NMLS MLO EXAM PREP questions with correct answers

Due date of each payment Answer If an advertisement includes the amount or percentage of any payment, all of the following must also be disclosed, EXCEPT: Yes, records may be kept outside the state as long as they are made available in-state within 72 hours of a request from the Commissioner Answer Are licensees permitted to maintain records outside the state: Unfair or deceptive act or practice Answer According to the Consumer Protection Act, Geraldine's failure to make required disclosures to Zahara is considered a(n): If Zahara gave consent to receive electronic disclosures Answer Under what circumstances could Geraldine have lawfully provided Zahara with electronic disclosures: exact due date of the final payment Answer Because the loan was high-cost, Geraldine was required to disclose all of the following to Zahara, EXCEPT: Mortgage Loan Originator (MLO) Answer The law defines a _____________ and requires those individuals to obtain and maintain licensure may not engage Answer A person ____________ in mortgage loan origination activities in Massachusetts without a license.