P age | 1
| | | | |
RMLO - CHAMPIONS SCHOOL OF REAL ESTATE
2026 BRAND NEW ACTUAL EXAM WITH
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS
1. is a document issued by the Department of VA as a
| | | | | | | | | |
prerequisite for a VA loan; it is based on an approved appraisal.
| | | | | | | | | | | |
It establishes the maximum value of the property for VA
| | | | | | | | | |
purposes and , as a result, the maximum size of the VA loan. -
| | | | | | | | | | | | | |
correct answer - certificate of reasonable value (CRV)
| | | | | | | |
, P age | 2
| | | | |
2. is often referred to as the "one-time-close" or the
| | | | | | | |
| "single-close construction loan program. It combines the cost to | | | | | | | |
| purchase the land and construction cost in one loan. - correct
| | | | | | | | | |
| answer - construction-to-permanent loan
| | |
3. The | is the official application form for all residential | | | | | | |
loans and is the central document of the residential loan
| | | | | | | | | |
application process. - correct answer - Uniform Residential
| | | | | | | |
Loan Application (URLA) 1003
| | | |
4. Conventional Conforming guidelines state that in order for | | | | | | |
income to be used for qualifications purposes, it must be
| | | | | | | | | |
considered
| . It is defined as being the borrower's gross
| | | | | | | | |
monthly income from all verifiable sources that can reasonably
| | | | | | | | |
be expected to continue for at least the next 3 years. - correct
| | | | | | | | | | | | |
answer - stable income
| | | |
5. The 3 major credit bureaus (repositories: - correct answer -
| | | | | | | | |
Equifax, Trans Union, Experian
| | | |
, P age | 3
| | | | |
6. The | or 3-in-1 credit report is a comprehensive | | | | | |
credit report containing credit information from all 3 of the major
| | | | | | | | | | |
credit reporting agencies. - correct answer - tri-merged
| | | | | | | |
7. refers to any irregularity in the chain of title of property
| | | | | | | | | |
| that would give a reasonable person pause before accepting a
| | | | | | | | |
| conveyance of title - correct answer - cloud on title| | | | | | | | |
8. A borrower may claim, as a defense to a foreclosure action, a
| | | | | | | | | | |
lender's violation of the TILA's ability-to-repay requirements. The
| | | | | | | |
borrower has up to
| from the date the loan closed to
| | | | | | | | | |
bring a civil action against the lender. - correct answer - 2 years
| | | | | | | | | | | | |
9. The standard appraisal report is called the: - correct answer -
| | | | | | | | | |
Uniform Residential Appraisal Report (URAR)
| | | | |
10. A is an official document from a mortgage holder
| | | | | | | |
releasing the debtor from the mortgage. It is an evidence that
| | | | | | | | | | |
the mortgage has been paid in full. - correct answer -
| | | | | | | | | | |
reconveyance deed
| |
| | | | |
RMLO - CHAMPIONS SCHOOL OF REAL ESTATE
2026 BRAND NEW ACTUAL EXAM WITH
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS
1. is a document issued by the Department of VA as a
| | | | | | | | | |
prerequisite for a VA loan; it is based on an approved appraisal.
| | | | | | | | | | | |
It establishes the maximum value of the property for VA
| | | | | | | | | |
purposes and , as a result, the maximum size of the VA loan. -
| | | | | | | | | | | | | |
correct answer - certificate of reasonable value (CRV)
| | | | | | | |
, P age | 2
| | | | |
2. is often referred to as the "one-time-close" or the
| | | | | | | |
| "single-close construction loan program. It combines the cost to | | | | | | | |
| purchase the land and construction cost in one loan. - correct
| | | | | | | | | |
| answer - construction-to-permanent loan
| | |
3. The | is the official application form for all residential | | | | | | |
loans and is the central document of the residential loan
| | | | | | | | | |
application process. - correct answer - Uniform Residential
| | | | | | | |
Loan Application (URLA) 1003
| | | |
4. Conventional Conforming guidelines state that in order for | | | | | | |
income to be used for qualifications purposes, it must be
| | | | | | | | | |
considered
| . It is defined as being the borrower's gross
| | | | | | | | |
monthly income from all verifiable sources that can reasonably
| | | | | | | | |
be expected to continue for at least the next 3 years. - correct
| | | | | | | | | | | | |
answer - stable income
| | | |
5. The 3 major credit bureaus (repositories: - correct answer -
| | | | | | | | |
Equifax, Trans Union, Experian
| | | |
, P age | 3
| | | | |
6. The | or 3-in-1 credit report is a comprehensive | | | | | |
credit report containing credit information from all 3 of the major
| | | | | | | | | | |
credit reporting agencies. - correct answer - tri-merged
| | | | | | | |
7. refers to any irregularity in the chain of title of property
| | | | | | | | | |
| that would give a reasonable person pause before accepting a
| | | | | | | | |
| conveyance of title - correct answer - cloud on title| | | | | | | | |
8. A borrower may claim, as a defense to a foreclosure action, a
| | | | | | | | | | |
lender's violation of the TILA's ability-to-repay requirements. The
| | | | | | | |
borrower has up to
| from the date the loan closed to
| | | | | | | | | |
bring a civil action against the lender. - correct answer - 2 years
| | | | | | | | | | | | |
9. The standard appraisal report is called the: - correct answer -
| | | | | | | | | |
Uniform Residential Appraisal Report (URAR)
| | | | |
10. A is an official document from a mortgage holder
| | | | | | | |
releasing the debtor from the mortgage. It is an evidence that
| | | | | | | | | | |
the mortgage has been paid in full. - correct answer -
| | | | | | | | | | |
reconveyance deed
| |
