NMLS National Exam (Glossary) Questions and Answers Updated 2026

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NMLS National Exam (Glossary) Questions and Answers Updated 2026

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NMLS National Exam (Glossary) Questions and Answers Updated 2026

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NMLS National Exam
(Glossary) Questions
and Answers Updated
2026
AbusiveBActB-
BAnswerActionBthatBmateriallyBinterferesBwithBaBconsumer'sBabilityBtoBunderstandBtheB
productBorBservice.

AccelerationBClauseB-
BAnswerClauseBthatBgivesBaBlenderBtheBrightBtoBdeclareBtheBentireBloanBbalanceBdueBi
mmediatelyBbecauseBofBborrowerBdefaultBorBforBviolationBofBotherBcontractBprovisions.

AccruedBExpensesB-
BAnswerItemsBonBaBsettlementBstatementBforBwhichBtheBcostBhasBbeenBincurred,BbutB
theBexpenseBhasBnotByetBbeenBpaid.

AcquisitionBCostB-
BAnswerTheBtotalBamountBneededBtoBpurchaseBproperty,BincludingBdownBpayment,Bloa
nBamount,BandBanyBallowableBbuyer-paidBclosingBcosts.

AdjustableBRateBMortgageB(ARM)B-
BAnswerABmortgageBthatBpermitsBtheBlenderBtoBperiodicallyBadjustBtheBinterestBrateBt
oBreflectBfluctuationsBinBtheBcostBofBmoney.

AdvertisementB-
BAnswerAnBadvertisementBisBaBcommercialBmessageBinBanyBmediumBthatBpromotes,Bdi
rectlyBorBindirectly,BaBcreditBtransaction.

,AlienationBClauseB-
BAnswerContractBclauseBthatBallowsBtheBlenderBtoBexerciseBcertainBrightsBuponBtheBsal
eBorBtransferBofBanBinterestBinBtheBproperty.BAlsoBcalledBDueBonBSaleBClause

Alt-ABLoanB-
BAnswerABtypeBofBloanBinBwhichBtheBriskBisBgreaterBthanBprime,BbutBlessBthanBsubpri
me.BTheBborrowerBmayBhaveBaBstrongBcreditBhistory,BbutBtheBmortgageBmayBhaveBele
mentsBthatBincreaseBrisk.

AmortizationB-
BAnswerReductionBofBtheBloanBbalanceBbyBpayingBback,BonBaBregularBbasis,BsomeBofBt
heBprincipalBowed.

ApplicationB-
BAnswerSubmissionBofBaBborrower'sBfinancialBinformationBinBanticipationBofBaBcreditBd
ecision.

AppraisalBManagementBCompanyB-BAnswerABbusinessBentityBthatB--
BforBaBmanagementBfeeB--
BadministersBaBnetworkBofBcertifiedBandBlicensedBappraisersBtoBfulfillBrealBestateBappra
isalBassignmentsBonBbehalfBofBmortgageBlendingBinstitutions.

AssetsB-BAnswerItemsBofBvalue.

AssumptionB-
BAnswerAnBactionBinBwhichBoneBpartyBagreesBtoBtakeBoverBpaymentsBofBanotherBpart
y'sBdebt,BwithBtermsBofBtheBnoteBstayingBunchanged.

AverageBPrimeBOfferBRateB(APOR)B-
BAnswerAnBannualBpercentageBrateBderivedBfromBaverageBinterestBrates,Bpoints,BandBo
therBloanBpricingBtermsBthatBareBcurrentlyBofferedBtoBconsumersBbyBaBrepresentativeB
sampleBofBlendersBforBmortgageBtransactionsBthatBhaveBlow-riskBpricingBcharacteristics.

, Bi-WeeklyBPaymentBPlanB-
BAnswerPlanBinBwhichBpaymentsBareBmadeBeveryBtwoBweeksBinsteadBofBonceBaBmont
h.

BonaBFideBOfferB-BAnswerAnBofferBmadeBinBgoodBfaithBwithBnoBelementBofBfraud.

BootB-BAnswerMoneyBandBlike-
kindBpropertyBexchangedBinBaBtransaction;BtermBfrequentlyBexpressedBconcerningBIRSB
SectionB1031Bexchanges.

Buydown,BPermanentB-
BAnswerTheBpaymentBofBpointsBbyBaBborrowerBtoBaBlenderBtoBreduceBtheBinterestBrat
eBandBloanBpaymentsBforBtheBentireBlifeBofBtheBloan.

Buydown,BTemporaryB-
BAnswerTheBpaymentBofBpointsBbyBaBborrowerBtoBaBlenderBtoBreduceBtheBinterestBrat
eBandBpaymentsBearlyBinBaBloan,BwithBinterestBrateBandBpaymentBrising.BPlansBcanBbe
BlevelBpayment,BwhereBtheBinterestBrateBisBreduced,BbutBtheBpaymentBisBconstantBthr
oughoutBtheBbuydownBperiod,BorBgraduatedBpayment,BwhereBpaymentBsubsidiesBinBth
eBearlyByearsBofBaBloanBkeepBpaymentsBlow,BbutBpaymentsBincreaseBeachByearBuntilBt
heyBareBsufficientBtoBfullyBamortizeBtheBloan.

ClosingB-
BAnswerTheBfinalBstageBinBaBrealBestateBtransactionBwhereBownershipBofBrealBproperty
BisBtransferredBfromBsellerBtoBbuyerBaccordingBtoBtheBtermsBandBconditionsBsetBforthB
inBaBsalesBcontractBorBescrowBagreement.

ClosingBCostsB-
BAnswerExpensesBincurredBinBtheBtransferBofBrealBestateBinBadditionBtoBtheBpurchaseB
priceB(e.g.,BtheBappraisalBfee,BtitleBinsuranceBpremiums,Bbroker'sBcommission,BtransferB
tax).

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Type: Exam (elaborations)
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