Last Updated: Jun 09, 2026
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1. A loan secured by any lien other than the first lien position is referred to as:
A) Non-conforming
B) Subordinate
C) Collectible
D) Agency
2. Which of the following information is required to be included on Uniform Residential Loan Application?
A) Proof of homeownership counseling
B) Homeowners insurance provider
C) Appraiser name and address
D) Assets and liabilities
3. Non-qualified mortgages offer more options for borrowers who:
A) are currently living with their parents.
B) are unemployed.
C) are self-employed.
D) have no down payment.
4. Which of the following actions should a mortgage loan originator (MLO) take if a real estate broker offers the MLO $500 to obtain a purchase-money mortgage for the real estate broker's client?
A) Apply the $500 towards the downpayment
B) Decline the money
C) Receive the $500 fee and include it on the Closinq Disclosure
D) Accept the money after obtaining the requested loan for the client
5. Which of the following must be included on all residential mortgage loan application forms?
A) The borrower's previous five year employment history
B) The maiden name of the borrower's mother
C) A mortgage loan originator's unique identifier
D) A borrower's driver's license number
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: C |
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