgage Lending
    c. Predatory lending legislation
    d. All of the above
    d. All of the above
  12. Florida requires that mortgage lender applicants seeking a service endorsement submit documents verifying their net worth is at least:

    A. $50,000
    B. $250,000
    C. $100,000
    D. $63,000
    B. $250,000
    (this multiple choice question has been scrambled)
  13. Required disclosures for high-cost home loans under the Florida Fair Lending Act include all but which of the following:

    A. A "Consumer Complaint Notice"
    B. A "Notices to Purchasers and Assignees"
    C. Disclosure of Annual Percentage Rate
    D. A "Notice to Borrower"
    A. A "Consumer Complaint Notice"
    (this multiple choice question has been scrambled)
  14. Any person applying for a loan originator's license in Florida must complete how many hours of pre-licensing education?

    A. 10
    B. 20
    C. 24
    D. 14
    B. 20
    (this multiple choice question has been scrambled)
  15. According to Florida law, all but which of the following is required if a mortgage brokerage agreement is to include a nonrefundable application fee?

    A. The application fee must be reasonably related to the services to be performed
    B. The specific services that will be performed in consideration for the application fee must be disclosed
    C. The amount of the application fee must be disclosed
    D. The application fee cannot be charged prior to closing
    D. The application fee cannot be charged prior to closing
    (this multiple choice question has been scrambled)
  16. Which of the following is not considered a bona fide error under the Florida Fair Lending Act?

    A. Error of legal judgment
    B. Clerical error
    C. Computer malfunction
    D. Calculation error
    A. Error of legal judgment
    (this multiple choice question has been scrambled)
  17. The licensure fee for a mortgage lending license is?

    A. $450
    B. $425
    C. $575
    D. $500
    D. $500
    (this multiple choice question has been scrambled)
  18. The license renewal fee for a mortgage broker's license in Florida is?

    A. $1,000
    B. $200
    C. $375
    D. $500
    C. $375
    (this multiple choice question has been scrambled)
  19. How many hours of continuing education are required for Florida mortgage loan originators to qualify for license renewal?

    A. 8 hours
    B. 12 hours
    C. 20 hours
    D. 10 hours
    A. 8 hours
    (this multiple choice question has been scrambled)
  20. Which of the following is not a prohinited act under Florida law?

    A. To knowingly or willingly employ any device, scheme, or artifice to defraud
    B. To delay the issuance of a written loan payment beyond 15 days
    C. To obtain property by fraud, willful misrepresentation of a future act, or false promise
    D. To act as a mortgage broker without a license
    B. To delay the issuance of a written loan payment beyond 15 days
    (this multiple choice question has been scrambled)
  21. Which of the following is not a valid penalty for a license violation in the state of Florida?

    A. Imprisonment
    B. Issuance of a reprimand
    C. Revocation of a license or registration
    D. Suspension of a license or registration
    A. Imprisonment
    (this multiple choice question has been scrambled)
  22. Each mortgage broker business must be operated by?

    A. Member who owns at least 10% of the company
    B. Mortgage Broker
    C. Mortgage Lender Licensee
    D. Principal loan originator
    D. Principal loan originator
    (this multiple choice question has been scrambled)
  23. The initial licensure fee for a Florida mortgage brokerage branch office is:

    A. $200
    B. $350
    C. $400
    D. $225
    D. $225
    (this multiple choice question has been scrambled)
  24. Which of the following constitutes a loan which would be subject to the requirements of the Loans Under Florida Uniform Land Sales Practices Law?

    A. a loan which has a face amount of $35,000 or less
    B. a loan which is secured by vacant land registered under the FULSPL
    C. a loan which has a face amount of $35,000 or less and is secured by vacant land registered under the FULSPL
    d. none of the above
    C. a loan which has a face amount of $35,000 or less and is secured by vacant land registered under the FULSPL
    (this multiple choice question has been scrambled)
  25. A mortgage brokerage business applying for licensure in the state of Florida is required to carry a surety bond in which of the following amounts?

    A. $25,000
    B. Surety bonds are not required by Florida law
    C. $10,000
    D. $50,000
    B. Surety bonds are not required by Florida law
    (this multiple choice question has been scrambled)

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