A compliance manager is updating Tennessee procedures for advertising approval and flags continuing education and renewal. Which answer is accurate?
Correct Answer
C) Tennessee MLO applicants file a commissioner-prescribed written application under oath and pay a $100 nonrefundable licensing fee, subject to rule adjustment by the commissioner.
Tennessee MLO applicants file a commissioner-prescribed written application under oath and pay a $100 nonrefundable licensing fee, subject to rule adjustment by the commissioner.
Why This Is the Correct Answer
Tennessee MLO applicants file a commissioner-prescribed written application under oath and pay a $100 nonrefundable licensing fee, subject to rule adjustment by the commissioner.
Why the Other Options Are Wrong
Option A: Treat continuing education and renewal as satisfied by borrower consent alone.
Treat continuing education and renewal as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Delay the Tennessee requirement until after the loan closes or the renewal period ends.
Delay the Tennessee requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Treat consumer consent as a cure for a prohibited or missing compliance step.
Treat consumer consent as a cure for a prohibited or missing compliance step. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
TN -> tn-MLO-licensing-education-testing-renewal
Exam Tip
Tennessee licensing questions test NMLS/TDFI routing, 2 Tennessee-law PE hours, 8-hour CE, $100 application fee, fingerprints, background checks, 7-year and fraud felony standards, December 31 expiration, and hearing deadlines.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Tennessee state-specific rules are being tested
- -Confusing Tennessee individual MLO licensing with company, branch, sponsor, bond, or record requirements
- -Treating Tennessee state-law conduct, advertising, reporting, servicing, or enforcement requirements as optional
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