Sec 2-Page 24 2

1. Question

What is the minimum annual continuing education requirement for a licensed mortgage loan originator?

A) 6 hours of NMLS-approved education
B) 7 hours of ethics-focused education
C) 8 hours of NMLS-approved continuing education
D) 10 hours of federal compliance training

2. Question

Which action may result in denial of a mortgage loan originator license?

A) Violation of the SAFE Act
B) Employment with multiple lenders
C) Failure to renew a real estate license
D) Changing employers during the application process

3. Question

Which criminal history may result in denial of a mortgage loan originator license?

A) Any misdemeanor conviction
B) A felony conviction within the past 7 years
C) A civil judgment for unpaid debt
D) A traffic offense conviction

4. Question

Which conduct may cause denial of a mortgage loan originator license?

A) Late filing of tax returns
B) Failure to disclose employment history
C) Committing fraud or another financial crime
D) Working without a sponsoring employer

5. Question

Which testing outcome may result in denial of licensure?

A) Failure to complete pre-licensing education
B) Failure to pass the test with a 75 percent score
C) Failure to take the test within 6 months
D) Failure to retake the test after expiration

6. Question

Which screening failure may result in denial of a mortgage loan originator license?

A) Failure to submit fingerprints
B) Failure to complete CE on time
C) Failure to pass a background check
D) Failure to disclose prior employment

7. Question

Which registration issue may result in denial of licensure?

A) Failure to register with the NMLS
B) Failure to update an address
C) Failure to list continuing education
D) Failure to select a test provider

8. Question

Which education-related issue may result in license denial?

A) Failure to complete ethics training
B) Failure to meet pre-licensing education requirements
C) Failure to complete CE in the prior year
D) Failure to attend live instruction

9. Question

Which ongoing obligation, if not maintained, may result in denial?

A) Continuing education requirements
B) Sponsorship by a broker
C) Employment history verification
D) Surety bond renewal

10. Question

Which regulatory violation may result in denial of a mortgage loan originator license?

A) Violation of company policy
B) Violation of local zoning ordinances
C) Violation of other federal or state MLO regulations
D) Violation of internal compliance procedures

11. Question

Which condition must be met regarding prior licensing status to be issued a mortgage loan originator license?

A) No prior license suspension
B) No prior license revocation
C) No prior regulatory warnings
D) No prior employer discipline

12. Question

Under felony conviction rules, which factor is considered for license issuance?

A) Any felony conviction at any time
B) A felony conviction older than 10 years
C) A felony conviction within the previous 7 years
D) A misdemeanor involving dishonesty

13. Question

What standard must an applicant meet regarding character and fitness?

A) Demonstrate strong sales performance
B) Show financial responsibility and honesty
C) Maintain employment for 5 consecutive years
D) Obtain character references from supervisors

14. Question

Which educational requirement must be met for license issuance?

A) Completion of continuing education
B) Completion of pre-licensing education
C) Completion of ethics training only
D) Completion of federal law instruction

15. Question

Which testing requirement must be met to obtain a mortgage loan originator license?

A) Passing the written test
B) Passing a background screening
C) Completing CE before licensure
D) Completing ethics training annually

16. Question

Which financial requirement may be required for license issuance?

A) Proof of income
B) Employer financial backing
C) Net worth, surety bond, or state fund requirement
D) Personal credit score verification

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