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NPMA CPPS Practice Test with Complete Solutions.docx
NPMA CPPS Practice Test with Complete S 
What is the document most organizations use that describes and conveys the process steps taken to produce a desired result? - Answer-Procedure 
 
Which of the following terms means "to possess and have use of property of another with delegated responsibilities"? - Answer-Accountability 
 
What element is crucial to the entire process of the property control system? - Answer- Records 
 
When does the Acquisition begin? - Answer-Needs have been defined 
 ...
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- • 4 pages •
NPMA CPPS Practice Test with Complete S 
What is the document most organizations use that describes and conveys the process steps taken to produce a desired result? - Answer-Procedure 
 
Which of the following terms means "to possess and have use of property of another with delegated responsibilities"? - Answer-Accountability 
 
What element is crucial to the entire process of the property control system? - Answer- Records 
 
When does the Acquisition begin? - Answer-Needs have been defined 
 ...
NPMA CPPS Certification Questions with Correct Answers (1).docx
NPMA CPPS Certification Questions with Correct Answers (1).docx 
Property Management - Answer-The exercise of a retaining or governing influence over the acquisition, use, and disposition of personal property 
 
Property Control Variety of Names - Answer-Property Accounting, Fixed Asset Accounting, Inventory Control, Material, Property Control, Asset Management. 
 
Property Management Office PMO - Answer-Department within an org that is responsible for controlling or managing property 
 
Propert...
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- • 8 pages •
NPMA CPPS Certification Questions with Correct Answers (1).docx 
Property Management - Answer-The exercise of a retaining or governing influence over the acquisition, use, and disposition of personal property 
 
Property Control Variety of Names - Answer-Property Accounting, Fixed Asset Accounting, Inventory Control, Material, Property Control, Asset Management. 
 
Property Management Office PMO - Answer-Department within an org that is responsible for controlling or managing property 
 
Propert...
NMLS Word Problems Test Questions and Answers.docx
NMLS Word Problems Test Questions and A 
A buyer offers $150,000 for a home. The property is appraised at $145,000. If he gets a conforming loan, he will need private mortgage insurance if the loan exceeds	. 
- Answer-$116,000 
 
If a mortgagor pays $794.62 monthly to the mortgagee to be applied first to 7% interest and the balance to the principal, about how much is applied to principal when the unpaid principal balance is $83,695.47? - Answer-$306 
 
The principal balance on Doug Fish's home ...
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- Exam (elaborations)
- • 10 pages •
NMLS Word Problems Test Questions and A 
A buyer offers $150,000 for a home. The property is appraised at $145,000. If he gets a conforming loan, he will need private mortgage insurance if the loan exceeds	. 
- Answer-$116,000 
 
If a mortgagor pays $794.62 monthly to the mortgagee to be applied first to 7% interest and the balance to the principal, about how much is applied to principal when the unpaid principal balance is $83,695.47? - Answer-$306 
 
The principal balance on Doug Fish's home ...
NMLS Test Questions and Answers All Correct.docx
NMLS Test Questions and Answers All C 
The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: 
Land to be used for agricultural purposes An apartment building with 30 units 
A dwelling secured by a mortgage, but not secured by a trust deed 
A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...
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- • 19 pages •
NMLS Test Questions and Answers All C 
The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: 
Land to be used for agricultural purposes An apartment building with 30 units 
A dwelling secured by a mortgage, but not secured by a trust deed 
A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...
NMLS Study Questions with All Correct Answers.docx
NMLS Study Questions with All Correct A 
 
 
State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. 
-In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination 
 
Regulatory power - Answer-- Requirement of state licensing and registration. 
-Investigatory authority. 
-State regulator gra...
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- Exam (elaborations)
- • 14 pages •
NMLS Study Questions with All Correct A 
 
 
State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. 
-In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination 
 
Regulatory power - Answer-- Requirement of state licensing and registration. 
-Investigatory authority. 
-State regulator gra...
NMLS Study Guide Questions with Correct Answers.docx
NMLS Study Guide Questions with Correct A 
 
The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services 
 
The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. 
 
Define "mortgage broke...
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NMLS Study Guide Questions with Correct A 
 
The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services 
 
The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. 
 
Define "mortgage broke...
NMLS Practice Test Hard Questions and Answers.docx
NMLS Practice Test Hard Questions and A 
 
A discount point is BEST described as a charge the borrower pays to: 
 
A.)A lender to decrease the interest rate on the mortgage loan 
B.)A mortgage broker at the time of application to obtain a favorable rate 
C.)The seller as part of the closing costs of a loan 
D.)A lender to ensure against foreclosure - Answer-A.) A lender to decrease the interest rate on the mortgage loan 
 
A buyer has made an earnest money payment of $5,000. The buyer pays an ad...
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- Exam (elaborations)
- • 18 pages •
NMLS Practice Test Hard Questions and A 
 
A discount point is BEST described as a charge the borrower pays to: 
 
A.)A lender to decrease the interest rate on the mortgage loan 
B.)A mortgage broker at the time of application to obtain a favorable rate 
C.)The seller as part of the closing costs of a loan 
D.)A lender to ensure against foreclosure - Answer-A.) A lender to decrease the interest rate on the mortgage loan 
 
A buyer has made an earnest money payment of $5,000. The buyer pays an ad...
NMLS Practice Questions with Correct Answers.docx
NMLS Practice Questions with Correct A 
 
A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Answer-Saturday 
 
The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of	under TILA. - Answer-Trigger Terms 
 
Which of the follow...
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- • 21 pages •
NMLS Practice Questions with Correct A 
 
A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Answer-Saturday 
 
The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of	under TILA. - Answer-Trigger Terms 
 
Which of the follow...
NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS.docx
NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS.docx 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? 
- Answer-TAXES AND INSURANCE 
 
in a qualification of an applica...
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- Exam (elaborations)
- • 20 pages •
NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS.docx 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? 
- Answer-TAXES AND INSURANCE 
 
in a qualification of an applica...
NMLS Practice Exam Questions and Answers.docx
NMLS Practice Exam Questions and A 
 
RESP does not apply to: 
 
a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans 
c)Subprime mortgage loans 
d)Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes 
 
Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? 
 
a) Credit repor...
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- Exam (elaborations)
- • 12 pages •
NMLS Practice Exam Questions and A 
 
RESP does not apply to: 
 
a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans 
c)Subprime mortgage loans 
d)Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes 
 
Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? 
 
a) Credit repor...
NRF Customer Service Study Guide For 2024 Actual Exam Questions with Correct Answers.docx
NCEP Certification Exam Questions and Answers
BNSF Telecom 1 Exam Questions with Correct Answers
BIOD 151 All Lab 2023-2024 Exam
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