Polka dot plants (Hypoestes phyllostachya have varigated pink and green leaves, hot pink impatiens and New Guinea impatiens, begonia, coleus, heuchera, and fuschia all combined in pots to dazzle your garden. All of these plants like moderate sunlight, moderate temperatures and deep watering. These are hung on my balcony garden. I have them an inch above my eye level in two layers. One basket on top drains down to the bottom one when I water.
This year with the real estate market a wild hot mess. I didn't have time to fuss as much with my potted plants. They enjoy the warm afternoons in Orange County. I remove flowers, dead head and snip off dead leaves when I'm sipping morning coffee at 5:45.
I have a couple natural flower minders/baby sitters: up on a self a pretty bowl of water with tablespoon of dawn dish soap and apple cider vinegar to catch fruit flies, a bowl on the ground with yeast/sugar and beer for snails, and I add coffee grounds and egg shells to the surface of the soil in pots where snails like to climb. Natural ways to keep down problems in my tiny house before pests multiply.
The Consumer Financial Protection Bureau announced a new rule today to slow a wave of foreclosures due to coronavirus.
Here is a summary from the New York Times:
“In most cases, lenders will only be allowed to foreclose on a home if it is abandoned, if the borrower has not responded to messages for at least 90 days, or if the borrower has been formally evaluated for all available “loss mitigation” options (such as a loan modification) and none are viable.
Servicers will also be allowed to proceed with foreclosures for borrowers who were already 120 or more days delinquent before March 1, 2020.
The new rule also allows mortgage servicers to more easily offer some loan modifications so long as the changes do not increase a borrower’s monthly payments or extend the loan’s term more than 40 years beyond the modification date.”
Nice for current homeowners but with the current high prices and low inventory, anyone hoping for a wave of foreclosures or crash may be waiting awhile.
Which
of the following statements is NOT TRUE per the definition of "Material
change"?
A
change in the interest rate previously offered a borrower
A
change in the type of loan offered to a borrower
A change that affects the
borrower's information as given on the application such as an incorrect address
A
change that is important enough to influence a borrower in making a borrowing
decision
"Material
change" means a change that would be important to a reasonable borrower in
making a borrowing decision, and includes a change in the interest rate
previously offered a borrower, a change in the type of loan offered to a
borrower, or a change in fees to be charged to a borrower resulting in total
fees greater than $100.
Which
of the following is the BEST DEFINITION of "Exempt use of property"?
property
exempt from the government use; cannot be included as easement
predominant
use of property for environmental studies, exempt from taxation
exclusive use of property
owned by an exempt entity for educational, religious, or charitable purposes.
primary
use of property by state agency for headquarters and offices
"Exempt
use of property" or "use of property for exempt purposes" means
predominant or exclusive use of property owned by an exempt entity for
educational, literary, scientific, religious, charitable, or governmental
purposes, as defined in this chapter.
Which
of the following statements is FALSE per the definition of "Material
benefit" when referencing the current mortgage rates or terms?
A
reduction in principal amount of the loan by 10% or more
Permanent
reduction in the annual interest rate of at least 1% on an annual basis
Reduction of taxes to be
levied on the property by 25%
Conversion
of an adjustable interest rate loan to a fixed rate loan and the annual
interest rate is equal to or less than the current adjustable interest rate
"Material
Benefit" as used in Section 494.00296, F.S., is a beneficial change in the
current mortgage rates or terms where one or more of the following occurred:
(1) Reduction in Principal Amount of the loan by 10% or more; (2) Permanent
reduction in the annual interest rate of at least 1% on an annual basis; or (3)
Conversion of an Adjustable Interest Rate loan to a Fixed Rate loan and the
annual interest rate is equal to or less than the current adjustable interest
rate.
In
general, an "Indirect owner" what percentage does the indirect owner
have control (e.g. voting security, partnership's capital, etc)?
