A New York individual in 2026 negotiates a mortgage loan for her own brother. Does the immediate-family exemption apply to this negotiation?
Correct Answer
D) Exempt: the loan is with an immediate family member
Any individual who offers or negotiates the terms of a residential mortgage loan with or on behalf of an immediate family member of the individual is exempt from the licensing requirements. Other choices: the relationship is the exemption; compensation is not the stated condition; and the term is immediate family rather than a closed list. Source: N.Y. Banking Law § 599-c(3)(b)
Why This Is the Correct Answer
Any individual who offers or negotiates the terms of a residential mortgage loan with or on behalf of an immediate family member of the individual is exempt from the licensing requirements. Other choices: the relationship is the exemption; compensation is not the stated condition; and the term is immediate family rather than a closed list. Source: N.Y. Banking Law § 599-c(3)(b)
More UST Questions
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