MRP Real Estate Practices & Compliance for Military Families 2

Question 1

Under the Servicemembers Civil Relief Act (SCRA), what is the maximum interest rate that can be charged on pre-service mortgage obligations while a servicemember is on active duty?

Accepted Answer

6%

Answer

The SCRA caps interest rates on pre-service obligations, including mortgages, at 6% per year during active duty.

Question 2

A military family has a VA loan with a remaining balance. They are PCS'd to a new duty station. Which option allows another qualified buyer to take over their existing VA loan?

Accepted Answer

Assumption

Answer

VA loans are assumable, meaning a qualified buyer can take over the existing loan terms with lender and VA approval.

Question 3

Which federal law requires lenders to provide military borrowers with a Loan Estimate within three business days of receiving a complete mortgage application?

Accepted Answer

TILA-RESPA Integrated Disclosure (TRID)

Answer

TRID, which merged TILA and RESPA disclosures, requires the Loan Estimate be delivered within three business days of application.

Question 4

When a servicemember must vacate a rental due to PCS orders, the SCRA requires how much notice to the landlord to terminate the lease?

Accepted Answer

30 days written notice

Answer

The SCRA requires at least 30 days written notice to terminate a lease for PCS or deployment orders.

Question 5

A VA-guaranteed loan requires which of the following from the veteran buyer?

Accepted Answer

A Certificate of Eligibility (COE)

Answer

The Certificate of Eligibility (COE) verifies to the lender that the veteran meets VA service requirements for the loan benefit.

(MRP) Military Relocation Professional Practice Test

(MRP) Military Relocation Professional Practice Test

MRP Real Estate Practices & Compliance for Military Families 2