Skip to content

Search for:

support@diehl1.com
(317) 272-7600
Chat on iMessage
Chat on iMessage
Cart
Support Page
Log Into Your Course

Search for:

support@diehl1.com
(317) 272-7600
Chat on iMessage
Chat on iMessage
Cart
Support Page
Log Into Your Course

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

Leave a Comment / By Scott Weghorst / September 9, 2020

Time limit: 0

Quiz Summary

0 of 34 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 34 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Categories

20-Hour OIL 0%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

Current
Review
Answered
Correct
Incorrect

Question 1 of 34

1. Question
- A-Minus
- FHA
- conforming
- conventional
Correct

Incorrect
Question 2 of 34

2. Question
- buy and bail
- short sale fraud
- affinity fraud
- air loan
Correct

Incorrect
Question 3 of 34

3. Question
- Interest-only
- A-Minus
- Conforming
- Alt-A
Correct

Incorrect
Question 4 of 34

4. Question
- chunking
- double sale
- asset rental
- buy and bail
Correct

Incorrect
Question 5 of 34

5. Question
- 45
- 50
- 62
- 73
Correct

Incorrect
Question 6 of 34

6. Question
- chunking
- double sale
- asset rental
- buy and bail
Correct

Incorrect
Question 7 of 34

7. Question
- interest-only
- adjustable rate
- Jumbo loan
- high-priced mortgage
Correct

Incorrect
Question 8 of 34

8. Question
- Permits negative amortization or deferral of principal payments
- Contains acceptable rates for balloon payments
- Requires income verification and borrower’s ability to repay
- Allows more flexibility on financial institutions
Correct

Incorrect
Question 9 of 34

9. Question
- The .75% is the index by which the rate exceeds the SOFR margin.
- The margin is .25%.
- The margin is .75% above the SOFR rate index.
- The fully adjusted rate is .75%.
Correct

Incorrect
Question 10 of 34

10. Question
- chunking
- double sale
- silent second
- flipping scam
Correct

Incorrect
Question 11 of 34

11. Question
- Easement
- Covenant
- Encroachment
- Utility
Correct

Incorrect
Question 12 of 34

12. Question
- equity skimming
- chunking
- double sale
- flipping scam
Correct

Incorrect
Question 13 of 34

13. Question
- satisfaction clause
- abatement clause
- prepayment clause
- assumption clause
Correct

Incorrect
Question 14 of 34

14. Question
- affinity fraud
- identity theft
- forgery
- flipping
Correct

Incorrect
Question 15 of 34

15. Question
- $1,000
- 3.5% of the loan amount
- 5% of the loan amount
- $3,500
Correct

Incorrect
Question 16 of 34

16. Question
- straw seller
- straw investor
- straw buyer
- straw financer
Correct

Incorrect
Question 17 of 34

17. Question
- 5
- 10
- 15
- 20
Correct

Incorrect
Question 18 of 34

18. Question
- Residual income
- Gross income
- Disposable income
- Available income
Correct

Incorrect
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).
- Flipping a property after fixing it up and after 2 years.
- The sales price on the sales disclosure and HUD form do not agree.
- The borrower gets cash back at closing that is not included on the HUD form.
Correct

Incorrect
Question 20 of 34

20. Question
- Fully amortizing
- Designed for rural properties
- Guaranteed by the Federal government
- Require military eligibility
Correct

Incorrect
Question 21 of 34

21. Question
- principled mortgage
- GEM loan
- high-cost loan
- high-priced loan
Correct

Incorrect
Question 22 of 34

22. Question
- may want to consider filing a suspicious activity report
- should do nothing until the fraud is confirmed
- must file a suspicious activity report
- immediately notify their direct report
Correct

Incorrect
Question 23 of 34

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

Incorrect
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
- they have a lot of high-interest credit card debt to consolidate and their current income would support the monthly mortgage payments
- their income levels are insufficient to make monthly payments
- they have excellent credit and meet the QM criteria
Correct

Incorrect
Question 25 of 34

25. Question
- Limited warranty deeds
- Fixtures
- Liens
- Easements
Correct

Incorrect
Question 26 of 34

26. Question
- violate any provision of the law regarding mortgage fraud
- receive any property in connection with a sale they did not know was fraudulent
- record a mortgage document with a mistake they had no idea existed
- do not receive the proceeds of mortgage fraud
Correct

Incorrect
Question 27 of 34

27. Question
- partial release clauses
- covenants
- installment notes
- a quitclaim deed
Correct

Incorrect
Question 28 of 34

28. Question
- deliberate misstatement, misrepresentation, negligence, conspiring to commit fraud
- intentional, material misrepresentation or omission, relied upon by any party, damaging or harm caused
- intent, material misrepresentation, omission, negligence
- receiving proceeds, misrepresentation, lying, full disclosure
Correct

Incorrect
Question 29 of 34

29. Question
- partial release clause
- easement
- defeasance clause
- eminent domain clause
Correct

Incorrect
Question 30 of 34

30. Question
- foreclosure rescue scam
- stated income abuse scam
- straw buyer
- chunking scam
Correct

Incorrect
Question 31 of 34

31. Question
- reduction option mortgage
- buydown mortgage
- growth equity mortgage
- shared appreciation mortgage
Correct

Incorrect
Question 32 of 34

32. Question
- buy and bail
- short sale fraud
- advertising scam
- foreclosure rescue scheme
Correct

Incorrect
Question 33 of 34

33. Question
- They require HUD counseling.
- There are no restrictions on prepayment penalties.
- Balloon payments are restricted.
- They are not eligible to be purchased by Fannie Mae or Freddie Mac.
Correct

Incorrect
Question 34 of 34

34. Question
- buy and bail
- short sale fraud
- affinity fraud
- air loan
Correct

Incorrect

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question

11. Question

12. Question

13. Question

14. Question

15. Question

16. Question

17. Question

18. Question

19. Question

20. Question

21. Question

22. Question

23. Question

24. Question

25. Question

26. Question

27. Question

28. Question

29. Question

30. Question

31. Question

32. Question

33. Question

34. Question

Leave a Reply Cancel reply