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Guide for Washington Designated Mortgage Broker

Quiz Washington Designated Mortgage Broker

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/ 10

Quiz

1/10
Mortgage Broker Business Practices and Operations
Which of the following is a prohibited practice under the Mortgage Broker Practices Act in Washington State?
Select the answer
1 correct answer
A.
Charging unauthorized fees
B.
Providing inaccurate loan estimates
C.
Failing to maintain required records
D.
All of the above

Quiz

2/10
Washington State Mortgage Broker Licensing Requirements
Which of the following is a requirement for obtaining a mortgage broker license in Washington State?
Select the answer
1 correct answer
A.
Passing the Designated Broker Test
B.
Obtaining a business license
C.
Registering with the Washington Secretary of State
D.
All of the above

Quiz

3/10
Real Estate Settlement Procedures Act (RESPA) Compliance
Which of the following is a primary purpose of the Real Estate Settlement Procedures Act (RESPA)?
Select the answer
1 correct answer
A.
To ensure that consumers receive disclosures about the costs of their mortgage settlement
B.
To regulate the interest rates charged by mortgage lenders
C.
To establish minimum credit score requirements for mortgage borrowers
D.
To set maximum loan amounts for residential mortgages

Quiz

4/10
Disclosure Requirements for Mortgage Brokers
Which of the following disclosures must a mortgage broker provide to a borrower when acting as both the real estate agent and loan originator in the same transaction?
Select the answer
1 correct answer
A.
A disclosure stating that the borrower is not required to use the broker as a loan originator
B.
A disclosure stating that the broker is acting as a real estate agent
C.
A disclosure stating that the broker is acting as a loan originator
D.
All of the above

Quiz

5/10
Mortgage Broker Business Practices and Operations
What is the minimum duration for which a mortgage broker must retain records related to their business activities?
Select the answer
1 correct answer
A.
1 year
B.
2 years
C.
3 years
D.
5 years

Quiz

6/10
Washington State Mortgage Broker Licensing Requirements
What is the minimum electronic surety bond amount required for new mortgage broker applicants in Washington State?
Select the answer
1 correct answer
A.
$10,000
B.
$15,000
C.
$20,000
D.
$25,000

Quiz

7/10
Real Estate Settlement Procedures Act (RESPA) Compliance
Under RESPA, which of the following is required to be disclosed to the borrower within three business days after receiving a loan application?
Select the answer
1 correct answer
A.
Loan Estimate
B.
Closing Disclosure
C.
HUD-1 Settlement Statement
D.
Good Faith Estimate

Quiz

8/10
Disclosure Requirements for Mortgage Brokers
Which of the following is a required disclosure under Washington State regulations when a mortgage broker locks an interest rate?
Select the answer
1 correct answer
A.
A rate lock agreement within three business days of locking the interest rate
B.
A rate lock agreement within five business days of locking the interest rate
C.
A rate lock agreement within seven business days of locking the interest rate
D.
No rate lock agreement is required under Washington State regulations

Quiz

9/10
Mortgage Broker Business Practices and Operations
Which of the following is a common violation found during mortgage broker examinations in Washington State?
Select the answer
1 correct answer
A.
Not receipting sufficient funds before disbursement
B.
Charging authorized fees
C.
Maintaining accurate records
D.
All of the above

Quiz

10/10
Washington State Mortgage Broker Licensing Requirements
Which of the following documents is required as part of the new application checklist for a Washington mortgage broker license?
Select the answer
1 correct answer
A.
Business plan
B.
Management chart
C.
Trust accounting document
D.
All of the above
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Info quiz:

  • Quiz name:Washington Designated Mortgage Broker
  • Total number of questions:500
  • Number of questions for the test:50
  • Pass score:80%

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