55%
5%
25%
15%
"Indirect
owner" means, with respect to direct owners and other indirect owners in a
multilayered organization: (a)?For an owner that is a corporation, each of its
shareholders that beneficially owns, has the right to vote, or has the power to
sell or direct the sale of, 25 percent or more of voting security of the
corporation. (b)?For an owner that is a partnership, each general partner and
each limited or special partner that has the right to receive upon dissolution,
or has contributed, 25 percent or more of the partnership's capital. (c)?For an
owner that is a trust, the trust and each trustee. (d)?For an owner that is a
limited liability company: 1.?Each member that has the right to receive upon
dissolution, or that has contributed, 25 percent or more of the limited
liability company's capital; and 2.?If managed by elected managers or appointed
managers, each elected or appointed manager. (e)?For an indirect owner, each
parent owner of 25 percent or more of its subsidiary.
Which
of the following is NOT included in the definition of "Rule"?
Memoranda issued by the
Executive Office of the Governor relating to information resources management
Agency
statement interpreting policy and its requirements
Statement
of agency practice that further explains a required statute requirement
An
amendment to an existing rule
"Rule"
means each agency statement of general applicability that implements,
interprets, or prescribes law or policy or describes the procedure or practice
requirements of an agency and includes any form which imposes any requirement
or solicits any information not specifically required by statute or by an
existing rule. The term also includes the amendment or repeal of a rule. The
term does not include: (a)?Internal management memoranda which do not affect
either the private interests of any person or any plan or procedure important
to the public and which have no application outside the agency issuing the
memorandum. (b)?Legal memoranda or opinions issued to an agency by the Attorney
General or agency legal opinions prior to their use in connection with an
agency action. (c)?The preparation or modification of: 1.?Agency budgets.
2.?Statements, memoranda, or instructions to state agencies issued by the Chief
Financial Officer or Comptroller as chief fiscal officer of the state .
Indicate
which statement is NOT a reason for denying licensure to an applicant.
Insufficient credit history
information
Poor
financial responsibility and character
Committed
previous violation involving breach of trust
...However,
it is a ground for denial of licensure if the applicant: (a)?Has committed any
violation specified in this chapter, or is the subject of a pending felony
criminal prosecution or a prosecution or an administrative enforcement action,
in any jurisdiction, which involves fraud, dishonesty, breach of trust, money
laundering, or any other act of moral turpitude. (b)?Has failed to demonstrate
the character, general fitness, and financial responsibility necessary to
command the confidence of the community and warrant a determination that the applicant
will operate honestly, fairly, and efficiently... 3.?The office may not use a
credit score or the absence or insufficiency of credit history information to
determine character, general fitness, or financial responsibility.
How
many hours of pre-license class must be completed by an applicant for a loan
originator license?
12
20
16
18
Each
individual desiring to obtain licensure as a loan originator shall apply to the
Office of Financial Regulation by submitting the following:(e) Confirmation
from the Registry that the applicant has satisfied the requirement to complete
a 20-hour pre-license class approved by the Registry;
What is
the timeframe allowed in which an applicant may change information on a pending
application form?
2
weeks
15 days.
7
days
1
month
If the
information contained in the NMLS Individual Form (Form MU4) or any amendment
thereto becomes inaccurate for any reason the applicant shall file an amendment
through the Registry correcting such information within 15 days of the change.
How
shall notice be given to each applicant regarding the decision for his/her
application for license?
email
message
written notice.
personal
phone call
list
of approved licensees is on Florida Office of Financial Regulation website
Each
applicant shall be given written notice, personally or by mail, that the agency
intends to grant or deny, or has granted or denied, the application for
license.
What
happens if a license was issued by mistake?
The
application fee is returned to the applicant and license is annulled.
The
license holder may not re-apply for a period of six months.
The license is annulled.
The
license is valid for 30 days only.
A loan
originator license shall be annulled pursuant to s. 120.60 if it was issued by
the office by mistake.
