A Virginia licensee opens a second office in 2026 and files the paperwork the following week. Must approval of the additional office precede its opening?
Correct Answer
A) Out of order: prior Commission approval comes before any opening
No licensee may open an additional office without prior approval of the Commission, on a form provided by the Commissioner and accompanied by a $150 nonrefundable application fee. Other choices: filing afterwards reverses the order; restricting activity is not what the statute requires; and the route is approval of an additional office rather than a new license. Source: Va. Code § 6.2-1607(B)
Why This Is the Correct Answer
No licensee may open an additional office without prior approval of the Commission, on a form provided by the Commissioner and accompanied by a $150 nonrefundable application fee. Other choices: filing afterwards reverses the order; restricting activity is not what the statute requires; and the route is approval of an additional office rather than a new license. Source: Va. Code § 6.2-1607(B)
More UST Questions
A Washington broker provides the federal settlement service estimates and booklet in 2026 and no separate state itemization. Can disclosures compliant with RESPA and Regulation X satisfy the state third-party itemization subsection?
Priya is comparing pre-license education providers before applying for a Florida mortgage loan originator license. How many hours of approved pre-license education must she complete in total?
An applicant is budgeting for a Florida MLO license and asks what the state application fee comes to at filing. Which figure is correct?
A newly sponsored Florida MLO is told she must buy an individual surety bond in her own name before she can originate. Is that correct?
A Washington consumer loan act licensee also brokers loans in 2026 outside the authority of that act. Does the consumer-loan-act exemption extend to mortgage brokerage outside that act’s authority?
A $200,000 Texas home equity loan has $3,700 in fees subject to the constitutional cap and a separate $600 fee for an appraisal performed by a third-party appraiser. Do the capped fees exceed the limit?
An owner applies for a Texas home equity loan on 4 May 2026 and the lender delivers the required notice on 8 May. Which date starts the constitutional 12-day waiting period for closing?
An owner closed a Texas home equity loan on 3 February 2026 and wants a second one on the same homestead in November 2026. Assuming no declared-emergency exception applies and the earlier home equity lien will be paid off, may the new loan close in November?
A Texas home equity loan forecloses and the sale leaves the lender $62,000 short of the balance owed. Absent actual fraud in obtaining the credit, may the lender recover the shortfall personally from the owner or spouse?
A Washington real estate broker helps a 2026 buyer arrange financing and takes only the usual sales commission. Does financing assistance incidental to a bona fide sale for only the customary real-estate commission fall within the exemption?
People Also Study
Federal Mortgage-Related Laws
24% of exam
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam
Related Study Resources
Previous Question
An owner sells a Texas homestead on 5 March 2026 and holds the $180,000 net proceeds in a bank account. For how long are the identifiable homestead sale proceeds protected from ordinary creditor seizure?
Next Question
A title company requests a payoff statement on a Texas home loan on 9 June 2026 and the servicer replies in a letter of its own design. Must a qualifying title-company payoff response use the prescribed standard form?