MORTGAGE LOAN OFFICER
NATIONAL EXAM TEST PREP
QUESTIONS WITH VERIFIED
ANSWERS
AbandonmentT-TCORRECTTANSWERS-
voluntaryTrelinquishmentTofTallTright,title,claim,andTpossession,withTtheTintentionTofTnotTreclaimi
ngTit
AbatementT-TCORRECTTANSWERS-
theTsuspensionTorTcessationTinTwholeTorTinTpart,TofTaTcontinuingTcharge,TsuchTasTrent
AbsoluteTTitleT-TCORRECTTANSWERS-
TitleTwhichTisTexclusiveTtoTtheTpersonTwhoThasTit,TNoToneTelseThasTanyTright,Tinterest,TorTclaimTinTth
eTsameTproperty
AbstractTofTTitleT-TCORRECTTANSWERS-
ATwrittenThistoryTofTtheTtitleTtransactionsTorTconditionsTbearingTonTtheTtitleTtoTaTdesignatedTparcel
TofTland.TItTcoversTtheTperiodTfromTtheToriginalTsourceTofTtitleTtoTtheTpresent,TandTsummarizesTallTs
ubsequentTinstrumentsTofTpublicTrecordTbyTsettingTforthTtheirTmaterialTparts
AbuttingTOwnerT-TCORRECTTANSWERS-
AnTownerTofTlandTwhichTabutsTorTadjoins.TTheTtermTusuallyTimpliesTthatTtheTrelativeTpartsTactuallyT
adjoin,TbutTisTsometimesTlooselyTusedTwithoutTimplyingTmoreTthanTcloseTproximity.
AccelerationTClauseT-TCORRECTTANSWERS-
ATcommonTprovisionTofTaTmortgageTandTnoteTprovidingTthatTtheTentireTprincipalTshallTbecomeTim
mediatelyTdueTandTpayableTinTtheTeventTofTdefault
AccessT(EasementTof)T-TCORRECTTANSWERS-
InTrealTpropertyTlaw,TtheTtermT"access"TdenotesTtheTrightTvestedTinTtheTownerTofTlandTwhichTadjoi
,nsTaTroadTorTotherThighwayTtoTgoTandTreturnTfromThisTownTlandTtoTtheThighwayTwithoutTobstructio
n
AccidentTandTHealthTPremiumT-TCORRECTTANSWERS-
anTinsuranceTpremiumTpaidTbyTtheTborrowerTalongTwithTmortgageTpaymentsTeachTmonthTthatTins
uresTpaymentTofTtheTmortgageTifTtheTborrowerTbecomeTdisabled
AccruedTInterestT-TCORRECTTANSWERS-
theTinterestTearnedTforTtheTperiodTofTtimeTthatThasTelapsedTsinceTinterestTwasTlastTpaid
AcquireT-TCORRECTTANSWERS-
InTlawTofTcontractsTandTofTdescents,TtoTbecomeTownerTofTproperty;TtoTmakeTpropertyTone'sTown
AcreT-TCORRECTTANSWERS-43,560TsquareTfeet;T4,840TsquareTyards;T160TsquareTrods
Add-on-interestT-TCORRECTTANSWERS-
TheTfullTamountTofTinterestTcalculatedTonTtheToriginalTprincipalTforTtheTtermTofTtheTloan,TwhichTisTt
henTaddedTtoTtheTprincipalTamountTforTanTinstallmentTloanTsoTthatTitTbecomesTpartTofTtheTfaceTam
ountTofTtheTpromissoryTnote.
