California State NMLS Practice Test With
Correct Updated Solutions 2024
"Federal abanking aagencies" ainclude:
Answers
A. aThe aDirector aof athe aOffice aof aThrift aSupervision, athe aBoard aof aGovernors aof athe
aFederal aReserve aSystem, aand aFDIC
B. aFannie aMae aand aFreddie aMac a
C. aThe aComptroller aof athe aCurrency aand athe aNational aCredit aUnion aAdministration a
D. aA aand aC a- acorrect aanswer.D.
A aborrower aapproaches aa alender ato arefinance atheir aexisting anegative aamortization aloan,
awhich awas aoriginated aby athat
same alender. aWhich aof athe afollowing astatements ais aincorrect?
A. aThe alender amust amake adue aregard afor athe aborrower's aability ato arepay athe anew aloan. a
B. aThe anew aloan acannot abe aa astated aincome apay aoption aarm. a
C. aThe alender acan acollect aa aprepayment apenalty, aas along aas ait adoes anot aexceed a1.75%
aof athe aprincipal abalance.
D. aIf atheir aexisting amortgage ais aa areverse amortgage, ait ais anot aconsidered aa anegative
aamortization aloan. a- acorrect aanswer.C.
A aborrower acannot abe arequired ato apay ainterest aon athe aprincipal abalance aof aa aloan
asecured aby aa amortgage aon areal
property amore athan ahow amany adays aprior athe adate athat aloan aproceeds aare adisbursed
afrom aescrow?
Answers
A. aOne a(1) aday a
B. aThree a(3) adays a
,C. aFive a(5) adays a
D. aSeven a(7) adays a- acorrect aanswer.A.
A aborrower's afile arequires aa aVOD, ahowever acurrently, athe aborrower ahas ano amoney abut
ais aexpecting aan ainheritance acheck.
What acan athe aMLO ado?
Answers
A. aThe aMLO amay arequest athe aVOD atakes aplace aafter athe afunds aare adeposited a
B. aRequest athe aborrower ato atake aout aa apay aday aadvance aloan, aput ait ain ahis aaccount,
aand arepay ait aonce athe averification ais adone
C. aThe aMLO amay aloan athe aborrower amoney aand atake ait aback aafter athe aVOD ais
acomplete a- acorrect aanswer.A.
A aforeclosure aconsultant amay anot acharge aa afee ain awhich aexceeds a___ apercent aper
aannum aof aa aloan awhich athe aconsultant amakes ato athe aowner.
Answers
A. a10%
B. a20% a
C. a3% a
D. a5% a- acorrect aanswer.A.
A alate acharge amay abe aimposed afor alate apayment aof aan ainstallment adue aon aa amortgage
aloan aor adeed aof atrust abut acannot aexceed agreater athan a$5 aor a___ apercent aof athe
ainstallment adue.
Answers
A. aOne a(1) apercent a
B. aThree a(3) apercent a
C. aFive a(5) apercent a
D. aTen a(10) apercent a- acorrect aanswer.C.
A amortgage abroker's afiduciary aduty ato aa aclient ainvolves awhich aof athe afollowing?
Answers
A. aA aduty aof aexclusivity a
, B. aFull adisclosure ato athe aclient, aeven aat athe aexpense aof aanother aclient a
C. aPutting athe aclient's aeconomic ainterest aahead aof athe abroker's aown a
D. aSecuring athe abest aloan awhich athe aclient acould ahope ato afind a- acorrect aanswer.C.
A amortgage acompany aadvertises afor aloans ain aboth aSpanish aand aEnglish. aWhich aof athe
afollowing astatements ais atrue?
Answers
A. aThe amortgage acompany amust aprovide athe akey adisclosures asuch aas athe aTIL aand
aGood aFaith aEstimate ain aSpanish ato atheir aSpanish aspeaking
clients.
B. aAt aleast a40% aof athe aemployees aof athe acompany amust abe abilingual. a
C. aThe acompany amust ahave aat aleast aone anative aSpanish aspeaker aavailable aduring
aregular abusiness ahours.
D. aThe aactual aloan adocuments a(note, amortgage, adeed, aetc.) amust abe aprovided ain
aSpanish. a- acorrect aanswer.A.
A amortgage aloan aoriginator amust apass athe alicensing atest ain aorder ato aobtain aa anew
alicense aif ahe ahas afailed ato amaintain aa alicense aover ahow amany ayears?
Answers
A. aFive a(5) ayears a
B. aSeven a(7) ayears a
C. aTen a(10) ayears a
D. aMLOs ado anot aever ahave ato aretake athe alicensing atest a- acorrect aanswer.A.
A amortgagee amust aexecute aa acertificate aof athe adischarge aof aa amortgage aand arecord ait
ain athe acounty ain awhich athe amortgage ais arecorded awithin ahow amany adays aafter athe
amortgage ahas abeen asatisfied?
