NMLS PRACTICE TEST HARD
QUESTIONS WITH CORRECT ANSWERS
A qqdiscount qqpoint qqis qqBEST qqdescribed qqas qqa qqcharge qqthe qqborrower qqpays qqto:
A.) qqA qqlender qqto qqdecrease qqthe qqinterest qqrate qqon qqthe qqmortgage qqloan
B.) qqA qqmortgage qqbroker qqat qqthe qqtime qqof qqapplication qqto qqobtain qqa qqfavorable
qqrate
C.) qqThe qqseller qqas qqpart qqof qqthe qqclosing qqcosts qqof qqa qqloan
D.) qqA qqlender qqto qqensure qqagainst qqforeclosure qq- qqAnswer qqA.) qqA qqlender qqto
qqdecrease qqthe qqinterest qqrate qqon qqthe qqmortgage qqloan
A qqbuyer qqhas qqmade qqan qqearnest qqmoney qqpayment qqof qq$5,000. qqThe qqbuyer
qqpays qqan qqadditional qq$2,000 qqin qqoption qqmoney qqto qqbe qqcredited qqat qqclosing
qqon qqproperty qqwith qqsale qqprice qqof qq$160,000. qqIf qqthe qqrequired qqdown qqpayment
qqis qq20%, qqhow qqmuch qqadditional qqmoney qqwill qqthe qqbuyer qqneed qqto qqprovide
qqtoward qqthe qqdown qqpayment qqat qqclosing?
A.) qq$32,000
B.) qq$27,000
C.) qq$30,000
D.) qq$25,000 qq- qqAnswer qqD.) qq$25,000
$160,000 qqx qq.20 qq(20%) qq= qq32000 qq- qq$7,000 qq= qq$25,000
If qqan qqapplicant qqworks qq40 qqhours qqevery qqweek qqand qqis qqpaid qq$13.52 qqper
qqhour, qqwhat qqis qqthe qqapplicant's qqmonthly qqincome?
A.) qq$2,163.20
B.) qq$2,343.47
C.) qq$2,379.52
D.) qq$2,487.68 qq- qqAnswer qqB.) qq$2,343.47
$13.52x qq40 qqhours qq= qq$540.8 qqx qq52 qqweeks qq= qq$28,121.6 qqannually qq/12month
qq= qq$2,343.47 qqMonthly qqincome
,The qqrequirement qqfor qqprivate qqmortgage qqinsurance qqis qqgenerally qqis qqcontinued
qqwhen qqthe qqloan-to-value qqratio qqfalls qqbelow:
A.) qq20%
B.) qq50%
C.) qq80%
D.) qq90% qq- qqAnswer qqC.) qq80%
Which qqof qqthe qqfollowing qqdocuments qqitemizes qqall qqsettlement qqcosts qqincluding
qqlender qqcharges?
A.) qqAgreement qqof qqsale
B.) qqHUD-1/closing qqDisclosure
C.) qqForm qq1003
D.) qqForbearance qqagreement qq- qqAnswer qqB.) qqHUD-1/closing qqDisclosure
According qqto qqthe qqTruth-in-Lending qqAct qq(TILA), qqthe qqterm qq"refinance" qqapplies
qqto
A.) qqA qqchange qqin qqa qqpayment qqschedule
B.) qqA qqreduction qqin qqannual qqpercentage qqrate
C.) qqThe qqrenewal qqof qqa qqsingle qqpayment qqobligation qqwith qqno qqchange qqin qqthe
qqoriginal qqterms
D.) qqThe qqsatisfaction qqof qqan qqexisting qqobligation qqand qqits qqreplacement qqby qqa
qqnew qqobligation qq- qqAnswer qqD.) qqThe qqsatisfaction qqof qqan qqexisting qqobligation
qqand qqits qqreplacement qqby qqa qqnew qqobligation
What qqdoes qqa qqloan qqoriginator qquse qqto qqdetermine qqthe qqestimated qqvalue qqof qqa
qqproperty qqbased qqon qqan qqanalytical qqcomparison qqof qqsimilar qqproperty qqsales?
A.) qqAn qqappraisal
B.) qqA qqmarket qqsurvey
C.) qqAn qqarea qqsurvey
D.) qqA qqCost-benefit qqanalysis qq- qqAnswer qqA.) qqAn qqappraisal
Which qqof qqthe qqfollowing qqmethods qqof qqdisclosure qqdoes qqNOT qqmeet qqthe
qqrequirements qqof qqEqual qqCredit qqOpportunity qqAct qq(ECOA)?
