Module 5 Practice Exam Questions and
Answers Graded A+
Which of the following is responsible for determining whether to issue a license
approval? - Correct answer-The commissioner
Which of the following individuals performs clerical or support duties as an
employee at the direction of a licensed or exempt institution? - Correct answer-A
loan processor
Loan originators are required to complete ________ hours of pre-licensing
education to satisfy the federal requirement under the SAFE act - Correct answer-
20
A loan originator license is valid for ______ year - Correct answer-one
Estate license loan originator is: - Correct answer-Not an employee of a depository
institution
The minimum standards for license renewal include all but which of the following?
- Correct answer-A production report for all licensed originator's
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, Under the SAFE act, states are required to do background checks as part of their
effective supervision. A background check includes all the following, except: -
Correct answer-Education history
Upon meeting all the requirements and being approved by her state for licensing as
a loan originator, Kelly Green was assigned a number that permanently identified
her as a loan originator. This number is her - Correct answer-Unique identifier
Jim works in a state that requires a mortgage loan originator be covered by surety
bond. The bond must be maintained in an amount that reflects: - Correct answer-
Dollar value of loans Jim originates annually
Once a state licensing agency has provided private or confidential information to
the end MLS, what is the status of the information? - Correct answer-Privacy and
confidentiality requirements continue to apply
Pamela took the NMLS approved licensing test for the second time and received a
score of 74%. What is the result of Pamela's attempt - Correct answer-Pamela has
failed the test and must wait at least 30 days before retaking it
Estate licensing agency may conduct examinations and investigations for all of the
following reasons except: - Correct answer-To determine the maximum licensing
fees
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Answers Graded A+
Which of the following is responsible for determining whether to issue a license
approval? - Correct answer-The commissioner
Which of the following individuals performs clerical or support duties as an
employee at the direction of a licensed or exempt institution? - Correct answer-A
loan processor
Loan originators are required to complete ________ hours of pre-licensing
education to satisfy the federal requirement under the SAFE act - Correct answer-
20
A loan originator license is valid for ______ year - Correct answer-one
Estate license loan originator is: - Correct answer-Not an employee of a depository
institution
The minimum standards for license renewal include all but which of the following?
- Correct answer-A production report for all licensed originator's
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, Under the SAFE act, states are required to do background checks as part of their
effective supervision. A background check includes all the following, except: -
Correct answer-Education history
Upon meeting all the requirements and being approved by her state for licensing as
a loan originator, Kelly Green was assigned a number that permanently identified
her as a loan originator. This number is her - Correct answer-Unique identifier
Jim works in a state that requires a mortgage loan originator be covered by surety
bond. The bond must be maintained in an amount that reflects: - Correct answer-
Dollar value of loans Jim originates annually
Once a state licensing agency has provided private or confidential information to
the end MLS, what is the status of the information? - Correct answer-Privacy and
confidentiality requirements continue to apply
Pamela took the NMLS approved licensing test for the second time and received a
score of 74%. What is the result of Pamela's attempt - Correct answer-Pamela has
failed the test and must wait at least 30 days before retaking it
Estate licensing agency may conduct examinations and investigations for all of the
following reasons except: - Correct answer-To determine the maximum licensing
fees
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