AdjustableTRateTMortgageT-TCORRECTTANSWERS-
ATmortgageTthatTpermitsTtheTlenderTtoTadjustTitsTinterestTrateTperiodicallyTonTtheTbasisTofTmovem
entTinTaTspecifiedTindex
AdTValoremT-TCORRECTTANSWERS-
aTtaxTorTdutyTbasedTonTvalueTandTleviedTasTaTpercentageTofTthatTvalue;T30TmillsTperTdollarT(3.0%)
AdverseTPossessionT-TCORRECTTANSWERS-
aTmethodTofTacquisitionTofTtitleTtoTrealTpropertyTbyTpossessionTforTstatuaryTperiodTunderTcertainTc
onditions
, AffidavitT-TCORRECTTANSWERS-
ATswornTstatementTinTwriting,TmadeTbeforeTaTpublicTofficial,TusuallyTaTnotary
After-AcquiredTPropertyTClauseT-TCORRECTTANSWERS-
aTclauseTinTaTmortgageTprovidingTthatTanyTpropertyTacquiredTbyTtheTborrowerTafterTtheTdateTofTth
eTloanTandTmortgageTwillTautomaticallyTbecomeTadditionalTsecurityTforTtheTloan
AgentT-TCORRECTTANSWERS-
OneTwhoTisTlegallyTauthorizedTbyTanotherTtoTrepresentThim/herTorTactThis/herTbehalf.TForTexample
,TyouTmayThireTaTbrokerTtoTactTasTagentTinTsellingTyourTproperty
AgreementTofTSaleT-TCORRECTTANSWERS-
ATcontractTinTwhichTtheTbuyerTagreesTtoTpurchaseTaTspecificTpropertyTandTtheTsellerTagreesTtoTsellT
underTtheTstatedTconditions.TAlsoTrefereedTtoTasTaTsalesTcontract
AlienationT-TCORRECTTANSWERS-
InTrealTpropertyTlaw,TtheTtransferTofTpropertyTandTpossessionTofTlands,Ttenements,TorTotherTthings
,TfromToneTpersonTtoTanother,TTheTtermTisTparticularlyTappliedTtoTabsoluteTconveyancesTofTrealTpr
operty
All-RiskTInsuranceT-TCORRECTTANSWERS-
AnTinsuranceTpolicyTthatTprovidesTcoverageTforTeveryTconceivableTriskTexceptTthoseTspecificallyTex
cludedTbyTtheTpolicyTitself,TasTopposedTtoTaT"named-
perils"TpolicyTthatTcoversTonlyTthoseTrisksTspecificallyTsetTforthTinTtheTpolicy.
Alta-americanTlandTtitleTassociationT-TCORRECTTANSWERS-
ATnationalTassociationTofTtitleTinsuranceTcompanies,Tabstractors,TandTattorneys,TspecializingTinTrea
lTpropertyTlaw.TTheTassociationTspeaksTforTtheTtitleTinsuranceTandTabstractingTindustryTandTestablis
hesTstandardTproceduresTandTtitleTpolicyTforms
NATIONAL EXAM TEST PREP
QUESTIONS WITH VERIFIED
ANSWERS
AbandonmentT-TCORRECTTANSWERS-
voluntaryTrelinquishmentTofTallTright,title,claim,andTpossession,withTtheTintentionTofTnotTreclaimi
ngTit
AbatementT-TCORRECTTANSWERS-
theTsuspensionTorTcessationTinTwholeTorTinTpart,TofTaTcontinuingTcharge,TsuchTasTrent
AbsoluteTTitleT-TCORRECTTANSWERS-
TitleTwhichTisTexclusiveTtoTtheTpersonTwhoThasTit,TNoToneTelseThasTanyTright,Tinterest,TorTclaimTinTth
eTsameTproperty
AbstractTofTTitleT-TCORRECTTANSWERS-
ATwrittenThistoryTofTtheTtitleTtransactionsTorTconditionsTbearingTonTtheTtitleTtoTaTdesignatedTparcel
TofTland.TItTcoversTtheTperiodTfromTtheToriginalTsourceTofTtitleTtoTtheTpresent,TandTsummarizesTallTs
ubsequentTinstrumentsTofTpublicTrecordTbyTsettingTforthTtheirTmaterialTparts
AbuttingTOwnerT-TCORRECTTANSWERS-
AnTownerTofTlandTwhichTabutsTorTadjoins.TTheTtermTusuallyTimpliesTthatTtheTrelativeTpartsTactuallyT
adjoin,TbutTisTsometimesTlooselyTusedTwithoutTimplyingTmoreTthanTcloseTproximity.
