A new hire will work on Rhode Island mortgage files involving continuing education and renewal. Which rule should the supervisor emphasize?
Correct Answer
C) NMLS lists Rhode Island state-licensed MLO PE as 20 total hours with 3 Rhode Island-specific hours and annual CE as 8 total hours with 1 Rhode Island-specific CE hour.
NMLS lists Rhode Island state-licensed MLO PE as 20 total hours with 3 Rhode Island-specific hours and annual CE as 8 total hours with 1 Rhode Island-specific CE hour.
Why This Is the Correct Answer
NMLS lists Rhode Island state-licensed MLO PE as 20 total hours with 3 Rhode Island-specific hours and annual CE as 8 total hours with 1 Rhode Island-specific CE hour.
Why the Other Options Are Wrong
Option A: Apply the rule only after the Rhode Island regulator has already opened an examination.
Apply the rule only after the Rhode Island regulator has already opened an examination. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Skip the Rhode Island requirement because the company already follows general SAFE Act procedures.
Skip the Rhode Island requirement because the company already follows general SAFE Act procedures. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Treat continuing education and renewal as optional because the company has a general Rhode Island compliance policy.
Treat continuing education and renewal as optional because the company has a general Rhode Island compliance policy. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
RI -> ri-licensing-education-testing-renewal
Exam Tip
Rhode Island licensing questions test NMLS routing, education, testing, application items, sponsorship, renewal timing, and continuing education.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Rhode Island state-specific rules are being tested
- -Confusing Rhode Island individual MLO licensing with company, branch, sponsor, bond, or record requirements
- -Treating Rhode Island state-law conduct, advertising, reporting, servicing, or enforcement requirements as optional
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