Before approving the new-license application, an Arizona state compliance officer checks sponsorship and employment status. Which conclusion is best supported?
Correct Answer
B) Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer lacks a loan originator surety bond and a prorated license fee.
Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer lacks a loan originator surety bond and a prorated license fee. Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer does not have a loan originator surety bond and a prorated license fee by submission date.
Why This Is the Correct Answer
Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer lacks a loan originator surety bond and a prorated license fee. Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer does not have a loan originator surety bond and a prorated license fee by submission date.
Why the Other Options Are Wrong
Option A: Skip documentation because the mortgage operations checklist appears routine.
Skip documentation because the mortgage operations checklist appears routine. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Rely on prior mortgage experience instead of the stated licensing or compliance requirement.
Rely on prior mortgage experience instead of the stated licensing or compliance requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Continue the activity and document the issue only if a complaint is later filed.
Continue the activity and document the issue only if a complaint is later filed. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
AZ -> az-bond-recovery-fund-and-fees
Exam Tip
Arizona application fees are nonrefundable and can include the $100 bond-related charge.
Common Mistakes to Avoid
- -Using a national baseline answer when Arizona has a state-specific rule
- -Confusing NMLS registration, Arizona licensure, and employer authority
- -Treating an exemption, temporary license, or bond rule as broader than written
More UST Questions
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