Download Exam CMHS JAN 2017 - National Mortgage Professional

EXAM - CERTIFIED MILITARY HOME SPECIALIST COURSE
50 questions, 76% to pass
TRUE OR FALSE and MULTIPLE CHOICE
1. The original Soldiers and Sailors Civil Relief Act of 1940 was updated and
and strengthened and became the Servicemembers Civil Relief Act in
2003.
A. True
B. False
2. The Servicemembers Civil Relief Act (50 USC App. 501) is federal law.
Among other things, it requires verification of whether an individual is on
active military service before proceeding with court judgments,
collections action, repossession, and foreclosure.
A. True
B. False
3. Does the Coast Guard fall under the Department of Defense or the
Department of Homeland Security?
A. Department of Defense
B. Department of Homeland Security
4. Military Legal Assistance Office Locator is where you find the nearest
Armed Forces Legal Assistance Office.
A. True
B. False
5. Knowing the exact termination date from active duty military service is
important, since SCRA provides protection only to persons who are still on
active duty status.
A. True
B. False
6. To receive protection under some parts of the SCRA, the Servicemember
must be prepared to show that military service has had a “material
effect” on the legal or financial matter involved.
A. True
B. False
7. When invoking the SCRA’s “Six Percent Rule,” a servicemember continues
to make payments at the new interest rate, and creditor cannot report
adverse credit to credit reporting agencies.
A. True
B. False
8. An important new part of SCRA protection clarifies that military income
taxes can’t be paid to more than one state, and this applies to spouses as
well.
A. True
B. False
9. Title 32 Orders refer to a Federal mission.
A. True
B. False
10. PTSD and TBI are “unseen” injuries.
A. True
B. False
11. Combat-Related Special Compensation (CRSC) allows certain military
retirees to receive both their VA Disability Compensation and their
military retirement pay.
A. True
B. False
12. Cost of Living Allowance (COLA) will probably change with a PCS.
A. True
B. False
13. Per the DEC 2012 VA Disability Compensation Rates for veterans, a rating
of 50% or more is required in order to receive extra benefits like
Vocational Rehab.
A. True
B. False
14. On the LES, you will find a “compensating factor,” Thrift Savings Plan, in
Field 9.
A. True
B. False
15. YTD earnings can be found in Field 1 of the LES.
A. True
B. False
16. Pay & Allowance Continuation (PAC) authorizes the continuation of all
pay and allowances (including any bonuses, incentive pay or similar
benefit) that were being paid to the member at the time the member
incurred a wound, injury or illness in the line of duty.
A. True
B. False
17. Enlistment and Re-enlistment bonuses are lump sums on the LES.
A. True
B. False
18. CIP, TDRL/PDRL and SGLI/TSGLI all provide an “extra cushion of pay” in
the event of an injury to a Servicemember.
A. True
B. False
19. No types of military pay are exempt from taxes.
A. True
B. False
20. Members of the TDRL and PDRL are retired members of the armed
forces.
A. True
B. False
21. To accurately figure a Service member’s income, you will need to use
Fields 9, 11 and 29.
A. True
B. False
22. USERRA prohibits wage discrimination against members of the Armed
Forces.
A. True
B. False
23. In many situations, the SCRA protections are not automatic, but require
some action to invoke the Act:
A. Servicemember should send written request to lender/creditor along
with copy of mobilization orders
B. Servicemember must designate a Power of Attorney to handle these
matters while they are deployed
C. SCRA matters don’t require action until return from deployment
24. What is the best course of action if a Servicemember believes their SCRA
protections have been violated?
A. Request SM’s last three Leave & Earning Statements for clarification
B. SM should submit letter of concern & copy of deployment orders to
creditor & await their decision
C. SM should contact their nearest legal assistance office for advice
25. SCRA protections may apply to:
A. Termination of leases and eviction
B. Foreclosure and default judgment protection
C. Both of the above
26. There are three categories of Rank (the Navy uses Rate):
A. Warrant Officer, Commissioned Officer, Enlisted personnel
B. Line Officer, Warrant Officer, Enlisted personnel
C. Commissioned officer, General officer, Enlisted personnel
27. The LES is:
A. For tax purposes: Leave Estimate Statement
B. The military pay statement: Leave and Earning Statement
C. For a refinance: Loan Estimated Savings
28. Fields 1 through 9 on the LES denote:
A. Special pay
B. Tax information
C. Identification
29. Most PTSD and TBIs are caused by:
A. ADAs
B. IEDs
C. C2Os
30. Who has responsibility for watching over America’s Servicemember’s
payroll matters?