What is
the minimum net worth a mortgage lender must maintain?
There
are no minimum requirements..
$500,000
$100,0000
$250,000
A
mortgage lender may close loans in its own name but may not service the loan
for more than 6 months unless the lender has a servicing endorsement. Only a
mortgage lender who continuously maintains a net worth of at least $250,000 may
obtain a servicing endorsement.
What is
the type of fee acceptable for a mortgage broker to receive from a borrower?
a
finders fee of 1% of the first year's insurance policy coverage for
recommending an insurance broker
service
fee for coordination of documents with title company
nonrefundable application fee
or fee based on the mortgage amount being funded
no
fee is acceptable as compensation
At the
time of accepting a mortgage loan application, a mortgage broker may receive
from the borrower a nonrefundable application fee. If the mortgage loan is
funded, the nonrefundable application fee shall be credited against the amount
owed as a result of the loan being funded. A person may not receive any form of
compensation for acting as a loan originator other than a nonrefundable
application fee or a fee based on the mortgage amount being funded.
What is
the timeframe a property owner must begin repairs / rebuilding of homestead
property that has been devastated damaged before the property is considered
abandoned?
2
years after January 1 from the property's damage
18
months after January 1 from the property's damage
3 years after January 1 from
the property's damage
1
year after the property's damage
Failure
by the property owner to commence the repair or rebuilding of the homestead
property within 3 years after January 1 following the property's damage or
destruction constitutes abandonment of the property as a homestead.
Which
of the following is NOT considered a prohibited action for a loan originator
regarding loan modification services?
Charge
or attempt to collect or secure payment for loan modification services before
completing all loan modification services
Be employed by only one
mortgage lender or mortgage broker
Execute
a loan modification without the consent of the borrower
Initiate
loan modification services without the borrower agreeing to the loan
modification services
PROHIBITED
ACTS. When offering or providing loan modification services, a loan originator,
mortgage broker, or mortgage lender may not: (a)?Engage in or initiate loan
modification services without first executing a written agreement for loan
modification services with the borrower; (b)?Execute a loan modification
without the consent of the borrower after the borrower is made aware of each
modified term; or (c)?Solicit, charge, receive, or attempt to collect or secure
payment, directly or indirectly, for loan modification services before
completing or performing all services included in the agreement for loan
modification services. A fee may be charged only if the loan modification
results in a material benefit to the borrower. The commission may adopt rules
to provide guidance on what constitutes a material benefit to the borrower.
How
long must samples of advertisements be kept for recordkeeping?
2 years.
Indefinitely
5
years
1
year
Each
person required to be licensed under this chapter must maintain a record of
samples of each of its advertisements, including commercial scripts of each
radio or television broadcast, for examination by the office for 2 years after
the date of publication or broadcast.
What is
the type of fee acceptable for a mortgage broker to receive from a borrower?
no
fee is acceptable as compensation
a
finders fee of 1% of the first year's insurance policy coverage for
recommending an insurance broker
service
fee for coordination of documents with title company
nonrefundable application fee
or fee based on the mortgage amount being funded
At the
time of accepting a mortgage loan application, a mortgage broker may receive
from the borrower a nonrefundable application fee. If the mortgage loan is
funded, the nonrefundable application fee shall be credited against the amount
owed as a result of the loan being funded. A person may not receive any form of
compensation for acting as a loan originator other than a nonrefundable
application fee or a fee based on the mortgage amount being funded.
How
many years must books, accounts and records be maintained?
5
years
3 years.
1
year
6
months
All
books, accounts, records, documents, and receipts for expenses paid by the
licensee on behalf of the borrower, including each closing statement signed by
a borrower, shall be preserved and kept available for examination by the office
for at least 3 years after the date of original entry.
Which
of the following is NOT considered a prohibited action for a loan originator
regarding loan modification services?
