FL STATE FIREFIGHTER TEST ACTUAL EXAM 110
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATONALES (VERIFIED ANSWERS) |ALREADY GRADED
A+
1. Which of the following has responsibility for licensing and regulation of non-
depository financial services companies in the state of Florida?
A. The Department of Housing and Urban Development (HUD) B. The Florida
Secretary of State
C. The Division of Finance (Office of Financial Regulation) D. The Florida Attorney
General - ANSWER: c
2. The State of Florida had created new definitions for the type of licenses required
for mortgage licensees thus changing the type of license required to be held. When
did or do these new license definitions go into effect?
A. January 1, 2010
B. October 1, 2010
C. January 1, 2011
D. At the licensees next renewal - ANSWER: b
3. At what age can you first apply for a loan originator license in Florida?
A. Eighteen (18) B. Sixteen (16)
C. Twenty one (21) D. Twenty five (25) - ANSWER: a
4. Which of the following represents grounds for denial of a mortgage loan originator
license application?
A. The inability to provide legible fingerprints
B. A credit score below 620
C. Possessing an insurance license and or securities license
D. Being subject to a pending felony or an administrative enforcement involving
fraud, dishonesty, or breach of trust - ANSWER: d
5. If an applicant has been through a personal mortgage foreclosure and or a recent
bankruptcy, how may that effect the application for licensing as a mortgage loan
originator?
A. It is grounds for denial
B. These are tough time so it would have no impact
C. These are personal finance issues and not subject to overview of the
Commissioner
D. If the deficient balance from the foreclosure did not exceed $10,000 it will not
impact the decision or impact the application - ANSWER: a
6. In determining financial responsibility, general character and fitness, which of the
following cannot be used if the applicant's credit history is insufficient?
A. Paid receipts for rent or utilities
, B. Payment records on a personal loan
C. Credit scores
D. Hard money loan payment histories - ANSWER: c
7. What is the impact of a loan originator license revocation in another state on an
application for the same in the State of Florida?
A. No impact, that is an issue in the other state
B. License revocations in other states only contribute to the evaluation of the
applicant's general credit fitness.
C. It is only an impact if the applicant were trying to originate in Florida using the out
of state license.
D. The office is prohibited from issuing a license to an applicant who has had a
license revoked in another state (mortgage loan originator licenses) - ANSWER: d
8. If it is determined that an applicant for a mortgage loan originator license lied
about the information provided to secure the license, what can the Office do about
this situation if the license has been issued?
A. Annul the license
B. Require the managing broker who employs the licensee to post a surety bond up
to $25,000
C. Require that the licensee provide a surety bond of up to $50,000
D. Do nothing except caulk it up to a bad evaluation and wait for renewal - ANSWER:
a
9. If a MLO has not applied to renew their license in Florida on or before
December 31st, what happens to the license?
A. The applicant is provided a thirty (30) day window in which to still apply
B. The license expires and the applicant must cease doing business
C. The applicant must reapply and take the state portion of the SAFE Act test
D. The applicant must pay the renewal fee and a late fee penalty of $500 - ANSWER:
b
10. A mortgage broker who wishes to open a branch office in Florida must pay an
office license fee of how much and with what condition?
A. $500 which can be paid in monthly installments
B. $250 with a bank draft or $300 if a cashier's check is used
C. $225, however, the amount will not be prorated for a partial year license
D. $750 prorated monthly throughout the year - ANSWER: c
11. Which of the following is required to be a mortgage loan processor in Florida?
A. A loan originator license
B. A DU approval designation from FNMA and FHLMC
C. A HUD approval as a loan processor who has completed eight (8) hours of training
D. A minimum of five (5) years experience - ANSWER: a
12. A loan originator licensee who acts solely as a loan processor is exempt from
which of the following requirements?
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATONALES (VERIFIED ANSWERS) |ALREADY GRADED
A+
1. Which of the following has responsibility for licensing and regulation of non-
depository financial services companies in the state of Florida?
A. The Department of Housing and Urban Development (HUD) B. The Florida
Secretary of State
C. The Division of Finance (Office of Financial Regulation) D. The Florida Attorney
General - ANSWER: c
2. The State of Florida had created new definitions for the type of licenses required
for mortgage licensees thus changing the type of license required to be held. When
did or do these new license definitions go into effect?
A. January 1, 2010
B. October 1, 2010
C. January 1, 2011
D. At the licensees next renewal - ANSWER: b
3. At what age can you first apply for a loan originator license in Florida?
A. Eighteen (18) B. Sixteen (16)
C. Twenty one (21) D. Twenty five (25) - ANSWER: a
4. Which of the following represents grounds for denial of a mortgage loan originator
license application?
A. The inability to provide legible fingerprints
B. A credit score below 620
C. Possessing an insurance license and or securities license
D. Being subject to a pending felony or an administrative enforcement involving
fraud, dishonesty, or breach of trust - ANSWER: d
5. If an applicant has been through a personal mortgage foreclosure and or a recent
bankruptcy, how may that effect the application for licensing as a mortgage loan
originator?
A. It is grounds for denial
B. These are tough time so it would have no impact
C. These are personal finance issues and not subject to overview of the
Commissioner
D. If the deficient balance from the foreclosure did not exceed $10,000 it will not
impact the decision or impact the application - ANSWER: a
6. In determining financial responsibility, general character and fitness, which of the
following cannot be used if the applicant's credit history is insufficient?
A. Paid receipts for rent or utilities
, B. Payment records on a personal loan
C. Credit scores
D. Hard money loan payment histories - ANSWER: c
7. What is the impact of a loan originator license revocation in another state on an
application for the same in the State of Florida?
A. No impact, that is an issue in the other state
B. License revocations in other states only contribute to the evaluation of the
applicant's general credit fitness.
C. It is only an impact if the applicant were trying to originate in Florida using the out
of state license.
D. The office is prohibited from issuing a license to an applicant who has had a
license revoked in another state (mortgage loan originator licenses) - ANSWER: d
8. If it is determined that an applicant for a mortgage loan originator license lied
about the information provided to secure the license, what can the Office do about
this situation if the license has been issued?
A. Annul the license
B. Require the managing broker who employs the licensee to post a surety bond up
to $25,000
C. Require that the licensee provide a surety bond of up to $50,000
D. Do nothing except caulk it up to a bad evaluation and wait for renewal - ANSWER:
a
9. If a MLO has not applied to renew their license in Florida on or before
December 31st, what happens to the license?
A. The applicant is provided a thirty (30) day window in which to still apply
B. The license expires and the applicant must cease doing business
C. The applicant must reapply and take the state portion of the SAFE Act test
D. The applicant must pay the renewal fee and a late fee penalty of $500 - ANSWER:
b
10. A mortgage broker who wishes to open a branch office in Florida must pay an
office license fee of how much and with what condition?
A. $500 which can be paid in monthly installments
B. $250 with a bank draft or $300 if a cashier's check is used
C. $225, however, the amount will not be prorated for a partial year license
D. $750 prorated monthly throughout the year - ANSWER: c
11. Which of the following is required to be a mortgage loan processor in Florida?
A. A loan originator license
B. A DU approval designation from FNMA and FHLMC
C. A HUD approval as a loan processor who has completed eight (8) hours of training
D. A minimum of five (5) years experience - ANSWER: a
12. A loan originator licensee who acts solely as a loan processor is exempt from
which of the following requirements?
