Kansas License Law
Under Kansas License Law, a licensee who includes false information in a loan application for a client is engaging in:
AA common advocacy practice for clients
BMortgage fraud — a federal crime that violates both federal law and Kansas license law✓ Correct
CA minor technical violation only
DOnly an ethical violation with no legal consequence
Explanation
Inserting false information into a loan application is mortgage fraud — a federal crime under 18 U.S.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
State-Specific Concepts
License Law
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