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This Chapter Quiz includes 15 multiple-choice questions. You must answer 10 out of 15 questions correctly (70%) in order to pass.

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1. The system used to license and register people working in the mortgage industry in Georgia is called what?

2. No prepayment fees or penalties shall be provided for in the loan documents for a high-cost home loan or charged the borrower after the last day of the...?

3. The name of the Act that was enacted with the intent to protect the borrowers of subprime loans (loans with higher-than-market interest rates) from predatory lending practices is...?

4. Anyone transacting a mortgage business in or from the State of Georgia is prohibited from doing all of the following, except...?

5. The process through which a person seeks or obtains a residential mortgage loan is called the...?

6. Which of the following is NOT exempt from the licensing requirements of the GRMA?

7. Which one of the following acts is NOT prohibited under the GRMA?

8. A person transacting a mortgage business in or from the State of Georgia is specifically prohibited from all of the following, except...?

9. Which of the following is NOT true about a mortgage loan originator?

10. Prior to initiating foreclosure or other action to seize or transfer ownership of a home, a notice of the right to cure the default must be delivered to the borrower informing the borrower of all the following, except...?

11. A refinancing transaction shall be presumed to be a flipping if all of the following are true, except...?

12. Refinancing loans originated by, purchased by, or assigned to the following entity shall not be presumed to be a flipping transaction...?

13. Making a residential mortgage loan with the intent to foreclose on the borrower's property is prohibited under the GRMA. A presumption of the intent to foreclose exists if all the following circumstances can be demonstrated, except...?

14. For an exemption to exist under the licensing requirement of the GRMA based on an exclusive written independent contractor agreement with anyone that is a wholly owned subsidiary of a financial holding company , the subsidiary must do all of the following, except...?

15. Violation of the Georgia Residential Mortgage Fraud Act is a felony. If convicted, a defendant will be imprisoned for...?