Colorado License LawIntermediateColorado Exam
Colorado's 'Mortgage Loan Originator Licensing Act' requires mortgage brokers and loan officers to be licensed by:
AA. The Colorado Real Estate Commission
BB. The Colorado Division of Real Estate (DORA) under separate mortgage loan originator licensing requirementsCorrect
CC. The federal Consumer Financial Protection Bureau, which is broadly consistent with standard practice statewide
DD. The Colorado Bankers Association
Why B. The Colorado Division of Real Estate (DORA) under separate mortgage loan originator licensing requirements Is Correct
Answer B: B. The Colorado Division of Real Estate (DORA) under separate mortgage loan originator licensing requirements
Colorado mortgage loan originators (MLOs) must be licensed under the Colorado Mortgage Loan Originator Licensing Act, administered by the Colorado Division of Real Estate within DORA. This is separate from the real estate broker license.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Math Concepts
State-Specific Concepts
Broker Supervision
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