Notary Signing Agent Exam Questions And Answers
AFFIRMATION (Answer: - An oral or written declaration made by a person who has an objection to taking Oaths, certifying under the penalty of perjury the declarations are true. CONTENTS i) They must contain the State and County where the document is ...
Notary Signing Agent Exam
Questions And Answers
AFFIRMATION (Answer: - An oral or written declaration made by a person who has
an objection to taking Oaths, certifying under the penalty of perjury the
declarations are true. CONTENTS i) They must contain the State and County where
the document is executed. ii) The date of execution iii) The names of the signing
party(s). iv) It must also contain the printed name and signature of the notary
public v) The seal (stamp) of the notary public vi) The expiration date of the notary
public's commission.
Typical Oath (Answer: - "Do you solemnly swear that any statements made when
signing this document are TRUE to the best of your knowledge and belief so help
me God?"
Typical Affirmation (Answer: - "Do you solemnly, sincerely and truly declare and
affirm that the statements in this document are true and accurate to the best of
your knowledge and belief, and this you do under the penalties of perjury?"
Notarized document (Answer: - There are several items that must be included on
the document in order to be notarized. i) The name of the signer must be typed,
printed or stamped below the signature line. ii) The signature must match the name
of the signer on the documents iii) The printed names of any witness(s) is to be
printed under their signature line iv) And the notary's printed name must appear
below their signature line as well..
Affidavit (Answer: - written statement made under oath
NBS - NON BORROWING SPOUSE DOCUMENTS (Answer: - is a spouse who is on the
title to the property. However the credit or employment of this spouse was not
taken into consideration when processing the loan so they are not obligated on the
loan. They will NOT be signing the Note, the 1003 or most of the documents. 1.
Mortgage or Deed of Trust 2. All Riders attached to the Deed of Trust or Mortgage.
3. Truth in Lending Disclosure 4. Notice of Right to Cancel
Power of attorney (Answer: - a legal document authorizing someone to act on your
behalf. If the grantor is John Doe, and the attorney in fact is Sally Smith, here is how
Sally signs on behalf of John. (1) John Doe, by Sally Smith, his attorney in fact (2)
Sally Smith, as attorney in fact for John Doe (3) Initials: jd by ss AIF or jd by ss atty
, NOTARY SIGNING AGENT EXAM
in fact (4) Initials: ss aif for jd or ss atty in fact for jd. The title company is
responsible for verifying its validity and the lender to accept it.
RESCISSION (Answer: - termination of contract. borrower's right to cancel a loan
within 3 business days after the date of signing their loan documents. Every state
should adhere to this federal law. begin counting BUSINESS days after the date of
the signing. Saturday is considered a business day so you count Saturday. Sunday is
never a business day.
COMMITMENT LETTER (Answer: - provides the borrower with a summary of all
terms of the loan being promised to him by the lender, included are the guaranteed
interest rate, monthly payment, repayment term and interest rate.
CONFIRMATION (Answer: - The email sent to the Notary which provides all of the
information about their assignment. This would include the name, address and
contact information for the borrower. This form will also contain instructions which
the notary must read and follow.
DEED (Answer: - A document that transfers ownership of property from one party
to another. Formal written document transferring title to real estate
DEEDS OF TRUST/MORTGAGES (Answer: - A three-party instrument between a
borrower, called the trustor, a lender, called the beneficiary, and a neutral third
party called a trustee. the instrument that is recorded to give added assurance that
the promissory note will be paid when due. Places a public lien on the property.
NOT required to use the court system or the sheriff's office. Also, see Mortgage
Escrow Officer (Answer: - Responsible for acting as a third unbiased party between
Buyers, Sellers, and Lenders. They are responsible for the exchange of property and
money between the parties once all requirements have been met, per instructions
from the parties involved in the transaction.
Escrow (impound) account (Answer: - Typically refers to an account set up by a
lender in which funds to pay for real estate taxes and homeowners insurance are
deposited as part of the borrower's monthly mortgage payment, then disbursed as
tax and insurance payments come due. Essentially, an impound or escrow account
is a fancy term for a "savings account for taxes and insurance".
Fixed Rate Mortgage (Answer: - A mortgage in which the interest rate does not
change during the entire term of the loan.
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