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Notary Signing Agent Exam Questions With Correct Answers
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Notary Signing Agent Exam Questions WithCorrect Answers
1003 - Uniform Residential Loan Application - A standardized form completed by
borrower when applying for a mortgage loan. A borrower lists all of the assets and
liabilities on the form. The form also has a section on income listing two years of
employment history and monthly household income.
ACKNOWLEDGEMENT - Notarized statement before a public official that one has signed
a document. Prior to recording real estate documents, such as grant deeds and deeds
of trust, a Notary Public acknowledges the persons signature on the document. Most
documents that require notarization contain the acknowledgement on the document.
Sometimes the notary will have to attach a separate acknowledgment to a document.
ALLONGE -
APR - Answer Annual Percentage Rate: refers to the rate of interest for a whole year,
that is annualized, instead of a mere monthly fee/ rate, as charged on a loan, mortgage
loan, credit card, etc. It is a finance charge expressed in annual rate. APR has been
termed as the "mathematically-true" interest rate for each year
ARM: Adjustable Rate Mortgage - Answer A mortgage where the interest rate is not fixed
for the life of the loan. These mortgages adjust periodically based on an index that
changes with the market conditions.
Amortization - Answer the reduction of a loan balance through payments made over a
period of time. reduce or pay off (a debt) with regular payments.
Borrower (Mortgagor) - Answer One who applies for and receives a loan in the form of a
mortgage with the intention of repaying the loan in full.
, CERTIFICATE OF ACKNOWLEDGMENT - Answer Ensures that the signer of the
document is indeed the person named in the document.
JURAT - Answer An attached written statement of the notary public that the Oath or
Affirmation was taken before the notary public. Must have specific details i) State and
County where executed. ii) Date iii) Signing party/parties. iv) Printed name of, and
signature by the notary public v) Seal/stamp of the notary public. vi) The expiration date
of the notary public commission.
OATH - A promise that the affiant is testifying to a correct and truthful statement to the
best of their knowledge. i) Ask the affiant to confirm that the statement made is true.
(Accuracy) ii) Ask the affiant to confirm who they claim to be. (Identity) iii) Ask affiant to
attest in writing that they did not deceive (Truth)
AFFIDAVIT - Answer An oral or written declaration made by a person who has an
objection to taking Oaths, certifying under the penalty of perjury the declarations are
true. CONTENTS i) They must contain the State and County where the document is
executed. ii) The date of execution iii) The names of the signing party(s). iv) The printed
name of the notary public and his/her signature v) The notary public's seal - stamp vi)
Notary public commission expiration date.
Oath - Common "Do you solemnly swear that any statements made by you in the signing
of this document are TRUE to the best of your knowledge and belief so help me God?"
Common Affirmation - Answer "Do you solemnly, sincerely and truly declare and affirm
that the statements in this document are true and accurate to the best of your
knowledge and belief, and this you do under the penalties of perjury?"
Notarized document - Answer There are several things that have to be present on the
document to be considered notarized. i) The signer's name should be typed, printed or
stamped beneath the signature line. ii) The signature to be affixed should correspond to
the signer's name on the documents iii) Any witness(es) name(s) are to be printed under
their signature line iv) And even the notary's printed name has to be affixed below their
signature line.
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