A.) qqE-mail
B.) qqMailed qqletter
C.) qqTelephone
D.) qqFaxed qqletter qq- qqAnswer qqC.) qqTelephone
Term qq"20 qqbasis qqpoints" qqexpressed qqas qqa qqpercentage qqis:
A.) qq0.2%
, B.) qq0.20%
C.) qq2.00%
D.) qq20.00% qq- qqAnswer qqB.) qq0.20%
one qqhundredth qqof qqone qqpercent, qqused qqchiefly qqin qqexpressing qqdifferences qqof
qqinterest qqrates. qq0.01
so qq0.01 qqx20 qq= qq0.2
According qqto qqthe qqTruth-in-Lending qqAct qq(TILA), qqwhich qqif qqthe qqfollowing qqfees
qqis qqEXCLUDED qqfrom qqthe qqcalculation qqof qqthe qqannual qqpercentage qqrate?
A.) qqHazard qqinsurance
B.) qqWire qqtransfer
C.) qqPrepaid qqinterest
D.) qqMortgage qqinsurance qqpremiums qq- qqAnswer qqA.) qqHazard qqinsurance
FHA qqloans qqare:
A.) qqPartially qqguaranteed
B.) qq100% qqinsured
C.) qqExempt
D.) qqEntitled qq- qqAnswer qqA.) qqPartially qqguaranteed
The qqlate qqfee qqfor qqa qqconventional qqloan qqis:
A.) qq3% qqof qqprinciple qqand qqinterest
B.) qq4% qqof qqprinciple qqand qqinterest
C.) qq5% qqof qqprinciple qqand qqinterest
D.) qq10% qqof qqprinciple qqand qqinterest qq- qqAnswer qqC.) qq5% qqof qqprinciple qqand
qqinterest
A qqfunding qqfee qqif qqrequired qqfor qqa:
A.) qqFHA qqloan
B.) qqVA qqloan
C.) qqJumbo qqloan
D.) qqConventional qqloan qq- qqAnswer qqB.) qqVA qqloan
A qqMortgage qqInsurance qqPremium qqis qqrequired qqon:
A.) qqFHA qqloan
B.) qqVA qqloan
C.) qqJumbo qqloan
D.) qqConventional qqloan qq- qqAnswer qqA.) qqFHA qqloan
QUESTIONS WITH CORRECT ANSWERS
A qqdiscount qqpoint qqis qqBEST qqdescribed qqas qqa qqcharge qqthe qqborrower qqpays qqto:
A.) qqA qqlender qqto qqdecrease qqthe qqinterest qqrate qqon qqthe qqmortgage qqloan
B.) qqA qqmortgage qqbroker qqat qqthe qqtime qqof qqapplication qqto qqobtain qqa qqfavorable
qqrate
C.) qqThe qqseller qqas qqpart qqof qqthe qqclosing qqcosts qqof qqa qqloan
D.) qqA qqlender qqto qqensure qqagainst qqforeclosure qq- qqAnswer qqA.) qqA qqlender qqto
qqdecrease qqthe qqinterest qqrate qqon qqthe qqmortgage qqloan
A qqbuyer qqhas qqmade qqan qqearnest qqmoney qqpayment qqof qq$5,000. qqThe qqbuyer
qqpays qqan qqadditional qq$2,000 qqin qqoption qqmoney qqto qqbe qqcredited qqat qqclosing
qqon qqproperty qqwith qqsale qqprice qqof qq$160,000. qqIf qqthe qqrequired qqdown qqpayment
qqis qq20%, qqhow qqmuch qqadditional qqmoney qqwill qqthe qqbuyer qqneed qqto qqprovide
qqtoward qqthe qqdown qqpayment qqat qqclosing?
A.) qq$32,000
B.) qq$27,000
C.) qq$30,000
D.) qq$25,000 qq- qqAnswer qqD.) qq$25,000
$160,000 qqx qq.20 qq(20%) qq= qq32000 qq- qq$7,000 qq= qq$25,000
If qqan qqapplicant qqworks qq40 qqhours qqevery qqweek qqand qqis qqpaid qq$13.52 qqper
qqhour, qqwhat qqis qqthe qqapplicant's qqmonthly qqincome?
