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Passing the NMLS Exam - Things To Remember

Affinity Real Estate & Mortgage Training・25 minutes read

Real estate agents have a pass rate of approximately 54%, often failing due to overconfidence and lack of preparation. Key laws and regulations like Ecore, Regulation B, HMDA, RESPA, TILA, and others are crucial to understand for the real estate test.

Insights

  • Understanding key regulations like Ecore, Equal Credit Opportunities Act, and Truth-in-Lending Act is crucial for real estate agents to pass the test successfully.
  • The comprehensive knowledge of various laws such as the Home Mortgage Disclosure Act, Real Estate Settlement Procedures Act, and Fair Credit Reporting Act is essential for real estate agents to navigate the complexities of the industry effectively.

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Recent questions

  • What is the pass rate for the real estate test?

    Around 54%

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Summary

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Real Estate Test: Laws and Regulations Summary

  • The pass rate for the real estate test is around 54% among real estate agents.
  • Many fail the test due to overconfidence and lack of attention during preparation.
  • There are over 4,000 possible questions, but only 125 are given in the test.
  • Questions are structured in various ways to test understanding and knowledge.
  • Understanding regulations like Ecore and Regulation B is crucial for the test.
  • The Equal Credit Opportunities Act and Regulation B are key laws to remember.
  • The Home Mortgage Disclosure Act (HMDA) allows regulators to detect discrimination.
  • HMDA information is found in section 10 of the 1003 loan application.
  • The Real Estate Settlement Procedures Act (RESPA) is known as Regulation X.
  • The Truth-in-Lending Act (TILA) is referred to as Regulation Z and deals with credit and advertising.
  • The Homeowners Protection Act (HIPAA) focuses on Private Mortgage Insurance (PMI) on conventional loans.
  • The SAFE Act stands for the Secure and Fair Enforcement Act.
  • The Housing and Economic Recovery Act (HERA) created the SAFE Act.
  • The Fair Credit Reporting Act (FCRA) is known as Regulation V and deals with credit reports and agencies.

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Credit Reporting Laws and Identity Protection Measures

  • The Fair Credit Reporting Act (FCRA) stands for Sakura and deals with identity theft.
  • The FCRA includes Section 114 rules, known as red flag identity theft rules.
  • The Gramm-Leach-Bliley Act (GLBA) requires three policies: safeguarding, pretexting, and financial privacy.
  • The safeguarding policy ensures companies keep credit card information safe.
  • The pretexting policy prevents others from gaining information under false pretenses.
  • The financial privacy policy governs the collection and sharing of non-public information.
  • The Home Ownership and Equity Protection Act (HOEPA) includes Section 32 for high-cost loans and Section 35 for high-priced loans.
  • The Affiliate Business Arrangement Disclosure under HOEPA requires disclosing ownership in a referred business if earning more than 1% from it.
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