NMLS Practice Test Hard Questions and Answers | Latest Version | 2024/2025 | Already Passed

NMLS Practice Test Hard Questions and Answers | Latest Version | 2024/2025 | Already Passed 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 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 D.) $25,000 $160,000 x .20 (20%) = 32000 - $7,000 = $25,000 A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the 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.) A lender to decrease the interest rate on the mortgage loan A five bedroom, one bathroom house is an example of: A.) Appreciation B.) Functional Obsolescence C.) Economic Obsolescence D.) Residential Obsolescence B.) Functional Obsolescence A funding fee if required for a: A.) FHA loan B.) VA loan C.) Jumbo loan D.) Conventional loan B.) VA loan A loan closes on May 14. When is the first mortgage payment due? A.) May 15 B.) June 1