A compliance manager compares company policy with Nevada requirements during a supervisory file review. Which statement fits licensing and NMLS authority?
Correct Answer
C) Nevada mortgage advertising must meet the state advertising and consumer-protection rule.
Nevada advertisements, including Internet advertising, must include the licensed name, the associated mortgage company name for a mortgage agent, address, telephone number, license number or unique identifier, and a nontechnical description of licensed activity mentioned.
Why This Is the Correct Answer
Nevada mortgage advertising must meet the state advertising and consumer-protection rule. This is correct because Nevada advertisements, including Internet advertising, must include the licensed name, the associated mortgage company name for a mortgage agent, address, telephone number, license number or unique identifier, and a nontechnical description of licensed activity mentioned.
Why the Other Options Are Wrong
Option A: 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.
Option B: Treat the timing or filing requirement as optional if the transaction appears low risk.
Treat the timing or filing requirement as optional if the transaction appears low risk. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Assume the Nevada requirement does not apply to this NMLS filing review.
Assume the Nevada requirement does not apply to this NMLS filing review. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
NV -> nv-supervision-records-advertising-unique-id-and-reports
Exam Tip
Nevada supervision and advertising questions often test written policies, transaction review, fee handling, fraud reporting, complete records, monthly activity reports, NMLS reports of condition, unique identifier display, advertising disclosures, and check/government simulation rules.
Common Mistakes to Avoid
- -Using a national baseline answer when Nevada has a state-specific rule
- -Confusing NMLS workflow, Nevada Division of Mortgage Lending requirements, NRS 645B, NAC 645B, and state regulator guidance
- -Treating exemptions, processor or underwriter status, or license renewal timing as blanket permission
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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