A.) qq$2,163.20
B.) qq$2,343.47
C.) qq$2,379.52
D.) qq$2,487.68 qq- qqAnswer qqB.) qq$2,343.47
$13.52x qq40 qqhours qq= qq$540.8 qqx qq52 qqweeks qq= qq$28,121.6 qqannually qq/12month
qq= qq$2,343.47 qqMonthly qqincome
,The qqrequirement qqfor qqprivate qqmortgage qqinsurance qqis qqgenerally qqis qqcontinued
qqwhen qqthe qqloan-to-value qqratio qqfalls qqbelow:
A.) qq20%
B.) qq50%
C.) qq80%
D.) qq90% qq- qqAnswer qqC.) qq80%
Which qqof qqthe qqfollowing qqdocuments qqitemizes qqall qqsettlement qqcosts qqincluding
qqlender qqcharges?
A.) qqAgreement qqof qqsale
B.) qqHUD-1/closing qqDisclosure
C.) qqForm qq1003
D.) qqForbearance qqagreement qq- qqAnswer qqB.) qqHUD-1/closing qqDisclosure
According qqto qqthe qqTruth-in-Lending qqAct qq(TILA), qqthe qqterm qq"refinance" qqapplies
qqto
A.) qqA qqchange qqin qqa qqpayment qqschedule
B.) qqA qqreduction qqin qqannual qqpercentage qqrate
C.) qqThe qqrenewal qqof qqa qqsingle qqpayment qqobligation qqwith qqno qqchange qqin qqthe
qqoriginal qqterms
D.) qqThe qqsatisfaction qqof qqan qqexisting qqobligation qqand qqits qqreplacement qqby qqa
qqnew qqobligation qq- qqAnswer qqD.) qqThe qqsatisfaction qqof qqan qqexisting qqobligation
qqand qqits qqreplacement qqby qqa qqnew qqobligation
What qqdoes qqa qqloan qqoriginator qquse qqto qqdetermine qqthe qqestimated qqvalue qqof qqa
qqproperty qqbased qqon qqan qqanalytical qqcomparison qqof qqsimilar qqproperty qqsales?
A.) qqAn qqappraisal
B.) qqA qqmarket qqsurvey
C.) qqAn qqarea qqsurvey
D.) qqA qqCost-benefit qqanalysis qq- qqAnswer qqA.) qqAn qqappraisal
Which qqof qqthe qqfollowing qqmethods qqof qqdisclosure qqdoes qqNOT qqmeet qqthe
qqrequirements qqof qqEqual qqCredit qqOpportunity qqAct qq(ECOA)?
A.) qqE-mail
B.) qqMailed qqletter
C.) qqTelephone
D.) qqFaxed qqletter qq- qqAnswer qqC.) qqTelephone
Term qq"20 qqbasis qqpoints" qqexpressed qqas qqa qqpercentage qqis:
A.) qq0.2%
, B.) qq0.20%
C.) qq2.00%
D.) qq20.00% qq- qqAnswer qqB.) qq0.20%
one qqhundredth qqof qqone qqpercent, qqused qqchiefly qqin qqexpressing qqdifferences qqof
qqinterest qqrates. qq0.01
so qq0.01 qqx20 qq= qq0.2
According qqto qqthe qqTruth-in-Lending qqAct qq(TILA), qqwhich qqif qqthe qqfollowing qqfees
qqis qqEXCLUDED qqfrom qqthe qqcalculation qqof qqthe qqannual qqpercentage qqrate?
A.) qqHazard qqinsurance
B.) qqWire qqtransfer
C.) qqPrepaid qqinterest
D.) qqMortgage qqinsurance qqpremiums qq- qqAnswer qqA.) qqHazard qqinsurance
FHA qqloans qqare:
A.) qqPartially qqguaranteed
B.) qq100% qqinsured
C.) qqExempt
D.) qqEntitled qq- qqAnswer qqA.) qqPartially qqguaranteed
The qqlate qqfee qqfor qqa qqconventional qqloan qqis:
A.) qq3% qqof qqprinciple qqand qqinterest
B.) qq4% qqof qqprinciple qqand qqinterest
C.) qq5% qqof qqprinciple qqand qqinterest
D.) qq10% qqof qqprinciple qqand qqinterest qq- qqAnswer qqC.) qq5% qqof qqprinciple qqand
qqinterest
A qqfunding qqfee qqif qqrequired qqfor qqa:
A.) qqFHA qqloan
B.) qqVA qqloan
C.) qqJumbo qqloan
D.) qqConventional qqloan qq- qqAnswer qqB.) qqVA qqloan
A qqMortgage qqInsurance qqPremium qqis qqrequired qqon:
A.) qqFHA qqloan
B.) qqVA qqloan
C.) qqJumbo qqloan
D.) qqConventional qqloan qq- qqAnswer qqA.) qqFHA qqloan
