B2B: Flood Primer | Compliance Alliance

Quiz Summary

0 of 10 Questions completed

Questions:

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 10 Questions answered correctly

Your time:

You have reached 0 of 0 point(s), (0)

Question 1 of 10

1. Question
1. Which governmental agency oversees the NFIP?
A. Department of Treasury
Correct Incorrect Correct answer

B. Federal Emergency Management Agency
Correct Incorrect Correct answer

C. Department of Defense
Correct Incorrect Correct answer

D. Environmental Protection Agency
Correct Incorrect Correct answer
Question 2 of 10

2. Question
1. In order to cancel force placed insurance, the lender must receive the following from the borrower as proof of insurance under the regulation:
A. Declarations page with existing flood insurance policy number and the identity of, and contact information for, the insurance company or agent.
Correct Incorrect Correct answer

B. Certificate and the identity of, and contact information for, the insurance company or agent.
Correct Incorrect Correct answer

C. Name of insurance agency and verbal confirmation of policy number.
Correct Incorrect Correct answer

D. Contact information of insurance company and certification of insurance.
Correct Incorrect Correct answer
Question 3 of 10

3. Question
1. What is considered a reasonable amount of time by the agencies to provide the required notice before closing?
A. 14 business days
Correct Incorrect Correct answer

B. 3 business days
Correct Incorrect Correct answer

C. 10 calendar days
Correct Incorrect Correct answer

D. 7 calendar days
Correct Incorrect Correct answer
Question 4 of 10

4. Question
1. All commercial loans are excluded from the flood insurance requirements.
A. True.
Correct Incorrect Correct answer

B. False
Correct Incorrect Correct answer
Question 5 of 10

5. Question
1. Which loan scenario below requires escrow and would not be exempt?
A. The loan is an extension of credit primarily for business, commercial, or agricultural purposes.
Correct Incorrect Correct answer

B. The loan is a home equity line of credit.
Correct Incorrect Correct answer

C. The loan is for a 30-year residential mortgage determined to be in a SFHA.
Correct Incorrect Correct answer

D. The loan has a term of not longer than 12 months.
Correct Incorrect Correct answer
Question 6 of 10

6. Question
1. What is the maximum civil penalty per violation?
A. $500.00
Correct Incorrect Correct answer

B. $10,000.00
Correct Incorrect Correct answer

C. $5,000.00
Correct Incorrect Correct answer

D. $2,000.00
Correct Incorrect Correct answer
Question 7 of 10

7. Question
1. The NFIP requires Congressional reauthorization.
A. True
Correct Incorrect Correct answer

B. False
Correct Incorrect Correct answer
Question 8 of 10

8. Question
1. Which of the following scenarios is NOT exempt from the mandatory flood insurance requirements:
A. Property owned by a state covered under a policy of self-insurance satisfactory to the Director of FEMA, who publishes and periodically revises the list of states falling within this exemption
Correct Incorrect Correct answer

B. A loan secured by a property with an original principal balance of $3,000 and repayment term of 6 months.
Correct Incorrect Correct answer

C. A loan secured by a property with an original principal balance of $10,000 and a repayment term of two years.
Correct Incorrect Correct answer

D. Any structure that is a part of any residential property but is detached from the primary residential structure of such property and does not serve as a residence.*
Correct Incorrect Correct answer
Question 9 of 10

9. Question
1. What is the current NFIP Manual maximum amount for a 1-to-4 family dwelling?
A. $50,000.00
Correct Incorrect Correct answer

B. $250,000.00
Correct Incorrect Correct answer

C. $1 million
Correct Incorrect Correct answer

D. $150,000.00
Correct Incorrect Correct answer
Question 10 of 10

10. Question
1. When there is a change in the servicer, how many days notice is the lender required to give to the borrower before the change in servicer takes effect?
A. 30 days
Correct Incorrect Correct answer

B. 90 days
Correct Incorrect Correct answer

C. 15 days
Correct Incorrect Correct answer

D. 60 days
Correct Incorrect Correct answer

Quiz for B2B: Flood Primer

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question

Our Story

Our Services

Tools

Laws & Regulations

Media Center