P5-11 Quiz

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Question 1 of 8

1. Question
Which promotional items may a loan originator provide without it being considered a RESPA kickback?
- A) Cash bonuses to Realtors for each closed loan
- B) Gift cards to borrowers for submitting applications
- C) Notepads, pens, or other office materials displaying the mortgage company’s name
- D) Tickets to sporting events for each referral
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Question 2 of 8

2. Question
When may a loan originator sponsor a hole-in-one contest at a golf tournament without it being construed as a kickback?
- A) When only invite‑only Realtors attend the event
- B) When prizes are limited to cash only
- C) When the contest is held for past borrowers only
- D) When a prominent sign displays the mortgage company’s name and involvement in the tournament
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Question 3 of 8

3. Question
Under RESPA, when may a loan originator and Realtor jointly advertise their services?
- A) Only if the Realtor pays the full cost of the advertisement
- B) If each party pays a proportionate share of the advertising costs
- C) Only if the loan originator receives most of the leads
- D) Only when the ad promotes the lender’s products exclusively
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Question 4 of 8

4. Question
Which office‑sharing arrangement is permitted under RESPA?
- A) Paying fair market value to rent a desk, copy machine, and phone line in a Realtor’s office
- B) Paying above‑market rent in exchange for all buyer referrals
- C) Providing free office space to a Realtor in the lender’s building
- D) Paying rent only when the Realtor refers a closed loan
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Question 5 of 8

5. Question
Which of the following is specifically prohibited under RESPA?
- A) Buying advertising space in a real estate magazine
- B) Renting office space at fair market value
- C) Hosting an educational lunch without CE credit
- D) Paying any person for the referral of settlement service business
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Question 6 of 8

6. Question
What additional licensing requirement may apply when a loan originator works from a Realtor’s office?
- A) No licensing is ever required if rent is paid
- B) The office may need branch‑office licensing, and the loan originator may need to qualify as a branch manager
- C) Only the Realtor needs to obtain a mortgage broker license
- D) The lender must close the branch within 30 days
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Question 7 of 8

7. Question
When does a loan processor NOT require a mortgage license?
- A) When performing purely administrative or clerical tasks
- B) When regularly meeting borrowers to structure loan terms
- C) When negotiating interest rates with applicants
- D) When independently soliciting new loan applications
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Question 8 of 8

8. Question
Which activity is a loan processor prohibited from performing without being licensed as a loan originator?
- A) Filing documents in the loan file
- B) Ordering appraisals at the loan originator’s direction
- C) Quoting interest rates or otherwise engaging in loan origination
- D) Updating borrower contact information
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