Florida Mortgage Law Practice Questions

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. Mortgage Brokers Association
D. Secretary of State

Which of the following statements accurately describes Florida's position on high-cost home loans?

A. High-cost home loans require no particular regulation
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 are absolutely prohibited

A violation of the Florida Fair Lending Act can lead to a fine of up to:

A. $1,000
B. $10,000
C. $5,000
D. $500

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. Using advertisements to target individuals with blemished credit
C. Falsely advertising or misusing the names of a federal agency
D. 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

The initial licensure fee for a Florida mortgage broker is?

A. $200
B. $300
C. $100
D. $425

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

A. 1 year
B. 3 years
C. 5 years
D. 2 years

In Florida, a late payment fee for a high-cost loan may not exceed:

A. $500
B. $100
C. 5% of the amount of the payment past due
D. 10% of the amount of the payment past due

What is the maximum fee or commission that may be charged on a mortgage loan exceeding $5,000?

A. $300 plus 5% of the entire mortgage loan
B. $250 plus 5% of the entire mortgage loan
C. $250 plus 10% of the entire mortgage loan
D. $300 plus 10% of the entire mortgage loan

Any required disclosure made for a high-cost loan under the Florida Fair Lending Act must be made:

A. Prior to the borrower making any payments on the high-cost home loan
B. Not less than 1 month after the consummation of the high-cost home loan
C. Not less than 3 business days prior to the consummation of the high-cost home loan
D. Not less than 3 business days after the consummation of the high-cost home loan

A loan originator applicant may be denied licensure if the Office finds which of the following:

A. A current mortgage note
B. A court judgment against the applicant for past due medical bills
C. A serious delinquent account relating to the applicant's automobile loan within the past year
D. A foreclosure in 2001

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

Florida requires that mortgage lender applicants seeking a service endorsement submit documents verifying their net worth is at least:

A. $100,000
B. $63,000
C. $50,000
D. $250,000

Required disclosures for high-cost home loans under the Florida Fair Lending Act include all but which of the following:

A. Disclosure of Annual Percentage Rate
B. A "Notices to Purchasers and Assignees"
C. A "Consumer Complaint Notice"
D. A "Notice to Borrower"

Any person applying for a loan originator's license in Florida must complete how many hours of pre-licensing education?

A. 14
B. 24
C. 20
D. 10

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 amount of the application fee must be disclosed
B. The application fee must be reasonably related to the services to be performed
C. The specific services that will be performed in consideration for the application fee must be disclosed
D. The application fee cannot be charged prior to closing

Which of the following is not considered a bona fide error under the Florida Fair Lending Act?

A. Computer malfunction
B. Error of legal judgment
C. Calculation error
D. Clerical error

The licensure fee for a mortgage lending license is?

A. $450
B. $425
C. $500
D. $575

The license renewal fee for a mortgage broker's license in Florida is?

A. $375
B. $1,000
C. $500
D. $200

How many hours of continuing education are required for Florida mortgage loan originators to qualify for license renewal?

A. 20 hours
B. 12 hours
C. 8 hours
D. 10 hours

Which of the following is not a prohinited act under Florida law?

A. To delay the issuance of a written loan payment beyond 15 days
B. To obtain property by fraud, willful misrepresentation of a future act, or false promise
C. To knowingly or willingly employ any device, scheme, or artifice to defraud
D. To act as a mortgage broker without a license

Which of the following is not a valid penalty for a license violation in the state of Florida?

A. Issuance of a reprimand
B. Imprisonment
C. Revocation of a license or registration
D. Suspension of a license or registration

Each mortgage broker business must be operated by?

A. Member who owns at least 10% of the company
B. Principal loan originator
C. Mortgage Broker
D. Mortgage Lender Licensee

The initial licensure fee for a Florida mortgage brokerage branch office is:

A. $350
B. $225
C. $400
D. $200

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

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. $10,000
C. Surety bonds are not required by Florida law
D. $50,000