NMLS Practice Test Hard
Questions Study Guide with
(100 select Quizzes) with Very
High Potential to Help ace any
NMLS Exam
Quizzes Like
A discount point is BEST described as a
charge the borrower pays to:
Correct Answer
A.) A lender to decrease the interest
rate on the mortgage loan
,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 - Correct 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 additional $2,000 in option money to be credited at closing on
property with sale price of $160,000. If the required down payment is
20%, how much additional money will the buyer need to provide
toward the down payment at closing?
A.) $32,000
B.) $27,000
C.) $30,000
D.) $25,000 - Correct Answer: D.) $25,000
,$160,000 x .20 (20%) = 32000 - $7,000 = $25,000
If an applicant works 40 hours every week and is paid $13.52 per hour,
what is the applicant's monthly income?
A.) $2,163.20
B.) $2,343.47
C.) $2,379.52
D.) $2,487.68 - Correct Answer: B.) $2,343.47
$13.52x 40 hours = $540.8 x 52 weeks = $28,121.6 annually /12month =
$2,343.47 Monthly income
The requirement for private mortgage insurance is generally is
continued when the loan-to-value ratio falls below:
A.) 20%
B.) 50%
C.) 80%
D.) 90% - Correct Answer: C.) 80%
, Which of the following documents itemizes all settlement costs
including lender charges?
A.) Agreement of sale
B.) HUD-1/closing Disclosure
C.) Form 1003
D.) Forbearance agreement - Correct Answer: B.) HUD-1/closing
Disclosure
According to the Truth-in-Lending Act (TILA), the term "refinance"
applies to
A.) A change in a payment schedule
B.) A reduction in annual percentage rate
C.) The renewal of a single payment obligation with no change in the
original terms
D.) The satisfaction of an existing obligation and its replacement by a
new obligation - Correct Answer: D.) The satisfaction of an existing
obligation and its replacement by a new obligation
Questions Study Guide with
(100 select Quizzes) with Very
High Potential to Help ace any
NMLS Exam
Quizzes Like
A discount point is BEST described as a
charge the borrower pays to:
Correct Answer
A.) A lender to decrease the interest
rate on the mortgage loan
,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 - Correct 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 additional $2,000 in option money to be credited at closing on
property with sale price of $160,000. If the required down payment is
20%, how much additional money will the buyer need to provide
toward the down payment at closing?
A.) $32,000
B.) $27,000
C.) $30,000
D.) $25,000 - Correct Answer: D.) $25,000
,$160,000 x .20 (20%) = 32000 - $7,000 = $25,000
If an applicant works 40 hours every week and is paid $13.52 per hour,
what is the applicant's monthly income?
A.) $2,163.20
B.) $2,343.47
C.) $2,379.52
D.) $2,487.68 - Correct Answer: B.) $2,343.47
$13.52x 40 hours = $540.8 x 52 weeks = $28,121.6 annually /12month =
$2,343.47 Monthly income
The requirement for private mortgage insurance is generally is
continued when the loan-to-value ratio falls below:
A.) 20%
B.) 50%
C.) 80%
D.) 90% - Correct Answer: C.) 80%
, Which of the following documents itemizes all settlement costs
including lender charges?
A.) Agreement of sale
B.) HUD-1/closing Disclosure
C.) Form 1003
D.) Forbearance agreement - Correct Answer: B.) HUD-1/closing
Disclosure
According to the Truth-in-Lending Act (TILA), the term "refinance"
applies to
A.) A change in a payment schedule
B.) A reduction in annual percentage rate
C.) The renewal of a single payment obligation with no change in the
original terms
D.) The satisfaction of an existing obligation and its replacement by a
new obligation - Correct Answer: D.) The satisfaction of an existing
obligation and its replacement by a new obligation
