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MLO Actual Exam Questions

Last updated on Dec. 15, 2024.
Vendor:NMLS
Exam Code:MLO
Exam Name:Mortgage Loan Origination
Exam Questions:120
97% Passed the exam with this material
 

Topic 1 - Exam A

Question #1 Topic 1

Which of the following circumstances may indicate fraud with respect to the assets a borrower will use for closing?

  • A. Bank deposits that are not supported by income or other disclosures
  • B. Disclosure of gift funds
  • C. Parental loans disclosed but not yet received
  • D. Borrower's receipt of a large bonus from an employer
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Correct Answer: A 🗳️

Question #2 Topic 1

When a mortgage loan originator notices multiple Social Security number discrepancies within the same loan file, it is considered a red flag of:

  • A. fair lending.
  • B. mortgage fraud.
  • C. a forgetful borrower.
  • D. pricing discrepancies.
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Correct Answer: B 🗳️

Question #3 Topic 1

Which of the following property value approaches does an appraiser use on a rental property?

  • A. Cost approach
  • B. Income approach
  • C. Annual approach
  • D. Sales comparison approach
Reveal Solution Hide Solution   Discussion  

Correct Answer: B 🗳️

Question #4 Topic 1

How many continuing education hours must mortgage loan originators complete every year to renew their license?

  • A. 3 hours
  • B. 8 hours
  • C. 16 hours
  • D. 20 hours
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Correct Answer: B 🗳️

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