MLO Practice Exam (Latest Update) questions and answers 100- Correct -Grade A

MLO Practice Exam (Latest 2026/ 2027
Update) questions and answers 100%
Correct [Grade A]

Sarah is purchasing a home. The purchase price is $227,500 and she is putting 10%


down. What is the loan amount?




a. $204,750.00


b. $22,750.00


c. $227,500.00


d. $207,450.00 - Correct answer a. $204,750.00




The property Tiffany is purchasing was appraised at $206,000. The purchase price was

$205,400 and the new loan amount is $164,32. What is the LTV? - Correct answer 80%




Jordan has a new PITI payment of $1,225, a Visa payment of $155 a month, a Home


Depot charge card payment of $357 a month and a car payment of $225 a month. He


makes $3,200 bi-weekly. He also has a pet poodle which he gets groomed once a

, week, which costs $27 for each session. What is Jordan's Gross Monthly Income? -


Correct answer $6,933.33




George works as a machine operator and makes $3,212 Semi-monthly. What is his


GMI? - Correct answer $6,424.00




Which of the following is not one of The Big Three Credit Bureaus?




a. Experian


b. Equifax


c. Transunion


d. Credstar - Correct answer d. Credstar




Which of the following would be disclosed in the Public Record Items section of the


consumer's credit report?




a. Previous Bankruptcy

b. A 30 day late car payment