Washington Designated Broker Test Prep

By the end of this course, learners will be able to:

• Outline the registration process and content of the Washington Designated Broker Test.
• Explain RESPA's purpose, including its prohibitions against kickbacks and referral fees.
• Identify the disclosure requirements and timing rules under the Truth in Lending Act.
• Distinguish between a credit inquiry and a formal application under Regulation B.
• Summarize the Customer Identification Program (CIP) requirements under the USA PATRIOT Act.
• Define "nonpublic personal information" and the disclosure requirements of the Gramm-Leach-Bliley Act.
• Recognize the CCPA as the foundation for key consumer credit protection laws.
• Identify the protected classes and prohibited actions under the Fair Housing Act.
• State the primary purpose of the Home Mortgage Disclosure Act (HMDA).
• List the three triggers that define a high-cost mortgage under HOEPA.
• Recall the permissible purposes for obtaining a consumer credit report.
• Differentiate between conventional, FHA, VA, and USDA loan program features.
• Describe the three approaches to value used in a real estate appraisal.
• Identify the documentation required to verify various types of borrower income.
• Interpret the components of a credit report and a representative credit score.
• Calculate the Annual Percentage Rate (APR) for a given loan scenario.
• Recognize common schemes and prohibitions related to appraisal fraud.
• Explain the prohibitions under Section 8 of RESPA against unearned fees.
• Identify prohibited practices for mortgage loan originators and brokers.
• Explain the Washington state requirements for handling borrower funds in a trust account.
• Describe the Director's authority to conduct investigations and enforce compliance.
• List the required elements of the Loan Estimate and Closing Disclosure.
• Recognize the supervisory responsibilities of the Designated Broker.
• Summarize the "true lender" provisions and key violations of the Washington Consumer Loan Act.
• State the maximum permissible interest rate under the Washington Usury Act.
• Define what constitutes an unfair or deceptive practice under the CPA.
• Recall the recordkeeping and significant event reporting requirements for escrow agents.