For a Virginia state-law refresher, an audit analyst is training staff on continuing education and renewal. Which answer should be used?
Correct Answer
C) Virginia requires a 75 percent SAFE test score and required retake waiting periods.
Virginia SAFE testing requires a qualified Registry-developed test, at least 75 percent correct to pass, 30 days between three consecutive retakes, a 6-month wait after three failures, and retesting after 5 years without a valid MLO license excluding time as a registered MLO.
Why This Is the Correct Answer
Virginia requires a 75 percent SAFE test score and required retake waiting periods. This is correct because Virginia SAFE testing requires a qualified Registry-developed test, at least 75 percent correct to pass, 30 days between three consecutive retakes, a 6-month wait after three failures, and retesting after 5 years without a valid MLO license excluding time as a registered MLO.
Why the Other Options Are Wrong
Option A: Delay the Virginia requirement until after the loan closes or the renewal period ends.
Delay the Virginia requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Delay the testing renewal step because the desk-guide note is on file.
Delay the testing renewal step because the desk-guide note is on file. This is incorrect because an internal note, checklist, approval, or later file update cannot replace the applicable licensing or compliance requirement.
Option D: Treat the timing or filing requirement as optional if the transaction appears low risk.
Treat the timing or filing requirement as optional if the transaction appears low risk. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
VA -> va-MLO-licensing-education-testing-renewal
Exam Tip
Virginia licensing questions test Registry filing, $150 application fee, bond timing, 20-hour PE, 75 percent SAFE test, retake and 5-year retest rules, 8-hour CE, calendar-year expiration, $100 renewal, and financial-responsibility limits.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Virginia Code, Virginia Administrative Code, SCC/BFI, or NMLS state-specific rules are being tested
- -Confusing Virginia individual MLO licensing or sponsorship with mortgage lender, broker, branch, remote-location, or company requirements
- -Treating Virginia bond, record, advertising, disclosure, lock-in, escrow, reporting, or enforcement requirements as optional
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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