Which individual would be exempt from MLO licensing requirements under the SAFE Act?
Correct Answer
C) A seller who provides financing for no more than three properties in 12 months
The SAFE Act provides an exemption for individuals who provide financing for the sale of no more than three properties in any 12-month period, provided they own the properties and did not construct or act as a contractor for the construction of the structures.
Why This Is the Correct Answer
The SAFE Act provides an exemption for individuals who provide financing for the sale of no more than three properties in any 12-month period, provided they own the properties and did not construct or act as a contractor for the construction of the structures.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
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An MLO's license was suspended for 90 days due to failure to maintain required continuing education. During the suspension period, the MLO continues to take loan applications but does not originate any loans. What is the most likely consequence?
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If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?