PXL Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about PXL? On this page you'll find 27 study documents about PXL.
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Prepxl Practice Test 1 exam 2023 with 100% correct answers
- Exam (elaborations) • 30 pages • 2023
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Homes for All considers itself a nonprofit organization. In order for its employees to be exempt from the licensing requirements of the S.A.F.E. Act, each of the following must be true about Homes, except: 
 
A) It has tax-exempt status under the Internal Revenue Code 
B) Its employee compensation package does not encourage an employee to act in his or her own interests over that of his or her clients 
C) It promotes affordable housing 
D) It may engage in both nonprofit and for-profit activitie...
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Prepxl Practice Test 1 Questions and answers 2023
- Other • 40 pages • 2023
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Prepxl Practice Test 1 Questions and answers 2023
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PrepXL Exam Review Questions & Answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 71 pages • 2024
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PrepXL Exam Review Questions & 
Answers, rated A+ 
ECOA applies to the extension of credit for: 
A. Loans secured by a first or subordinate lien on residential property 
B. Residential, business, commercial, and agricultural loans 
C. Business, commercial, and agricultural loans 
D. All credit other than government loans - -B. Residential, business, commercial, and agricultural 
loans 
A state-licensed loan originator is: 
A. Licensed by the NMLS 
B. An employee of a non-depository institution...
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Prepxl Practice Test 3: Exam Review Questions and answers/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 24 pages • 2024
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Prepxl Practice Test 3: Exam Review 
Questions and answers/ 
In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They 
would like to hold onto as much of their savings as they can, but they have chosen to make a down 
payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they 
can make to reach the conforming loan limit but still retain savings? 
- $47,900 
- $35,900 
- $95,800 
- $54,900 - -$35,900. 
The down p...
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Prepxl practice test 2: Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 28 pages • 2024
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Prepxl practice test 2: Questions and 
answers, rated A+ 
Under RESPA, the servicer may require a borrower to pay into an escrow account to cover 
disbursements that are unanticipated or disbursements made before the borrower's monthly payments 
are available in the account, a cushion or reserve that must be no greater than _____ of the estimated 
total annual disbursements from the escrow account. 
- One half 
- One third 
- One sixth 
- One twelfth - -One sixth. 
Under RESPA, a lender ma...
And that's how you make extra money
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Prepxl Practice Test 6: Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 22 pages • 2024
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Prepxl Practice Test 6: Questions and 
answers, rated A+ 
Cindy bought a home and closed on a 6.0% rate for 30 years. The loan includes a payment feature that 
allows Cindy to make a $1,400/month payment for the first five years, and a $1,800/month payment for 
the remainder of the loan. What type of loan is this? 
- Variable 
- ARM 
- Option ARM 
- Fixed rate - -Fixed rate. 
This loan is a fixed-rate loan (at 6% for 30 years). The payment example shows an interest-only feature 
for the fir...
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PrepxL Exam Review Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 18 pages • 2024
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PrepxL Exam Review Questions and 
answers, rated A+ 
Which of the following statements about the Loan Estimate is NOT true? 
a. The lender is solely responsible for providing the Loan Estimate to the prospective borrower 
b. The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing loan 
c. The Loan Estimate is not a loan guarantee 
d. The Loan Estimate must be provided to the applicant no more than three business days after 
submission of the application - -...
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Prepxl Practice Test 8: Exam Review Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 23 pages • 2024
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Prepxl Practice Test 8: Exam Review 
Questions and answers, rated A+ 
ACME Home Loans is a private lender with a strict policy of limiting originations to conventional 
qualified mortgages with minimum loan amounts of $300,000. To ensure compliance with this policy, 
loan originators are instructed to refuse to accept applications from consumers who want loan amounts 
of less than $300,000, or who have debt-to-income ratios of 44% or more. This policy is: 
- Not a violation of any federal fa...
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Prepxl Practice test 4, Questions and answers/ VERIFIED/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 17 pages • 2024
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Prepxl Practice test 4, Questions and 
answers/ VERIFIED/ 
If a borrower is required to pay alimony or child support, it must be included as a(n): 
- Asset 
- Liability 
- Qualifier 
- Mitigating circumstance - -Liability. 
Alimony and child support must be included in a borrower's liabilities if they are required to pay. 
A lender who refuses to originate loans in a particular neighborhood or ZIP code because of the 
perceived creditworthiness of consumers living in the area is in violation...
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PREPXL- General Mortgage knowledge: Questions and answers, rated A+| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 21 pages • 2024
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PREPXL- General Mortgage knowledge: 
Questions and answers, rated A+ 
According to the Truth-in-Lending Act, a variation up to what amount is permitted for the annual 
percentage rate in a regular fixed-rate mortgage transaction as quoted in the Loan Estimate? 
1% 
.5% 
.125% 
.25% - -.125% 
The term "subordination" refers to: 
The process of releasing a lien 
The process of recording a lien 
The process of one lienholder accepting inferior lien priority in favor of another 
The process of r...
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