MLO National Test questions with correct answers

Cost Approach Answer The real estate appraisal approach that considers the replacement value of the property (cost of land plus cost of construction minus depreciation) Reconveyance Answer defines the method in which a lien is removed from the property when payment is made in full Conventional Loan Answer refers to a loan that is not obtained through a direct program of the federal government The type of schedule that would address the principal and interest payments due on a loan? Answer Amortization schedule What would best help an appraiser determine a home value using the sales comparison approach? Answer Recent sales similar to, and in close proximity to, the subject This would not be found on a credit report? Answer Payments made to creditors who do not send data to the national consumer reporting agencies This type of disclosure must have a statement that the payment or loan terms can change. Answer Adjustable Rate Mortgage Disclosure These would be associated with an impound or escrow account? Answer Taxes and insurance