Nmls Practice Test Hard Questions With Correct Answers 2024.

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 {Ans: D.) $25,000 $160,000 x .20 (20%) = 32000 - $7,000 = $25,000}The maximum term for a FHA loan is: A.) 15 years B.) 30 years C.) 40 years D.) 50 years {Ans: B.) 30 years}A salaried employee may have to produce which of the following documents to obtain a loan? A.) 90 day pay stubs B.) 2 years W2's C.) Profit and Loss statement D.) Balance sheet {Ans: B.) 2 years W2's}Which of the following does NOT appear in a lock-in agreement? A.) Expiration date B.) APR C.) Lock-in fee D.) Interest rate {Ans: B.) APR}How many hours of continuing education are minimally required? A.) 8 hours every year B.) 14 hours every year C.) 14 hours every 2 years D.) 20 hours every 2 years {Ans: A.) 8 hours every year}Which