NMLS TEST FINAL EXAM 2 VERSIONS
(VERSION A AND B) 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
What clause in a mortgage allows the lender to call the
entire loan balance due?
A.) Defeasance
B.) Escalation
C.) Acceleration
D.) Exculpatory - ....ANSWER...C.) Acceleration
What clause in a mortgage prevents the lender from
recovering additional assets from the mortgagor if there
is a shortfall in the foreclosure proceeds
1
,A.) Forbearance
B.) Escalation
C.) Acceleration
D.) Exculpatory - ....ANSWER...D.) Exculpatory
What term describes the intentional delay of action on
the part of the lender upon a borrower's default?
A.) Forbearance
B.) Escalation
C.) Acceleration
D.) Exculpatory - ....ANSWER...A.) Forbearance
Which of the following does NOT appear in a lock-in
agreement?
A.) Expiration date
B.) APR
C.) Lock-in fee
D.) Interest rate - ....ANSWER...B.) APR
Freddie Mac was originally known as:
2
,A.) Federal Home Loan Mortgage Corporation
B.) Federal National Mortgage Association
C.) Fair Discount Interest Rates
D.) Free Certificate of Deposits - ....ANSWER...A.)
Federal Home Loan Mortgage Corporation
Fannie Mae allows what amount of fees to be charged to a
credit card?
A.) 1 % of the loan amount plus $500 for the
appraisal and credit report
B.) 2 % of the loan amount plus $500 for the
appraisal and credit report
C.) 3 % of the loan amount plus $500 for the
appraisal and credit report
D.) 4 % of the loan amount plus $500 for the appraisal
and credit report - ....ANSWER...A.) 1 % of the loan
amount plus $500 for the appraisal and credit report
Loan Prospector can NOT be used for which type of loans?
A.) Conventional
B.) VA
3
, C.) FHA
D.) Commercial - ....ANSWER...D.) Commercial
A five bedroom, one bathroom house is an example of:
A.) Appreciation
B.) Functional Obsolescence
C.) Economic Obsolescence
D.) Residential Obsolescence - ....ANSWER...B.)
Functional Obsolescence
Which of the following is NOT a benefit of an FHA loan?
A.) Favorable interest rates
B.) Low down payment
C.) No monthly mortgage insurance
D.) Assumable - ....ANSWER...C.) No monthly
mortgage insurance
4
(VERSION A AND B) 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
What clause in a mortgage allows the lender to call the
entire loan balance due?
A.) Defeasance
B.) Escalation
C.) Acceleration
D.) Exculpatory - ....ANSWER...C.) Acceleration
What clause in a mortgage prevents the lender from
recovering additional assets from the mortgagor if there
is a shortfall in the foreclosure proceeds
1
,A.) Forbearance
B.) Escalation
C.) Acceleration
D.) Exculpatory - ....ANSWER...D.) Exculpatory
What term describes the intentional delay of action on
the part of the lender upon a borrower's default?
A.) Forbearance
B.) Escalation
C.) Acceleration
D.) Exculpatory - ....ANSWER...A.) Forbearance
Which of the following does NOT appear in a lock-in
agreement?
A.) Expiration date
B.) APR
C.) Lock-in fee
D.) Interest rate - ....ANSWER...B.) APR
Freddie Mac was originally known as:
2
,A.) Federal Home Loan Mortgage Corporation
B.) Federal National Mortgage Association
C.) Fair Discount Interest Rates
D.) Free Certificate of Deposits - ....ANSWER...A.)
Federal Home Loan Mortgage Corporation
Fannie Mae allows what amount of fees to be charged to a
credit card?
A.) 1 % of the loan amount plus $500 for the
appraisal and credit report
B.) 2 % of the loan amount plus $500 for the
appraisal and credit report
C.) 3 % of the loan amount plus $500 for the
appraisal and credit report
D.) 4 % of the loan amount plus $500 for the appraisal
and credit report - ....ANSWER...A.) 1 % of the loan
amount plus $500 for the appraisal and credit report
Loan Prospector can NOT be used for which type of loans?
A.) Conventional
B.) VA
3
, C.) FHA
D.) Commercial - ....ANSWER...D.) Commercial
A five bedroom, one bathroom house is an example of:
A.) Appreciation
B.) Functional Obsolescence
C.) Economic Obsolescence
D.) Residential Obsolescence - ....ANSWER...B.)
Functional Obsolescence
Which of the following is NOT a benefit of an FHA loan?
A.) Favorable interest rates
B.) Low down payment
C.) No monthly mortgage insurance
D.) Assumable - ....ANSWER...C.) No monthly
mortgage insurance
4
