In Nevada, a company audit of a consumer complaint response depends on application and licensing qualifications. Which answer is the safest?
Correct Answer
B) Nevada license issuance requires no specified mortgage-license revocation and no recent financial-services license revocation.
Nevada license issuance requires the applicant never to have had specified mortgage or MLO licenses revoked in Nevada or any other jurisdiction and not to have had a financial-services license revoked within the immediately preceding 10 years.
Why This Is the Correct Answer
Nevada license issuance requires no specified mortgage-license revocation and no recent financial-services license revocation. This is correct because Nevada license issuance requires the applicant never to have had specified mortgage or MLO licenses revoked in Nevada or any other jurisdiction and not to have had a financial-services license revoked within the immediately preceding 10 years.
Why the Other Options Are Wrong
Option A: Apply a familiar federal rule and skip the application and licensing qualifications condition.
Apply a familiar federal rule and skip the application and licensing qualifications condition. is not correct because the state rule supports: Nevada license issuance requires no specified mortgage-license revocation and no recent financial-services license revocation.
Option C: Assume company licensing cures the individual-file issue.
Assume company licensing cures the individual-file issue. is not correct because the state rule supports: Nevada license issuance requires no specified mortgage-license revocation and no recent financial-services license revocation.
Option D: Use the compliance manager's informal note instead of the state rule.
Use the compliance manager's informal note instead of the state rule. is not correct because the state rule supports: Nevada license issuance requires no specified mortgage-license revocation and no recent financial-services license revocation.
Memory Technique
Nevada: application and licensing qualifications -> use the exact state rule in the explanation.
Exam Tip
Match the Nevada fact pattern to the specific application and licensing qualifications rule; do not answer from a generic state or federal assumption.
Common Mistakes to Avoid
- -Treating a Nevada application and licensing qualifications rule as a generic national mortgage rule
- -Choosing a familiar licensing answer that is not supported by the official authority
- -Ignoring the exact condition stated in the explanation
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