NSAR Exam UPDATED QUESTIONS
AND CORRECT ANSWERS
Legal Mortgage - CORRECT ANSWER First Mortgage
What is a mortgage? - CORRECT ANSWER A conveyance or transfer of property to
the mortagee (lender) as security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - CORRECT ANSWER Decide, Disclose, Document, Do
6 primary fiduciary duties - CORRECT ANSWER Disclose, Competency,
Accountability, Loyalty, Confidentiality, Obedience
Disclose - CORRECT ANSWER All pertinent and material facts to client when
providing services
Compentency - CORRECT ANSWER Excessive reasonable care and skill in carrying
out duties on behalf of client
Obediance - CORRECT ANSWER Obey lawful instructions of the client
Accountability - CORRECT ANSWER Account for all monies and property entrusted
with the brokerage by that client
Confidentiality - CORRECT ANSWER Not disclose information about the client that
would adversely impact that client, unless legally obligated to do so
Loyalty - CORRECT ANSWER Remain loyal to that client and protect & promote
his/her interesting
AND CORRECT ANSWERS
Legal Mortgage - CORRECT ANSWER First Mortgage
What is a mortgage? - CORRECT ANSWER A conveyance or transfer of property to
the mortagee (lender) as security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - CORRECT ANSWER Decide, Disclose, Document, Do
6 primary fiduciary duties - CORRECT ANSWER Disclose, Competency,
Accountability, Loyalty, Confidentiality, Obedience
Disclose - CORRECT ANSWER All pertinent and material facts to client when
providing services
Compentency - CORRECT ANSWER Excessive reasonable care and skill in carrying
out duties on behalf of client
Obediance - CORRECT ANSWER Obey lawful instructions of the client
Accountability - CORRECT ANSWER Account for all monies and property entrusted
with the brokerage by that client
Confidentiality - CORRECT ANSWER Not disclose information about the client that
would adversely impact that client, unless legally obligated to do so
Loyalty - CORRECT ANSWER Remain loyal to that client and protect & promote
his/her interesting
