Disciplinary Action
Law and Regulation
License Law
Compliance
All Inclusive
100
The max penalty for failing to notify the commissioner of involement of mortgage lending for real estate brokers.
What is $10,000
100
Another name for the California Residential Mortgage Lending Act.
What is Savings Association Law
100
Person who places mortgages with lenders.
What is a Mortgage Broker?
100
Another name for a Trust Account.
What is Escrow Account?
100
the Loudest person at Quicken.
What is Paul Conway
200
The FBI penalty for fraud.
What is 30 years in prison and/or $1million?
200
Section 51 of the Civil Code
What is Unruh Civil Rights Act?
200
NMLS processing fee for a Branch Office.
What is $20?
200
Business Cards, Stationary, Websites and Promotional Items
When is a license number required?
200
Identify the borrowers current financial status.
What is LO's main responsibility?
300
The number of days the Commissioner has to schedule a requested hearing.
What is 30 days?
300
Also known as the Health and Safety Code.
What is Housing Financial Discrimination Act?
300
Applicant has not met the surety bond requirement.
What are grounds for the Commissioner to deny a license?
300
Quick Loans
What is a fictitious name?
300
Fine for the intentional violation of section 10 of RESPA
What is $110 per violation
400
Maximum amount of time the Commissioner can suspend a license after providing a notice of hearing.
What is 12 Months/1 Year?
400
Law that establishes procedures state agencies use for rule making.
What is The Administrative Procedure Act?
400
The amount of time to file a new surety bond after recovery is made on the existing one.
What is 10 days?
400
The entities that oversee high cost loans.
What is the Department of Corporations or the court?
400
Max amount of commission an LO can make after loan is closed.
What is No Limit?
500
Total cost of a late license renewal.
What is $400
500
Define terms used in regulations specifically in reference to SAFE regulations.
What is California Code of Regulations?
500
If an applicant fails to respond to the Commissioners notice of deficiencies in the application within 90 days.
What is withdrawn?
500
Document that must be provided to the borrower from the mortgage broker upon application.
What is Loan Brokerage Agreement?
500
Credit the seller would give the buyer at closing towards the property taxes due but not payable at closing.
What is tax proration?
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