Exam (elaborations)
Florida State Test Questions and Answers
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Exam of 4 pages for the course Florida Business and Finance at Florida Business and Finance (Florida State Test)
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Florida State TestWhat regulatory authority oversees all financial institutions in the state of Florida? -
answerThe Florida Office of Financial Regulation
What are the three divisions in the Florida Office of Financial Regulation? - answer1.
The Division of Consumer Finance
2. The Division of Financial Institutions
3. The Division of Securities
What is the financial services commission? - answerThe rulemaking body and the
agency head of the Office of Financial Regulation. It is comprised of the Governor and
the Cabinet. It appoints the commissioner of the OFR. The commissioner supervises,
directs, coordinates, and administers all activities of the OFR.
Where are the OFR's headquarters located? - answerTallahassee
Florida Continuing Education - answer3 hrs fed law
2 hrs ethics
2hrs on lending standards for non-traditional morts
How to renew a loan originator license - answer- submit a renewal form
-submit a renewal fee, plus $100 for the Guaranty Trust Fund, NMLS processing fee,
and credit report and background check fees
-proof of completing 8 hrs of CE
- authorize the registry to obtain a CR
- submit any other docs reqd by the Office
When must licenses be renewed? - answerLicenses must be renewed each year by
Dec 31st, but Florida allows a 2 month window beyond this date in which renewal is still
available. If not renewed by Mar 1st, the license will expire.
Mortgage Call Report - answerMust be submit a report of condition on a quarterly basis
by all state licensed companies and companies employing state licensed mortgage
brokers.
What disclosures should be made in writing to a B if there is a conflict of interest? -
answer- the nature of the relationship, ownership, or financial interest
- the estimated charge or range of charges
- the financial benefit to the licensee as a result of the conflict
- that alternative sources may be chosen by the B
Is Florida a title theory state or a lien theory state? - answerLien theory state
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