Charge
or attempt to collect or secure payment for loan modification services before
completing all loan modification services
Execute
a loan modification without the consent of the borrower
Be employed by only one
mortgage lender or mortgage broker
Initiate
loan modification services without the borrower agreeing to the loan
modification services
PROHIBITED
ACTS. When offering or providing loan modification services, a loan originator,
mortgage broker, or mortgage lender may not: (a)?Engage in or initiate loan
modification services without first executing a written agreement for loan
modification services with the borrower; (b)?Execute a loan modification
without the consent of the borrower after the borrower is made aware of each
modified term; or (c)?Solicit, charge, receive, or attempt to collect or secure
payment, directly or indirectly, for loan modification services before
completing or performing all services included in the agreement for loan
modification services. A fee may be charged only if the loan modification
results in a material benefit to the borrower. The commission may adopt rules
to provide guidance on what constitutes a material benefit to the borrower.
Who is
to sign the Anti-Coercion form?
The
Commissioner and the borrower
The
borrower first and two other witnesses in attendance at closing
The borrower
The
lender and the borrower
Such
notice shall be given to said borrower in the form prescribed by the Director
in Rule 69O-124.013, F.A.C., in writing, with a copy of said notice to be
signed by the borrower and retained by the lender.
If a
corporation owns property to be considered for the homestead exemption, how
many years must it lease the land to be operating as a cooperative?
50
years
75
years
98 years.
125
years
A
corporation leasing land for a term of 98 years or more for the purpose of
maintaining and operating a cooperative thereon shall be deemed the owner for
purposes of this exemption.
What
action may the office take if it has reason to believe a violation is, has or
is about to occur?
provide
evidence of the violation or its possible occurance to the appropriate legal
entities
contact
the Registry and the Attorney General to begin an investigation
assemble
a committee to discuss the concerns with the licensee so that he/she has an
opportunity to respond prior to punitive actions
issue
and serve an order to cease and desist to the person believed to be in
violation
The
office may issue and serve upon any person an order to cease and desist and to
take corrective action if it has reason to believe the person is violating, has
violated, or is about to violate any provision of this chapter, any rule or
order issued under this chapter, or any written agreement between the person
and the office.
What
recourse does an individual have should he / she believes a violation has
occurred under this regulation?
May
phone the Attorney General's office over the recorded phone line and provide
details and concerns
May
write or email the Registry so the Registry can review with the Office
appropriately
May file a written complaint
with the Office.
May
contact the Commissioner to issue a cease and desist order
Any
person having reason to believe that a provision of this act has been violated
may file a written complaint with the office setting forth details of the
alleged violation.
Score: 100%
Question 3
What is
the charge against a person who unlawfully obtains money and property in excess
of $50,000 affecting five or more victims?
A
misdemeanor of the third degree
A
misdemeanor of the first degree
A
life felony
A felony in the first degree
Any
person who violates any provision of this chapter, in which the total value of
money and property unlawfully obtained exceeds $50,000 and there are five or
more victims, commits a felony of the first degree, punishable as provided in
s. 775.082, s. 775.083, or s. 775.084.
Which
of the following is NOT an action the Office may impose for disciplinary
action?
Impose
a fine
Issue
a reprimand
Deny
a license
Notifies the principal loan
originator to have wages withheld
If the
office finds a person in violation of any act specified in this section, it may
enter an order imposing one or more of the following penalties: (a)?Issuance of
a reprimand. (b)?Suspension of a license, subject to reinstatement upon
satisfying all reasonable conditions imposed by the office. (c)?Revocation of a
license. (d)?Denial of a license. (e)?Imposition of a fine in an amount up to
$25,000 for each count or separate offense. (f)?An administrative fine of up to
$1,000 per day, but not to exceed $25,000 cumulatively...
Which
of the following is NOT an action the Office may take in an effort to reduce
the burden on licensees being examined?
Limit the period of time for
the examination so that it is conducted quickly.
