NMLS TEST FINAL EXAM AND
PRACTICE EXAM QUESTIONS 2024-
2025 WELL RESEARCHED ACTUAL
EXAM COMPLETE ACCURATE EXAM
QUESTIONS WITH 100% DETAILED
VERIFIED AND CORRECT ANSWERS
ACTUAL BRAND-NEW EXAM
ALREADY GRADED A+
VERSION A
Which of the following best describes the legal
consequences of providing an inflated description of
income on a loan application?
A. It is not an illegal act, but may impact the
consumer's credit score
B. It is a violation of multiple federal lending laws
and constitutes fraud
C. It is not a violation of criminal laws, and any
penalties imposed are civil, not criminal
D. It is not illegal if the applicant inflates his or her
income to secure approval for the loan but fully intends
to repay the obligation - ....ANSWER...B. It is a violation
1
,of multiple federal lending laws and constitutes fraud
Which of the following is permitted as a result of a
referral?
A. A free monthly pass to the gym with each closing
B. A well-written thank you note
C. A coffee card for each client
D. The names, phone numbers, and annual incomes of
clients who have applied for loans -
....ANSWER...B. A well-written thank you note
An adjustable-rate mortgage can adjust after 2 years
with an adjustment cap of 3% per period and a lifetime
cap of 7%. The staring interest rate is 4% What is the
maximum interest that can be charged at the time o the
first adjustment?
A.) 5%
B.) 7%
C.) 10%
D.) 11% - ....ANSWER...B.) 7%
2
,What is the FHA minimum down payment?
A.) $0
B.) 3.5%
C.) 5%
D.) 10% - ....ANSWER...B.) 3.5%
Which law is known as Regulation C
A.) Real Estate Settlement Procedures Act
B.) Truth-in-Lending
C.) Equal Credit Opportunity Act
D.) Home Mortgage Disclosure Act - ....ANSWER...D.)
Home Mortgage Disclosure Act
What is the minimum down payment for a USDA loan?
A.) $0
B.) 3.5%
C.) 5%
D.) 10% - ....ANSWER...A.) $0
How many hours of continuing education are minimally
3
, required?
A.) 8 hours every year
B.) 14 hours every year
C.) 14 hours every 2 years
D.) 20 hours every 2 years - ....ANSWER...A.) 8 hours
every year
Who is responsible for completing the HUD-/Loan
Disclosure?
A.) The borrower
B.) The closing agent
C.) The loan originator
D.) The grantor - ....ANSWER...B.) The closing agent A
mortgagor's title insurance policy is:
A.) Transferable
B.) Required
C.) Based on purchase price
D.) Never used - ....ANSWER...C.) Based on purchase price
4
PRACTICE EXAM QUESTIONS 2024-
2025 WELL RESEARCHED ACTUAL
EXAM COMPLETE ACCURATE EXAM
QUESTIONS WITH 100% DETAILED
VERIFIED AND CORRECT ANSWERS
ACTUAL BRAND-NEW EXAM
ALREADY GRADED A+
VERSION A
Which of the following best describes the legal
consequences of providing an inflated description of
income on a loan application?
A. It is not an illegal act, but may impact the
consumer's credit score
B. It is a violation of multiple federal lending laws
and constitutes fraud
C. It is not a violation of criminal laws, and any
penalties imposed are civil, not criminal
D. It is not illegal if the applicant inflates his or her
income to secure approval for the loan but fully intends
to repay the obligation - ....ANSWER...B. It is a violation
1
,of multiple federal lending laws and constitutes fraud
Which of the following is permitted as a result of a
referral?
A. A free monthly pass to the gym with each closing
B. A well-written thank you note
C. A coffee card for each client
D. The names, phone numbers, and annual incomes of
clients who have applied for loans -
....ANSWER...B. A well-written thank you note
An adjustable-rate mortgage can adjust after 2 years
with an adjustment cap of 3% per period and a lifetime
cap of 7%. The staring interest rate is 4% What is the
maximum interest that can be charged at the time o the
first adjustment?
A.) 5%
B.) 7%
C.) 10%
D.) 11% - ....ANSWER...B.) 7%
2
,What is the FHA minimum down payment?
A.) $0
B.) 3.5%
C.) 5%
D.) 10% - ....ANSWER...B.) 3.5%
Which law is known as Regulation C
A.) Real Estate Settlement Procedures Act
B.) Truth-in-Lending
C.) Equal Credit Opportunity Act
D.) Home Mortgage Disclosure Act - ....ANSWER...D.)
Home Mortgage Disclosure Act
What is the minimum down payment for a USDA loan?
A.) $0
B.) 3.5%
C.) 5%
D.) 10% - ....ANSWER...A.) $0
How many hours of continuing education are minimally
3
, required?
A.) 8 hours every year
B.) 14 hours every year
C.) 14 hours every 2 years
D.) 20 hours every 2 years - ....ANSWER...A.) 8 hours
every year
Who is responsible for completing the HUD-/Loan
Disclosure?
A.) The borrower
B.) The closing agent
C.) The loan originator
D.) The grantor - ....ANSWER...B.) The closing agent A
mortgagor's title insurance policy is:
A.) Transferable
B.) Required
C.) Based on purchase price
D.) Never used - ....ANSWER...C.) Based on purchase price
4
