MLO Test Practice Questions with Complete Solutions | A+ Grade

MLO Test Practice Questions with Complete Solutions | A+ Grade 1. Included in the Loan Estimate, all of the following are part of the finance charge except the: (A) appraisal cost. (B) VA funding fee. (C) per diem interest. (D) origination charges - ✔✔A) appraisal cost. 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a property with a 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) $25,000 (B) $27,000 (C) $30,000 (D) $32,000 - ✔✔(A) $25,000 $160,000 (sale price) x .20 (down payment percentage) = $32 ,000; $32,000 - [$5,000 (earnest money) + $2,000 (option money)] = $25,000 3. If an applicant works 40 hours every week and is paid $13.52 per hour, what is the applicant's monthly income? (A) $2,163.20