Answers
A. aThirty a(30) adays a
B. aSixty a(60) adays a
C. aNinety a(90) adays a
Correct Updated Solutions 2024
"Federal abanking aagencies" ainclude:
Answers
A. aThe aDirector aof athe aOffice aof aThrift aSupervision, athe aBoard aof aGovernors aof athe
aFederal aReserve aSystem, aand aFDIC
B. aFannie aMae aand aFreddie aMac a
C. aThe aComptroller aof athe aCurrency aand athe aNational aCredit aUnion aAdministration a
D. aA aand aC a- acorrect aanswer.D.
A aborrower aapproaches aa alender ato arefinance atheir aexisting anegative aamortization aloan,
awhich awas aoriginated aby athat
same alender. aWhich aof athe afollowing astatements ais aincorrect?
A. aThe alender amust amake adue aregard afor athe aborrower's aability ato arepay athe anew aloan. a
B. aThe anew aloan acannot abe aa astated aincome apay aoption aarm. a
C. aThe alender acan acollect aa aprepayment apenalty, aas along aas ait adoes anot aexceed a1.75%
aof athe aprincipal abalance.
D. aIf atheir aexisting amortgage ais aa areverse amortgage, ait ais anot aconsidered aa anegative
aamortization aloan. a- acorrect aanswer.C.
A aborrower acannot abe arequired ato apay ainterest aon athe aprincipal abalance aof aa aloan
asecured aby aa amortgage aon areal
property amore athan ahow amany adays aprior athe adate athat aloan aproceeds aare adisbursed
afrom aescrow?
Answers
A. aOne a(1) aday a
B. aThree a(3) adays a
,C. aFive a(5) adays a
D. aSeven a(7) adays a- acorrect aanswer.A.
A aborrower's afile arequires aa aVOD, ahowever acurrently, athe aborrower ahas ano amoney abut
ais aexpecting aan ainheritance acheck.
What acan athe aMLO ado?
Answers
A. aThe aMLO amay arequest athe aVOD atakes aplace aafter athe afunds aare adeposited a
B. aRequest athe aborrower ato atake aout aa apay aday aadvance aloan, aput ait ain ahis aaccount,
aand arepay ait aonce athe averification ais adone
C. aThe aMLO amay aloan athe aborrower amoney aand atake ait aback aafter athe aVOD ais
acomplete a- acorrect aanswer.A.
A aforeclosure aconsultant amay anot acharge aa afee ain awhich aexceeds a___ apercent aper
aannum aof aa aloan awhich athe aconsultant amakes ato athe aowner.
Answers
A. a10%
B. a20% a
C. a3% a
D. a5% a- acorrect aanswer.A.
A alate acharge amay abe aimposed afor alate apayment aof aan ainstallment adue aon aa amortgage
aloan aor adeed aof atrust abut acannot aexceed agreater athan a$5 aor a___ apercent aof athe
ainstallment adue.
Answers
A. aOne a(1) apercent a
B. aThree a(3) apercent a
C. aFive a(5) apercent a
D. aTen a(10) apercent a- acorrect aanswer.C.
A amortgage abroker's afiduciary aduty ato aa aclient ainvolves awhich aof athe afollowing?
Answers
A. aA aduty aof aexclusivity a
, B. aFull adisclosure ato athe aclient, aeven aat athe aexpense aof aanother aclient a
C. aPutting athe aclient's aeconomic ainterest aahead aof athe abroker's aown a
D. aSecuring athe abest aloan awhich athe aclient acould ahope ato afind a- acorrect aanswer.C.
A amortgage acompany aadvertises afor aloans ain aboth aSpanish aand aEnglish. aWhich aof athe
afollowing astatements ais atrue?
Answers
A. aThe amortgage acompany amust aprovide athe akey adisclosures asuch aas athe aTIL aand
aGood aFaith aEstimate ain aSpanish ato atheir aSpanish aspeaking
clients.
B. aAt aleast a40% aof athe aemployees aof athe acompany amust abe abilingual. a
C. aThe acompany amust ahave aat aleast aone anative aSpanish aspeaker aavailable aduring
aregular abusiness ahours.
D. aThe aactual aloan adocuments a(note, amortgage, adeed, aetc.) amust abe aprovided ain
aSpanish. a- acorrect aanswer.A.
A amortgage aloan aoriginator amust apass athe alicensing atest ain aorder ato aobtain aa anew
alicense aif ahe ahas afailed ato amaintain aa alicense aover ahow amany ayears?
Answers
A. aFive a(5) ayears a
B. aSeven a(7) ayears a
C. aTen a(10) ayears a
D. aMLOs ado anot aever ahave ato aretake athe alicensing atest a- acorrect aanswer.A.
A amortgagee amust aexecute aa acertificate aof athe adischarge aof aa amortgage aand arecord ait
ain athe acounty ain awhich athe amortgage ais arecorded awithin ahow amany adays aafter athe
amortgage ahas abeen asatisfied?
Answers
A. aThirty a(30) adays a
B. aSixty a(60) adays a
C. aNinety a(90) adays a