Furnish
a copy of all examinations to an appropriate regulator
Accept
an examination from an appropriate regulator
Conduct
a joint or concurrent examination with another regulatory agency
To reduce the burden on
persons subject to this chapter, the office may conduct a joint or concurrent
examination with a state or federal regulatory agency and may furnish a copy of
all examinations to an appropriate regulator if the regulator agrees to abide
by the confidentiality provisions in chapter 119 and this chapter. The office
may also accept an examination from an appropriate regulator.
Upon
discovery of violation, the AZDFI will notify the violator of the allegations
via:
A written notice that
explains the alleged acts and contains a time and place for a hearing
A
telephone call
A
copy of their license with "revoked" stamped on it
A
face to face interview
When it
has been discovered that a person participating in the conduct of the financial
institution or enterprise has been in engaged in any questionable acts, the
violator and the financial institution where they are employed will receive a
written notice from the Superintendent that contains a statement of the alleged
facts and a time and place at which a hearing shall be held.
How
quickly must the civil penalty assessed against a person for violation of title
be paid?
By
the fifteenth of the month following the service of the notice of the
assessment on the person.
Within
10 days after the service of the notice of the assessment on the person.
Within thirty days after the
service of the notice of assessment on the person.
By
the 1st of the following month after the notice of the assessment on the
person.
If the
assessment is not paid in full within thirty days after the service of the
notice of the assessment on the person, the attorney general, on request of the
superintendent, shall bring an action in the superior court in the county in
which a violation of this section is alleged to have occurred in the same
manner as the filing of other actions.
Relative
to license maintenance, mortgage brokers, mortgage bankers, and mortgage loan
originators must meet specific DFI requirements; which of the following acts is
not a DFI requirement?
Employing
brokers or bankers keep and maintain the MLO's license at the principal place
of business during the MLO's term of employment.
NMLS
Registered MLO's may be granted a temporary license for up to 180 days.
Mortgage
loan originators must notify the superintendent of a change in residence.
Within
thirty days of a mortgage loan originator, employers must notify the
superintendent of the licensee's termination and return the license to the
superintendent..
For
answer B to meet specific DFI requirements, the employing broker or banker must
notify the superintendent of the mortgage loan originators' termination within
five days of the licensee's termination. (A.R.S. § 6-991.04).
Mortgage
brokers are required to observe generally accepted accounting principles and
practices; which of the following acts is not a generally accepted accounting
principle?
Immediate
deposit of all monies received into an escrow account with a licensed escrow
agent.
Monetary
withdrawals from the escrow account can only be disbursed according to the
terms of the escrow instructions.
The mortgage broker may serve
as the escrow agent and disburse funds at closing.
The
Mortgage Broker may accept an appraisal fee, a credit investigation fee, and an
application fee which may not be commingled with other broker monies.
(§
6-906. Accepted Accounting Practices) C. A mortgage broker shall immediately
deposit all monies received by the mortgage broker in an escrow account with an
escrow agent licensed pursuant to chapter 7 of this title. Withdrawals shall
only be disbursed according to the terms of the escrow instructions. The escrow
agent shall not be the mortgage broker. A mortgage broker, however, may accept
an appraisal fee, which the mortgage broker shall only use to obtain an
appraisal, a credit investigation fee and a fee in connection with an application
for a mortgage loan. The mortgage broker shall not commingle the appraisal fee
or credit investigation fee with other monies of the mortgage broker."
What
happens to a cease and desist order if the individual involved resigns from his
position or has his employment terminated?
The
order is null and void.
The order proceeds as if the
person is still employed by the financial institution or enterprise.
The
order is put in pending status for six months and then, if the person does not
gain employment during that time, the order is considered null and void.
The
order is put on hold until the person is employed by another financial
institution or enterprise.
If the
individual involved resigns or has his or her employment terminated, it does
not affect the jurisdiction and authority of the superintendent to issue a
notice and proceed against that person.
