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20-Hour PE OIL: Section 4 Quiz (Restricted)

By Scott Weghorst / September 9, 2020

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20-Hour OIL 0%

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Question 1 of 34

1. Question

A-Minus
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FHA
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conforming
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conventional
Correct Incorrect Correct answer

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Question 2 of 34

2. Question

buy and bail
Correct Incorrect Correct answer

short sale fraud
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affinity fraud
Correct Incorrect Correct answer

air loan
Correct Incorrect Correct answer

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Question 3 of 34

3. Question

Interest-only
Correct Incorrect Correct answer

A-Minus
Correct Incorrect Correct answer

Conforming
Correct Incorrect Correct answer

Alt-A
Correct Incorrect Correct answer

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Incorrect
Question 4 of 34

4. Question

chunking
Correct Incorrect Correct answer

double sale
Correct Incorrect Correct answer

asset rental
Correct Incorrect Correct answer

buy and bail
Correct Incorrect Correct answer

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Incorrect
Question 5 of 34

5. Question

45
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50
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62
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73
Correct Incorrect Correct answer

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Incorrect
Question 6 of 34

6. Question

chunking
Correct Incorrect Correct answer

double sale
Correct Incorrect Correct answer

asset rental
Correct Incorrect Correct answer

buy and bail
Correct Incorrect Correct answer

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Incorrect
Question 7 of 34

7. Question

interest-only
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adjustable rate
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Jumbo loan
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high-priced mortgage
Correct Incorrect Correct answer

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Question 8 of 34

8. Question

Permits negative amortization or deferral of principal payments
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Contains acceptable rates for balloon payments
Correct Incorrect Correct answer

Requires income verification and borrower’s ability to repay
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Allows more flexibility on financial institutions
Correct Incorrect Correct answer

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Question 9 of 34

9. Question

The .75% is the index by which the rate exceeds the SOFR margin.
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The margin is .25%.
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The margin is .75% above the SOFR rate index.
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The fully adjusted rate is .75%.
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Question 10 of 34

10. Question

chunking
Correct Incorrect Correct answer

double sale
Correct Incorrect Correct answer

silent second
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flipping scam
Correct Incorrect Correct answer

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Question 11 of 34

11. Question

Easement
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Covenant
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Encroachment
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Utility
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Question 12 of 34

12. Question

equity skimming
Correct Incorrect Correct answer

chunking
Correct Incorrect Correct answer

double sale
Correct Incorrect Correct answer

flipping scam
Correct Incorrect Correct answer

Correct

Incorrect
Question 13 of 34

13. Question

satisfaction clause
Correct Incorrect Correct answer

abatement clause
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prepayment clause
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assumption clause
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Question 14 of 34

14. Question

affinity fraud
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identity theft
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forgery
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flipping
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Question 15 of 34

15. Question

$1,000
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3.5% of the loan amount
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5% of the loan amount
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$3,500
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Question 16 of 34

16. Question

straw seller
Correct Incorrect Correct answer

straw investor
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straw buyer
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straw financer
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Question 17 of 34

17. Question

5
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10
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15
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20
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Question 18 of 34

18. Question

Residual income
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Gross income
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Disposable income
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Available income
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Question 19 of 34

19. Question

A sale subject to the seller being able to first obtain title to the property being sold (sale prior to ownership).
Correct Incorrect Correct answer

Flipping a property after fixing it up and after 2 years.
Correct Incorrect Correct answer

The sales price on the sales disclosure and HUD form do not agree.
Correct Incorrect Correct answer

The borrower gets cash back at closing that is not included on the HUD form.
Correct Incorrect Correct answer

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Question 20 of 34

20. Question

Fully amortizing
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Designed for rural properties
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Guaranteed by the Federal government
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Require military eligibility
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Question 21 of 34

21. Question

principled mortgage
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GEM loan
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high-cost loan
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high-priced loan
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Question 22 of 34

22. Question

may want to consider filing a suspicious activity report
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should do nothing until the fraud is confirmed
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must file a suspicious activity report
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immediately notify their direct report
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Question 23 of 34

23. Question

To document borrower’s ability to repay the loan via income documentation
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To document that the mortgage is not fit to be sold on the secondary market via mortgage program documentation
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To document the extenuating circumstances of a difficulty
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To document the familial status of a borrower
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Question 24 of 34

24. Question

they need to improve their credit rating and don’t have a lot of income to support a standard mortgage
Correct Incorrect Correct answer

they have a lot of high-interest credit card debt to consolidate and their current income would support the monthly mortgage payments
Correct Incorrect Correct answer

their income levels are insufficient to make monthly payments
Correct Incorrect Correct answer

they have excellent credit and meet the QM criteria
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Question 25 of 34

25. Question

Limited warranty deeds
Correct Incorrect Correct answer

Fixtures
Correct Incorrect Correct answer

Liens
Correct Incorrect Correct answer

Easements
Correct Incorrect Correct answer

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Incorrect
Question 26 of 34

26. Question

violate any provision of the law regarding mortgage fraud
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receive any property in connection with a sale they did not know was fraudulent
Correct Incorrect Correct answer

record a mortgage document with a mistake they had no idea existed
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do not receive the proceeds of mortgage fraud
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Question 27 of 34

27. Question

partial release clauses
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covenants
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installment notes
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a quitclaim deed
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Question 28 of 34

28. Question

deliberate misstatement, misrepresentation, negligence, conspiring to commit fraud
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intentional, material misrepresentation or omission, relied upon by any party, damaging or harm caused
Correct Incorrect Correct answer

intent, material misrepresentation, omission, negligence
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receiving proceeds, misrepresentation, lying, full disclosure
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Question 29 of 34

29. Question

partial release clause
Correct Incorrect Correct answer

easement
Correct Incorrect Correct answer

defeasance clause
Correct Incorrect Correct answer

eminent domain clause
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Incorrect
Question 30 of 34

30. Question

foreclosure rescue scam
Correct Incorrect Correct answer

stated income abuse scam
Correct Incorrect Correct answer

straw buyer
Correct Incorrect Correct answer

chunking scam
Correct Incorrect Correct answer

Correct

Incorrect
Question 31 of 34

31. Question

reduction option mortgage
Correct Incorrect Correct answer

buydown mortgage
Correct Incorrect Correct answer

growth equity mortgage
Correct Incorrect Correct answer

shared appreciation mortgage
Correct Incorrect Correct answer

Correct

Incorrect
Question 32 of 34

32. Question

buy and bail
Correct Incorrect Correct answer

short sale fraud
Correct Incorrect Correct answer

advertising scam
Correct Incorrect Correct answer

foreclosure rescue scheme
Correct Incorrect Correct answer

Correct

Incorrect
Question 33 of 34

33. Question

They require HUD counseling.
Correct Incorrect Correct answer

There are no restrictions on prepayment penalties.
Correct Incorrect Correct answer

Balloon payments are restricted.
Correct Incorrect Correct answer

They are not eligible to be purchased by Fannie Mae or Freddie Mac.
Correct Incorrect Correct answer

Correct

Incorrect
Question 34 of 34

34. Question

buy and bail
Correct Incorrect Correct answer

short sale fraud
Correct Incorrect Correct answer

affinity fraud
Correct Incorrect Correct answer

air loan
Correct Incorrect Correct answer

Correct

Incorrect

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