P5-12 Quiz

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Question 1 of 9

1. Question
What is the correct definition of a referral in the context of lending?
- A) A request for a second appraisal
- B) An act of referring someone or something for consultation, review, or further action
- C) A requirement to obtain mortgage insurance
- D) A transfer of servicing rights
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Question 2 of 9

2. Question
When must an Affiliated Business Arrangement Disclosure be provided?
- A) Only when the referring party receives no compensation
- B) Only when the ownership interest is greater than 50%
- C) When the referral partner has a 1% or greater ownership interest in the referring party
- D) Only when the consumer requests the disclosure
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Question 3 of 9

3. Question
Which statement best describes the anti-kickback rule related to referrals?
- A) The referring party may receive any fee as long as it is disclosed
- B) The referring party may receive a fee only if the borrower agrees in writing
- C) The referring party may receive a fee only if it is based on loan amount
- D) The referring party may not receive an unearned fee for the referral
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Question 4 of 9

4. Question
Which statement best summarizes the rule regarding coercion of appraisers?
- A) Brokers may influence appraisers as long as it benefits the borrower
- B) Creditors may suggest values if the appraiser is independent
- C) No creditor/broker/affiliate may influence an appraiser to misstate or misrepresent value
- D) Coercion is allowed if the loan is investment property
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Question 5 of 9

5. Question
Which situation is an example of prohibited appraiser coercion under scenario A?
- A) Asking an appraiser to rush the report for an extra fee
- B) Providing the appraiser with the purchase contract
- C) Implying future work depends on reaching a certain value
- D) Asking the appraiser to revise typos
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Question 6 of 9

6. Question
What does scenario B describe as a prohibited practice?
- A) Refusing to pay an appraiser for lateness
- B) Excluding an appraiser from future work for reporting a lower value
- C) Sending only one comparable to the appraiser
- D) Requesting clarification on value determination
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Question 7 of 9

7. Question
Which example best matches coercion scenario C?
- A) Asking appraiser to verify property condition
- B) Telling appraiser the minimum value needed to approve the loan
- C) Providing extra comps upon request
- D) Asking for explanation on adjustments
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Question 8 of 9

8. Question
Scenario D describes which prohibited act?
- A) Paying a bonus for quick turn time
- B) Charging higher appraisal fees for complex properties
- C) Failing to compensate an appraiser for a low value
- D) Requiring interior inspection
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Question 9 of 9

9. Question
What is prohibited under coercion scenario E?
- A) Paying appraiser after delivery
- B) Charging borrower for second appraisal
- C) Allowing borrower to select appraiser
- D) Conditioning compensation on whether the loan closes
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