MLO Test Practice Questions and Answers
(Latest Update) Already GRADED A
1. Included in the Loan Estimate, all of the following are part of the finance charge except the:
(A) appraisal cost.
(B) VA funding fee.
(C) per diem interest.
(D) origination charges
A) appraisal cost.
2. 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 a property with a 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) $25,000
(B) $27,000
(C) $30,000
(D) $32,000
(A) $25,000
$160,000 (sale price) x .20 (down payment percentage) = $32,000; $32,000 - [$5,000
(earnest money) + $2,000 (option money)] = $25,000
3. If an applicant works 40 hours every week and is paid $13.52 per hour, what is the applicant's
monthly income?
(A) $2,163.20
(B) $2,343.47
(C) $2,379.52
