NMLS Practice Test Hard (Latest Update) questions and answers 100- Correct -Grade A

NMLS Practice Test Hard (Latest 2026/
2027 Update) questions and answers 100%
Correct [Grade A]

What is the FHA minimum down payment?




A.) $0


B.) 3.5%


C.) 5%


D.) 10% - Correct answer B.) 3.5%




Which law is known as Regulation C




A.) Real Estate Settlement Procedures Act


B.) Truth-in-Lending


C.) Equal Credit Opportunity Act


D.) Home Mortgage Disclosure Act - Correct answer D.) Home Mortgage Disclosure


Act

,What is the minimum down payment for a USDA loan?




A.) $0


B.) 3.5%


C.) 5%


D.) 10% - Correct answer A.) $0




How many hours of continuing education are minimally required?




A.) 8 hours every year


B.) 14 hours every year


C.) 14 hours every 2 years


D.) 20 hours every 2 years - Correct answer A.) 8 hours every year




Who is responsible for completing the HUD-/Loan Disclosure?




A.) The borrower

B.) The closing agent

,C.) The loan originator


D.) The grantor - Correct answer B.) The closing agent




A mortgagor's title insurance policy is:




A.) Transferable


B.) Required


C.) Based on purchase price


D.) Never used - Correct answer C.) Based on purchase price




The assignee of a mortgage and note is participating the in the:




A.) Primary lending market

B.) Capital market


C.) Secondary mortgage market


D.) Options market - Correct answer C.) Secondary mortgage market




VA loans are:

, A.) Partially guaranteed


B.) Insured


C.) Exempt


D.) Entitled - Correct answer A.) Partially guaranteed




The late fee for a VA loan is:




A.) 3% of principal and interest


B.) 4% of principal and interest


C.) 5% of principal and interest


D.) 10% of principal and interest - Correct answer B.) 4% of principal and interest




The purchase price of a home is $325,000 and the appraisal price is $350,000. If the


first mortgage is in the amount of $200,000 and the second mortgage is $60,000. What


is the combined loan-to-value ratio?




A.) 78.3%