Florida Mortgage Law Practice Questions

  1. Which of the following agencies is responsible for monitoring and regulating mortgage professionals in Florida?




    B. Division of Finance
  2. Which of the following statements accurately describes Florida's position on high-cost home loans?




    B. High-cost home loans are permitted, subject to conditions
  3. A violation of the Florida Fair Lending Act can lead to a fine of up to:




    D. $5,000
  4. All but which of the following is considered an advertising violation in Florida?




    B. Using advertisements to target individuals with blemished credit
  5. The initial licensure fee for a Florida mortgage broker is?




    A. $425
  6. According to Florida law, samples of advertising must be kept for how long after the date of publication or broadcast?




    B. 2 years
  7. In Florida, a late payment fee for a high-cost loan may not exceed:




    D. 5% of the amount of the payment past due
  8. What is the maximum fee or commission that may be charged on a mortgage loan exceeding $5,000?




    C. $250 plus 10% of the entire mortgage loan
  9. Any required disclosure made for a high-cost loan under the Florida Fair Lending Act must be made:




    D. Not less than 3 business days prior to the consummation of the high-cost home loan
  10. A loan originator applicant may be denied licensure if the Office finds which of the following:




    B. A seriously delinquent account relating to the applicant's automobile loan within the past year
  11. Florida has adopted which of the following?




    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:




    C. $250,000
  13. Required disclosures for high-cost home loans under the Florida Fair Lending Act include all but which of the following:




    B. A "Consumer Complaint Notice"
  14. Any person applying for a loan originator's license in Florida must complete how many hours of pre-licensing education?




    C. 20
  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?




    D. The application fee cannot be charged prior to closing
  16. Which of the following is not considered a bona fide error under the Florida Fair Lending Act?




    C. Error of legal judgment
  17. The licensure fee for a mortgage lending license is?




    B. $500
  18. The license renewal fee for a mortgage broker's license in Florida is?




    A. $375
  19. How many hours of continuing education are required for Florida mortgage loan originators to qualify for license renewal?




    B. 8 hours
  20. Which of the following is not a prohinited act under Florida law?




    B. To delay the issuance of a written loan payment beyond 15 days
  21. Which of the following is not a valid penalty for a license violation in the state of Florida?




    C. Imprisonment
  22. Each mortgage broker business must be operated by?




    A. Principal loan originator
  23. The initial licensure fee for a Florida mortgage brokerage branch office is:




    A. $225
  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?




    C. a loan which has a face amount of $35,000 or less and is secured by vacant land registered under the FULSPL
  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?




    D. Surety bonds are not required by Florida law
Author
Holly
ID
302
Card Set
Florida Mortgage Law Practice Questions
Description
Florida Mortgage Law Practice Questions
Updated