Notary Signing Agent Exam with 100% Verified and Updated Solutions

Notary Signing Agent Exam with 100% Verified and Updated Solutions 1003 - Uniform Residential Loan Application - Answer ️️ -Standard form completed by borrowers when applying for a mortgage loan. A borrower lists all assets and liabilities on the form, also includes a section for income, including two years of employment history and monthly household income. ACKNOWLEDGEMENT - Answer ️️ -Formal declaration before a public official that one has signed a document prior to recording real estate documents, such as grant deeds and deeds of trust, a Notary Public acknowledges the persons signature on the document. Most documents that require notarization contain the acknowledgement on the document. Sometimes the notary will have to attach a separate acknowledgment to a document. ALLONGE - Answer ️️ - APR - Answer ️️ -Annual Percentage Rate: describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate. APR has been called the "mathematically- true" interest rate for each year ARM: Adjustable Rate Mortgage - Answer ️️ -A mortgage where the interest rate is not fixed for the life of the loan. These mortgages adjust periodically based on an index that changes with the market conditions. Amortization - Answer ️️ -the reduction of a loan balance through payments made over a period of time. reduce or pay off (a debt) with regular payments. Borrower (Mortgagor) - Answer ️️ -One who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full. CERTIFICATE OF ACKNOWLEDGMENT - Answer ️️ -Ensures that the signer of the document is indeed the person named in the document. JURAT - Answer ️️ -An attached written statement of the notary public that the Oath or Affirmation was taken before the notary public. Must contain certain information. i) It must contain the State and County where the document is executed. ii) The date of execution iii) The names of the signing party(s). iv) It must also contain the printed name and signature of the notary public v) The seal (stamp) of the notary public vi) The expiration date of the notary public's commission. OATH - Answer ️️ -A promise that one is making a true and correct statement to the best of their knowledge. i) Ask the signer to attest to the truth of the information given.( Accuracy) ii) Ask the signer to attest to the truthfulness of who they are. (Identity) iii) Ask the signer to attest that they did not make any false statements (Truth) AFFIRMATION - Answer ️️ -An oral or written declaration made by a person who has an objection to taking Oaths, certifying under the penalty of perjury the declarations are true. CONTENTS i) They must contain the State and County where the document is executed. ii) The date of execution iii) The names of the signing party(s). iv) It must also contain the printed name and signature of the notary public v) The seal (stamp) of the notary public vi) The expiration date of the notary public's commission. Typical Oath - Answer ️️ -"Do you solemnly swear that any statements made when signing this document are TRUE to the best of your knowledge and belief so help me God?" Typical Affirmation - Answer ️️ -"Do you solemnly, sincerely and truly declare and affirm that the statements in this document are true and accurate to the best of your knowledge and belief, and this you do under the penalties of