NMLS PRACTICE TEST HARD QUESTIONS /
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED, VERIFIED ANSWERS / NEWEST 2025.
Terms in this set (100)
A discount point is BEST A.) A lender to decrease the interest rate on the mortgage loan
described as a charge the
borrower pays to:
A.) A lender to
decreasethe interest rate
on the mortgage loan
B.) A mortgage broker
atthe time of application to
obtain a favorable rate C.)
The seller as part of the
closing costs of a loan D.) A
lender to ensure against
foreclosure
,A buyer has made an earnest D.) $25,000
money payment of $5,000.
The buyer pays an additional
$2,000 in option money to be
credited at closing on $160,000 x .20 (20%) = 32000 - $7,000 = $25,000
property with sale price of
$160,000. If the required
down payment is 20%, how
much additional money will
the buyer need to provide
toward the down payment at
closing?
A.) $32,000
B.) $27,000
C.) $30,000
D.) $25,000
B.) $2,343.47
If an applicant works 40
hours every week and is paid
$13.52 per hour, what is the
$13.52x 40 hours = $540.8 x 52 weeks = $28,121.6 annually
applicant's monthly income? /12month = $2,343.47 Monthly income
A.) $2,163.20
B.) $2,343.47
C.) $2,379.52
D.) $2,487.68
,The requirement for private C.) 80%
mortgage insurance is
generally is continued when
the loanto-value ratio falls
below:
A.) 20%
B.) 50%
C.) 80%
D.) 90%
B.) HUD-1/closing Disclosure
Which of the following
documents itemizes all
settlement costs including
lender charges?
A.) Agreement of sale
B.) HUD-1/closing
Disclosure
C.) Form 1003D.)
Forbearance agreement
, According to the Truth- D.) The satisfaction of an existing obligation and its replacement by
inLending Act (TILA), the a new obligation
term "refinance" applies to
A.) A change in a
paymentschedule
B.) A reduction in
annualpercentage rate
C.) The renewal of a
singlepayment obligation
with no change in the
original terms
D.) The satisfaction of
anexisting obligation and its
replacement by a new
obligation
A.) An appraisal
What does a loan originator
use to determine the
estimated value of a
property based on an
analytical comparison of
similar property sales?
A.) An appraisal
B.) A market survey
C.) An area survey
D.) A Cost-benefit analysis
COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED, VERIFIED ANSWERS / NEWEST 2025.
Terms in this set (100)
A discount point is BEST A.) A lender to decrease the interest rate on the mortgage loan
described as a charge the
borrower pays to:
A.) A lender to
decreasethe interest rate
on the mortgage loan
B.) A mortgage broker
atthe time of application to
obtain a favorable rate C.)
The seller as part of the
closing costs of a loan D.) A
lender to ensure against
foreclosure
,A buyer has made an earnest D.) $25,000
money payment of $5,000.
The buyer pays an additional
$2,000 in option money to be
credited at closing on $160,000 x .20 (20%) = 32000 - $7,000 = $25,000
property with sale price of
$160,000. If the required
down payment is 20%, how
much additional money will
the buyer need to provide
toward the down payment at
closing?
A.) $32,000
B.) $27,000
C.) $30,000
D.) $25,000
B.) $2,343.47
If an applicant works 40
hours every week and is paid
$13.52 per hour, what is the
$13.52x 40 hours = $540.8 x 52 weeks = $28,121.6 annually
applicant's monthly income? /12month = $2,343.47 Monthly income
A.) $2,163.20
B.) $2,343.47
C.) $2,379.52
D.) $2,487.68
,The requirement for private C.) 80%
mortgage insurance is
generally is continued when
the loanto-value ratio falls
below:
A.) 20%
B.) 50%
C.) 80%
D.) 90%
B.) HUD-1/closing Disclosure
Which of the following
documents itemizes all
settlement costs including
lender charges?
A.) Agreement of sale
B.) HUD-1/closing
Disclosure
C.) Form 1003D.)
Forbearance agreement
, According to the Truth- D.) The satisfaction of an existing obligation and its replacement by
inLending Act (TILA), the a new obligation
term "refinance" applies to
A.) A change in a
paymentschedule
B.) A reduction in
annualpercentage rate
C.) The renewal of a
singlepayment obligation
with no change in the
original terms
D.) The satisfaction of
anexisting obligation and its
replacement by a new
obligation
A.) An appraisal
What does a loan originator
use to determine the
estimated value of a
property based on an
analytical comparison of
similar property sales?
A.) An appraisal
B.) A market survey
C.) An area survey
D.) A Cost-benefit analysis
