How many times can an MLO candidate take the Uniform State Test before being required to wait six months?
Correct Answer
B) Three times
According to 12 CFR 1008.107(f), after failing the test three consecutive times, a candidate must wait at least six months before taking the test again. The first three attempts have a 30-day waiting period between failures.
Why This Is the Correct Answer
According to 12 CFR 1008.107(f), after failing the test three consecutive times, a candidate must wait at least six months before taking the test again. The first three attempts have a 30-day waiting period between failures.
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?
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam