NMLS 2023/2024 Key Exam Guide Questions and Integral Marking Scheme version
Which parties sign the deed?
A.) Grantor, grantee and two witnesses
B.) Grantor and two witnesses
C.) Grantee and two witnesses
D.) Grantee only - correct answer B.) Grantor and two witnesses
When the mortgagor ...
NMLS 2023/2024 Key Exam Guide Questions
and Integral Marking Scheme version
Which parties sign the deed?
A.) Grantor, grantee and two witnesses
B.) Grantor and two witnesses
C.) Grantee and two witnesses
D.) Grantee only - correct answer B.) Grantor and two
witnesses
When the mortgagor and the mortgagee title insurance policies
are issued at the same time, this is known as:
A.) Simultaneous issue
B.) Concurrent issue
C.) Subsequent issue
D.) Dual issue - correct answer A.) Simultaneous issue
A shrubbery hedge is one example of an:
A.) Encumbrance
B.) Easement
C.) Entitlement
D.) Acceptable title impediment - correct answer D.)
Acceptable title impediment
,A loan on personal property only known as:
A.) Package mortgage
B.) Chattel mortgage
C.) Furnishing mortgage
D.) Exotic mortgage - correct answer B.) Chattel mortgage
Investopedia
Chattel mortgage is a legal term used to describe a loan
arrangement in which an item of movable personal property is
used as security for the loan. The movable property, or chattel,
guarantees the loan in this type of mortgage. This differs from a
conventional mortgage in which the loan is secured by a lien on
real property.
Which of the following is NOT a characteristic of a Tenants in
Common form of ownership:
A.) Equal shares
B.) Buy at different times
C.) Right survivorship
D.) Ability to will share - correct answer C.) Right
survivorship
PITI payments do NOT include which of the following:
A.) Principle
,B.) Funding Fee
C.) Hazard Insurance
D.) Interest - correct answer B.) Funding Fee
Who does Fannie Mae hold responsible for the quality of an
appraisal?
A.) Appraiser
B.) Borrower
C.) Mortgage broker
D.) Lender - correct answer D.) Lender
Which law is known as Regulation B?
A.) Truth-in-Lending
B.) Real Estate Settlement Procedures Act
C.) Equal Credit Opportunity Act
D.) Patriot Act - correct answer C.) Equal Credit Opportunity
Act
Which law prohibits discrimination by lenders?
A.) Truth-in-Lending
B.) Real Estate Settlement Procedures Act
C.) Equal Credit Opportunity Act
A property sold for $200,000 and was appraised at $180,000.
The borrower received a loan for $150,000. What is the loan-to-
value?
A.) 75%
B.) 83.3%
C.) 90%
D.) 92.4$ - correct answer B.) 83.3%
How many days does a lender have to send an adverse action
notice?
A.) 5
B.) 10
C.) 30
D.) 60 - correct answer C.) 30
The GFE/Loan Estimate must be mailed or given to the borrower
within how many days after rceiving the signed application?
A.) 3 business days
B.) 7 business days
C.) 10 business days
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