A mortgage company asks an operations lead to validate a Georgia company policy update involving continuing education and renewal. Which statement is reliable?
Correct Answer
A) Georgia DBF may investigate or examine any licensed mortgage broker or lender as often as necessary under O.C.G.A. 7-1-1009 and must conduct such investigations and examinations at least once every 60 months.
Georgia DBF may investigate or examine any licensed mortgage broker or lender as often as necessary under O.C.G.A. 7-1-1009 and must conduct such investigations and examinations at least once every 60 months.
Why This Is the Correct Answer
Georgia DBF may investigate or examine any licensed mortgage broker or lender as often as necessary under O.C.G.A. 7-1-1009 and must conduct such investigations and examinations at least once every 60 months.
Why the Other Options Are Wrong
Option B: Close or renew first, then decide whether the record-retention audit needs a compliance correction.
Close or renew first, then decide whether the record-retention audit needs a compliance correction. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Proceed before the required Georgia license, sponsorship, disclosure, record, or approval is in place.
Proceed before the required Georgia license, sponsorship, disclosure, record, or approval is in place. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Use an informal manager exception without updating the license, file, or required record.
Use an informal manager exception without updating the license, file, or required record. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
GA -> ga-dbf-exams-enforcement-fines-reporting-remedies
Exam Tip
Georgia enforcement questions test DBF exam authority, no advance notice, 60-month minimum exam cycle, risk-based lookbacks, exam fees, fines for unlicensed activity, records, CE, advertising, branches, ownership changes, call reports, GAFLA, and NMLS updates.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Georgia DBF, GRMA, Georgia Fair Lending Act, or Rule 80-11 rules are being tested
- -Confusing company broker/lender licensing with individual MLO sponsorship and employment limits
- -Treating Georgia CE, temporary authority disclosure, books and records, branch approval, or high-cost protections as optional
More UST Questions
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