An MLO candidate passes the National Test but fails the Uniform State Test. Which statement is correct about retaking the exam?
Correct Answer
B) They only need to retake the Uniform State Test
The National Test and Uniform State Test are separate components. If a candidate passes one component but fails the other, they only need to retake the failed component, subject to the 30-day waiting period rule under 12 CFR 1008.107.
Why This Is the Correct Answer
The National Test and Uniform State Test are separate components. If a candidate passes one component but fails the other, they only need to retake the failed component, subject to the 30-day waiting period rule under 12 CFR 1008.107.
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A mortgage brokerage company's net worth calculation includes $30,000 in cash, $15,000 in accounts receivable, $50,000 in office equipment, and $25,000 in liabilities. For regulatory purposes, what is the company's allowable net worth?
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A mortgage loan originator's license may be suspended by the state regulatory authority for which of the following reasons?