An MLO candidate takes a 20-hour course that includes 2 hours on state-specific laws for Nevada, but later decides to apply for a license in California instead. What must the candidate do regarding pre-licensure education?
Correct Answer
B) Complete an additional 2-hour course on California state laws
The SAFE Act requires 3 hours of state-specific education. Since the candidate has 18 hours of federal content plus 2 hours of Nevada state law, they only need to complete the required California state-specific portion to meet the full requirement.
Why This Is the Correct Answer
The SAFE Act requires 3 hours of state-specific education. Since the candidate has 18 hours of federal content plus 2 hours of Nevada state law, they only need to complete the required California state-specific portion to meet the full requirement.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
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