For a North Carolina mortgage operations checklist, a training manager is training staff on continuing education and renewal. Which answer should be used?
Correct Answer
B) NC MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law, and 12 electives.
NC MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law, and 12 electives. North Carolina MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law/regulation, and 12 electives.
Why This Is the Correct Answer
NC MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law, and 12 electives. North Carolina MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law/regulation, and 12 electives.
Why the Other Options Are Wrong
Option A: Close or renew first, then decide whether the renewal checklist needs a compliance correction.
Close or renew first, then decide whether the renewal checklist 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 North Carolina license, sponsorship, disclosure, record, or approval is in place.
Proceed before the required North Carolina 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
NC -> nc-education-testing-and-renewal
Exam Tip
NC has a 24-hour PE total with 4 hours of NC law.
Common Mistakes to Avoid
- -Using a national baseline answer when North Carolina has a state-specific rule
- -Confusing company licensing, MLO licensing, and sponsorship
- -Treating an exemption or temporary authority rule as a blanket waiver
More UST Questions
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