A. LES, Leave & Earnings Service
B. DFAS, Defense Finance & Accounting Service
C. PAC, Payroll & Accounting Center
31. Estimated Time of Separation/Expiration Term of Service (ETS) refers to
the date of discharge from military service. This is important to note because:
A. Date of computation of final benefits
B. Date used to establish final LES
C. Date when regular military pay will end
32. The LES is divided into three major areas:
A. Entitlements, Leave and Benefits
B. Entitlements, Allotments and Deductions
C. Entitlements, Deductions and Insurance
33. For Servicemembers who receive tax-exempt VA disability pay, what
extra step should you do to figure their maximum loan amount?
A. Nothing more is necessary
B. Remember to figure their VA disability percentage
C. “Gross up” that tax-exempt portion of pay
34. Who provides accurate, real-time financial support to service members
who are medically evacuated as a result of wounds, disease or injury incurred
while serving in a combat zone?
A. Med-Evac Pay Support Team
B. Wounded Warrior Pay Support Team
C. Defense Finance and Accounting Service
35. Which factors do not affect military pay and entitlements?
A. Longevity, special pays, annual pay raise, promotions
B. BAS, COLA, BAH
C. They all affect military pay and entitlements
36. When is a DD214 issued to Servicemembers?
A. Upon deployment
B. Upon enlistment into military service
C. Upon separation from military service
37. What should you do if you still need clarification on your
Servicemember’s pay issues?
A. Call DFAS 411 or go to www.mil.dfas
B. Call DFAS 411 or go to www.dfas.mil
C. Contact the SM’s Commander
38. Military pay offers a plan with tax and savings benefits similar to
corporate 401K plans. It is:
A. Military 401K
B. Military Corporate Pay Plan
C. Thrift Savings Plan, TSP
39. Sergeant Spangler will ETS in three months. Will his pay change?
A. Yes
B. No
C. It depends on his next duty station.
40. In what field of the LES will you find the YTD entitlements?
A. Field 77
B. Field 78
C. Field 58
41. During times of war, the Merchant Marine is classified as part of the
uniformed services and members obtain veteran status.
A. True
B. False
42. You must have suitable credit, sufficient income, and a valid Certificate of
Eligibility (COE) to be eligible for a VA-guaranteed home loan.
A. True
B. False
43. To obtain a COE, you must have been discharged under conditions other
than dishonorable and meet the service requirements as defined at
http://www.benefits.va.gov/HOMELOANS
A. True
B. False
C. As long as you meet the service requirements, discharge condition
doesn’t matter.
44. If you do not meet the minimum service requirements, you may still be
eligible if you were discharged due to:
A. Hardship, certain medical conditions or a service-connected disability
B. The convenience of the government or reduction-in-force
C. Both of the above
45. The spouse of a Veteran can also apply for home loan eligibility under
certain conditions.
A. True
B. False
46. The VA Funding Fee can add substantial cost to a VA purchase mortgage
UNLESS the veteran has a service-related disability, in which case the fee can be
waived in its entirety.
A. True
B. False
47. The guarantee VA provides to lenders allows them to provide you with
more favorable terms, including:
A. No down payment as long as the sales price doesn't exceed the appraised
value, and no private mortgage insurance premium requirement.
B. VA rules limit the amount you can be charged for closing costs, and they
may be paid by the seller.
C. Both of the above
48. Regarding mortgage modifications and scams: The Mortgage Assistance
Relief Services (MARS) Rule makes it illegal for companies to collect any fees
until a homeowner has actually received an offer of relief from his or her lender
and accepted it. That means that the company cannot collect any money until
both those things have happened.
A. True
B. False
49. Servicemembers can minimize their credit risk by filing an “active duty
alert” or “security freeze” on their credit before they deploy. This ensures that
businesses have to verify their identity before they issue credit in the SM’s
name, which should help them avoid identity theft.
A. True
B. False
50. The Savings Deposit Program, SDP, is available to those serving in
designated combat zones and all overseas bases.
A. True
B. False