NMLS STUDY GUIDE Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026.

NMLS STUDY GUIDE Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. 1003 A Fannie Mae loan application form designed by Fannie Mae and Freddie Mac that is used by lenders to obtain personal financial information from borrowers who apply for a mortgage loan secured by a one-to-four unit residential real estate. Also known as: Uniform Residential Loan Application (URLA). It has been widely adopted by mortgage lenders as a standard loan application form and is often pronounced "ten-oh-three." Freddie Mac also uses the same application form, referring to it as the Freddie Mac Form 65 1031 Exchange A 1031 exchange allows resident and non-resident United States federal taxpayers to defer capital gains and recaptured depreciation taxes when exchanging real or personal property held for productive use in a trade, business, or for investment for like-kind real or personal property held for productive use in a trade, business, or for investment. The tax otherwise paid in a traditional sale is deferred indefinitely until the replacement property is sold or another 1031 exchange is initiated.