Safe and UST study tool #2

Question 1

Definition of REAL ESTATE

Answer 1

Any real property located in a state upon which is constructed or intended to be constructed a dwelling

Question 2

Definition of REAL ESTATE brokerage activity

Answer 2

Acting as a real estate agent/broker for a buyer, seller lessor or lessee of real propety

Question 3

Definition of Loan Processor or Underwriter

Answer 3

Individual who performs clerical or support duties

Question 4

A Registered loan originator is an individual who…

Answer 4

• Meets the definition of a loan originator
• Is an employee of a depository institution or an institution regulated by Farm Credit Administration
• Registered with and maintains a unique identifier through the NMLS

Question 5

And Employee is an individual whose

Answer 5

Manner and means of performance of work are subject to the right of control of a person
-Compensation for federal income tax purposes is reported on a w-2

Question 6

A Federal Banking agency includes the…

Answer 6

• Board of Governors of the Federal Reserve System
• Comptroller of the Currency
• National Credit Union Administration
• Federal Deposit Insurance Corporation

Question 7

What are the 3 protection options that each state mush have in place?

Answer 7

• A surety bond
• A minimum Net worth
• Recovery Fund

Question 8

Registration System required for originators employed by…

Answer 8

• Depository institution
• Subsidiaries controlled by depository institutions and regulated by federal banking agencies
• Institution regulated by the Farm Credit Administration

Question 9

To enforce the Safe Act, Regulatory agency may…

Answer 9

• Deny, suspend, revoke, condition or decline to renew a license
• Order Restitution
• Impose fines
• issue orders or directives

Question 10

Regulation H Establishes a procedure for

Answer 10

The CFPB to follow if it determines that a state has not adopted law satisfying the SAFE Act’s licensing requirement