Mortgage Educators and Compliance -
Online Course Exam Q&A 100% Solved
(true or false) in addition to the 20-hour course, it is suggested to spend an
extra 40-60 hours studying all the content before taking the exam - ✔✔true
(true or false) the federal reserve system was created in 1913 - ✔✔true
(true or false) prior to the federal government passing the SAFE act in 2008, all
states required MLOs to be licensed - ✔✔false
(true or false) a person who has worked at a bank giving loans could be
considered a mortgage loan originator - ✔✔false
(true or false) a loan processor and underwriter must be licensed if they are
independent contractors - ✔✔true
(ture or false) mortgage brokers usually do not fund their own loans - ✔✔true
(true or false) the three secondary market players are FNMA, FHLMC, and
HMDA - ✔✔false
(true or false) regulatory authorities have the authority to investigate, impose
penalties, provide supervision, or a combination of all three - ✔✔true
(true or false) to be a licensed MLO you must apply for a state, and national
license - ✔✔false
1|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
, (true or false) your pre-licensing education requires, 3 hours of federal law, 2
hours of ethics, 2 hours of non-traditional mortgage products, and 12 hours of
electives - ✔✔true
(true or false) the national test component with the uniform state content will
test your knowledge on the following five topics, federal laws and regulations,
ethics, general mortgage knowledge, MATH, and customer service essentials -
✔✔false
(true or false) if you fail the national test 3 times, you must wait 6 months to
retake the test - ✔✔true
(true or false) the national test contains 120 questions, and 10 of those are
unscored - ✔✔false
(true or false) you will pay a non-refundable application fee; the cost of the fee
varies by state - ✔✔true
(true or false) having your license revoked in another state is not a reason the
state could deny your license - ✔✔false
(true or false) once you have your license it must be renewed every year by
December 31st or sooner - ✔✔true
2|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
Online Course Exam Q&A 100% Solved
(true or false) in addition to the 20-hour course, it is suggested to spend an
extra 40-60 hours studying all the content before taking the exam - ✔✔true
(true or false) the federal reserve system was created in 1913 - ✔✔true
(true or false) prior to the federal government passing the SAFE act in 2008, all
states required MLOs to be licensed - ✔✔false
(true or false) a person who has worked at a bank giving loans could be
considered a mortgage loan originator - ✔✔false
(true or false) a loan processor and underwriter must be licensed if they are
independent contractors - ✔✔true
(ture or false) mortgage brokers usually do not fund their own loans - ✔✔true
(true or false) the three secondary market players are FNMA, FHLMC, and
HMDA - ✔✔false
(true or false) regulatory authorities have the authority to investigate, impose
penalties, provide supervision, or a combination of all three - ✔✔true
(true or false) to be a licensed MLO you must apply for a state, and national
license - ✔✔false
1|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
, (true or false) your pre-licensing education requires, 3 hours of federal law, 2
hours of ethics, 2 hours of non-traditional mortgage products, and 12 hours of
electives - ✔✔true
(true or false) the national test component with the uniform state content will
test your knowledge on the following five topics, federal laws and regulations,
ethics, general mortgage knowledge, MATH, and customer service essentials -
✔✔false
(true or false) if you fail the national test 3 times, you must wait 6 months to
retake the test - ✔✔true
(true or false) the national test contains 120 questions, and 10 of those are
unscored - ✔✔false
(true or false) you will pay a non-refundable application fee; the cost of the fee
varies by state - ✔✔true
(true or false) having your license revoked in another state is not a reason the
state could deny your license - ✔✔false
(true or false) once you have your license it must be renewed every year by
December 31st or sooner - ✔✔true
2|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