AccelerationTClauseT-TCORRECTTANSWERS-
ATcommonTprovisionTofTaTmortgageTandTnoteTprovidingTthatTtheTentireTprincipalTshallTbecomeTim
mediatelyTdueTandTpayableTinTtheTeventTofTdefault
AccessT(EasementTof)T-TCORRECTTANSWERS-
InTrealTpropertyTlaw,TtheTtermT"access"TdenotesTtheTrightTvestedTinTtheTownerTofTlandTwhichTadjoi
,nsTaTroadTorTotherThighwayTtoTgoTandTreturnTfromThisTownTlandTtoTtheThighwayTwithoutTobstructio
n
AccidentTandTHealthTPremiumT-TCORRECTTANSWERS-
anTinsuranceTpremiumTpaidTbyTtheTborrowerTalongTwithTmortgageTpaymentsTeachTmonthTthatTins
uresTpaymentTofTtheTmortgageTifTtheTborrowerTbecomeTdisabled
AccruedTInterestT-TCORRECTTANSWERS-
theTinterestTearnedTforTtheTperiodTofTtimeTthatThasTelapsedTsinceTinterestTwasTlastTpaid
AcquireT-TCORRECTTANSWERS-
InTlawTofTcontractsTandTofTdescents,TtoTbecomeTownerTofTproperty;TtoTmakeTpropertyTone'sTown
AcreT-TCORRECTTANSWERS-43,560TsquareTfeet;T4,840TsquareTyards;T160TsquareTrods
Add-on-interestT-TCORRECTTANSWERS-
TheTfullTamountTofTinterestTcalculatedTonTtheToriginalTprincipalTforTtheTtermTofTtheTloan,TwhichTisTt
henTaddedTtoTtheTprincipalTamountTforTanTinstallmentTloanTsoTthatTitTbecomesTpartTofTtheTfaceTam
ountTofTtheTpromissoryTnote.
AdjustableTRateTMortgageT-TCORRECTTANSWERS-
ATmortgageTthatTpermitsTtheTlenderTtoTadjustTitsTinterestTrateTperiodicallyTonTtheTbasisTofTmovem
entTinTaTspecifiedTindex
AdTValoremT-TCORRECTTANSWERS-
aTtaxTorTdutyTbasedTonTvalueTandTleviedTasTaTpercentageTofTthatTvalue;T30TmillsTperTdollarT(3.0%)
AdverseTPossessionT-TCORRECTTANSWERS-
aTmethodTofTacquisitionTofTtitleTtoTrealTpropertyTbyTpossessionTforTstatuaryTperiodTunderTcertainTc
onditions
, AffidavitT-TCORRECTTANSWERS-
ATswornTstatementTinTwriting,TmadeTbeforeTaTpublicTofficial,TusuallyTaTnotary
After-AcquiredTPropertyTClauseT-TCORRECTTANSWERS-
aTclauseTinTaTmortgageTprovidingTthatTanyTpropertyTacquiredTbyTtheTborrowerTafterTtheTdateTofTth
eTloanTandTmortgageTwillTautomaticallyTbecomeTadditionalTsecurityTforTtheTloan
AgentT-TCORRECTTANSWERS-
OneTwhoTisTlegallyTauthorizedTbyTanotherTtoTrepresentThim/herTorTactThis/herTbehalf.TForTexample
,TyouTmayThireTaTbrokerTtoTactTasTagentTinTsellingTyourTproperty
AgreementTofTSaleT-TCORRECTTANSWERS-
ATcontractTinTwhichTtheTbuyerTagreesTtoTpurchaseTaTspecificTpropertyTandTtheTsellerTagreesTtoTsellT
underTtheTstatedTconditions.TAlsoTrefereedTtoTasTaTsalesTcontract
AlienationT-TCORRECTTANSWERS-
InTrealTpropertyTlaw,TtheTtransferTofTpropertyTandTpossessionTofTlands,Ttenements,TorTotherTthings
,TfromToneTpersonTtoTanother,TTheTtermTisTparticularlyTappliedTtoTabsoluteTconveyancesTofTrealTpr
operty
All-RiskTInsuranceT-TCORRECTTANSWERS-
AnTinsuranceTpolicyTthatTprovidesTcoverageTforTeveryTconceivableTriskTexceptTthoseTspecificallyTex
cludedTbyTtheTpolicyTitself,TasTopposedTtoTaT"named-
perils"TpolicyTthatTcoversTonlyTthoseTrisksTspecificallyTsetTforthTinTtheTpolicy.
Alta-americanTlandTtitleTassociationT-TCORRECTTANSWERS-
ATnationalTassociationTofTtitleTinsuranceTcompanies,Tabstractors,TandTattorneys,TspecializingTinTrea
lTpropertyTlaw.TTheTassociationTspeaksTforTtheTtitleTinsuranceTandTabstractingTindustryTandTestablis
hesTstandardTproceduresTandTtitleTpolicyTforms
