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Check the quality of our questions by taking the short sample test below. The answer key is at the bottom of this page.

Information Regarding this Sample Text

This short sampling of questions represent a close likeness to what you will see when you take the national exam at Pearsonvue.

National Mortgage Express considers missing two or more of these questions a strong likelihood that you will fail the national exam. Five correct answers would give you a 71% score, which would be a failing grade, since one must score at least 75% to pass.

Education providers frequently give "prep" tests to their students, but the common flaw is that the questions are far too easy. Hundreds of people have scored above 85% on the provider's test only to fail the one that counts. If you scored 7 out of 7 National Mortgage Express considers you to be ready to take the big one.; otherwise, you should purchase this material and then study it over many hours. DO NOT WAIT TO STUDY UNTIL THE NIGHT BEFORE THE EXAM ! That would be madness. You will have wasted your time and your money.


Sample Test

1. When Betsy makes telephone calls and explains she is doing a survey for a marketing company she tells each person the survey concerns mortgages. Should a person express an interest in taking out a mortgage Betsy then offers to become their loan officer. This is:

  1. A violation of the Federal Trade Commission's Telemarketing Rule
  2. A great way to obtain new customers
  3. A violation of the Pretexting Rule
  4. Unethical but legal

2. The consequences for non compliance with regard to right of rescission rules are substantial, and can be caused by which of the following:

  1. Closing a loan different from that for which the applicants applied
  2. Backdating the closing documents
  3. Failing to provide the material disclosure and the proper Notice of Right to Rescind
  4. Failure to fund the loan promptly upon the mandatory 3 day right of rescission

3. The HUD 1 or HUD 1A is required for the closing of all federally related loans. The HUD 1A can be used only when:

  1. There is a buyer and a seller
  2. No sale is involved
  3. The closing agent is an attorney
  4. The transaction involves a HUD foreclosure / purchase

4. Servicing lenders must maintain the escrow records for each escrow account:

  1. For only as long as they own the loan
  2. For at least five years after they last serviced the account
  3. In a location easily accessed by HMDA auditors
  4. Until completion of RESPA's audit of all loans that are to be transferred

5. Kickbacks and unearned fees are prohibited under which section of RESPA:

  1. B
  2. 8
  3. 11
  4. X

6. A veteran injured while serving on active duty has been classified as 20% disabled. After his discharge he wants to purchase a home using his VA benefits having never done so before. Which is true:

  1. He will pay a Funding Fee of 2.15% of the gross loan amount
  2. His approval requires that he has received at least one disability check
  3. Because of his "injured vet" status he will pay only half of the usual funding fee
  4. No funding fee is required if he is no longer on active duty

7. Home Mortgage Disclosure Act and Community Reinvestment Act appear to have many of the same criteria for being enacted. Which of the following is incorrect:

  1. HMDA concerns itself mainly with monitoring bank's adherence to the various laws concerning discrimination
  2. CRA was enacted to make sure the bank's geographical lending practices included neighborhoods considered "unsafe"
  3. HMDA and CRA, being federal agencies, are overseen by the same four federal agencies
  4. HMDA does not require banks to post their lending practices for the public to see and read as does CRA

Answer Key