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Question 1 of 9
1. Question
Prohibited Representations
A mortgage advertisement states, “Free Credit Disability Insurance Included,” even though the borrower must pay an additional monthly premium for the coverage.
Which prohibited representation has likely occurred?
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Question 2 of 9
2. Question
Prohibited Representations
A lender advertises a mortgage payment of $1,500 per month but fails to disclose that property taxes and homeowners insurance are not included.
Which prohibited representation may have occurred?
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Question 3 of 9
3. Question
Prohibited Representations
A loan officer tells a borrower, “This loan has absolutely no penalties,” despite a contractual prepayment penalty provision.
Which prohibited representation is illustrated?
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Question 4 of 9
4. Question
Prohibited Representations
An adjustable-rate mortgage advertisement prominently states “FIXED RATE LOAN” even though the interest rate adjusts after three years.
Which prohibited representation may have occurred?
CorrectIncorrect -
Question 5 of 9
5. Question
Prohibited Representations
An advertisement compares a one-year introductory payment to a hypothetical payment that would exist for the entire 30-year loan term.
Which prohibited representation may be involved?
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Question 6 of 9
6. Question
Prohibited Representations
A lender advertises a negatively amortizing loan as a “fully amortizing mortgage.”
Which prohibited representation may have occurred?
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Question 7 of 9
7. Question
Prohibited Representations
A reverse mortgage advertisement guarantees that every borrower will receive $100,000 in cash proceeds, regardless of qualifications.
Which prohibited representation may have occurred?
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Question 8 of 9
8. Question
Prohibited Representations
A reverse mortgage advertisement states, “No payments will ever be required,” without disclosing circumstances that could trigger obligations under the loan.
Which prohibited representation may have occurred?
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Question 9 of 9
9. Question
Prohibited Representations
A lender advertises that a borrower can never default on a reverse mortgage, even if property taxes and insurance are not paid.
Which prohibited representation may have occurred?
CorrectIncorrect