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NMLS MLO Exam with Complete Solutions | A+ Grade
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NMLS MLO Exam with Complete Solutions | A+ Grade
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NMLS MLO Exam with CompleteSolutions | A+ Grade
Tolerance amount (%) for an Appraisal Fee? - ✔✔0%
Are FHA loans Partially Guaranteed or 100% insured? - ✔✔100% insured
Mortgagee title insurance policy is not _____ - ✔✔Optional
Which parties sign the deed? - ✔✔Grantor and 2 witnesses
When the mortgagor and mortgagee title insurance policies are issued at the same time, this is known
as: - ✔✔Simultaneous issue
What minimum % of ownership in a related service requires a conflict of interest disclosure? - ✔✔10%
What law defines the right of rescission? - ✔✔Truth-in-Lending
How long after the application date must social security payments continue to be received in order to
count as income? - ✔✔3 years
,Which appraisal approach is most suitable for an office building? - ✔✔Income Capitalization Approach
Term Mortgage - ✔✔Short-term mortgage (usually less than 5 years) where the loan is not fully
amortized, instead the borrower makes interest only payments for the term of the loan. At the end
of the term, the entire principle is due in a lump sum payment aka balloon payment
Who is responsible for completing the HUD-1/Loan Disclosure? - ✔✔The closing agent
A mortgagor's title insurance policy is based on purchase price. True or False? - ✔✔True
What clause in a mortgage prevents the lender from recovering additional assets from the mortgagor
if there is a shortfall in the foreclosure proceeds? - ✔✔Exculpatory
The APR appears in the lock-in agreement. True or False? - ✔✔False
Fannie Mae allows what amount of fees to be charged to a credit card? - ✔✔1% of the loan amount
plus $500 for the appraisal and credit report
Alimony payments must continue to be received for how long after the application date if they are to be
included as income? - ✔✔3 years
Credit reports are good for how many days after they are pulled for qualifying purposes? - ✔✔120 days
, Fee simple absolute - ✔✔Denotes complete ownership, when the owner dies the real estate is passed
on to his/her heirs. Absolute means that the owner's rights of ownership are not limited by any
condition.
Tenants in common permits the property to pass to an heir. True or False? - ✔✔True
Principle of Substitution - ✔✔The economic concept which states that a knowledgeable buyer will
pay no more for one property than they would pay for an equally desirable comparable property.
Which act entitles an applicant to their property appraisal report? - ✔✔ECOA
Which act requires that the Special Information booklet be given to borrowers? - ✔✔RESPA
How often must mortgage companies submit a residential loan origination activity report to the
NMLSR? - ✔✔3 months
The first page of an advertiser's fax must include what? - ✔✔opt-out instructions
Individuals submit an annual Report of Foreign Bank and Financial Accounts to ___________. - ✔✔IRS
What happens if the acceptable variance between the GFE and the HUD-1 is exceeded? - ✔✔The
excess is refunded to the borrower within 30 days
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