Before approving the annual compliance meeting, an Arizona branch supervisor checks continuing education and renewal. Which conclusion is best supported?
Correct Answer
D) Arizona requires immediate residence address change notice, and the employer or registered exempt person keeps the license at the principal place of business with a copy available for public inspection.
Arizona requires immediate residence address change notice, and the employer or registered exempt person keeps the license at the principal place of business with a copy available for public inspection. Arizona requires the loan originator to immediately notify the deputy director of a residence address change, and the employer or registered exempt person must keep the license at the principal place of business with a copy available for public inspection.
Why This Is the Correct Answer
Arizona requires immediate residence address change notice, and the employer or registered exempt person keeps the license at the principal place of business with a copy available for public inspection. Arizona requires the loan originator to immediately notify the deputy director of a residence address change, and the employer or registered exempt person must keep the license at the principal place of business with a copy available for public inspection.
Why the Other Options Are Wrong
Option A: Handle continuing education and renewal with an informal note rather than the required license, disclosure, filing, or record.
Handle continuing education and renewal with an informal note rather than the required license, disclosure, filing, or record. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Use another jurisdiction's approval as a substitute for the Arizona requirement.
Use another jurisdiction's approval as a substitute for the Arizona requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Treat the requirement as waived because the borrower or employer agrees.
Treat the requirement as waived because the borrower or employer agrees. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
AZ -> az-application-education-testing-and-renewal
Exam Tip
Address changes and license custody are state compliance details.
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
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