MN MLO EXAM QUESTIONS AND
ANSWERS 2026 VERIFIED.
This state agency has authority to conduct examinations and investigations of mortgage
licensees in Minnesota. - ANS DOC
This is a person who, for compensation, assists a borrower in obtaining a residential mortgage
loan, including accepting loan applications and negotiating with lenders. - ANS Mortgage
broker
A mortgage broker's duty of care requires them to do all of the following, EXCEPT: -
ANS Obtain a loan with terms or conditions not in the broker's normal course of business
This Minnesota law requires the disclosure of unique identifiers on loan applications,
solicitations, advertisements, and more: - ANS The Minnesota S.A.F.E. Act
The Residential Mortgage Originator and Servicer Licensing Act prohibits charging a prepayment
penalty: - ANS More than 42 months after closing
The prepayment penalty disclosure required under Minnesota law is due: - ANS Within three
business days of closing (N)
Tyler's advertisement is required to feature which of the following? - ANS Tyler's unique
identifier
@2026/2027 ALLRIGHTS RESERVED.
, The lender's fee charged to the Knightleys may not exceed what percentage of the loan
amount? - ANS 5%
Tyler would be required to act as an agent for the Knightleys if he did which of the following? -
ANS Charged any advance fee
According to the Residential Mortgage Originator and Servicer Licensing Act, licensees are
required to maintain records for at least: - ANS 60 months
Licensees must deposit trust funds within what timeframe upon receipt? - ANS Three
business days
"Lender fees" include all of the following according to Minnesota law, EXCEPT: -
ANS Recording fees
The DOC is headed by the: - ANS Commissioner
Which of the following best describes duty of agency requirements in Minnesota? - ANS The
duty of agency in Minnesota applies to mortgage brokers
The Commissioner has the authority to do any of the following during an examination or
investigation, EXCEPT: - ANS Assign control of the licensee to another entity
An interest rate agreement must include all of the following, EXCEPT: - ANS The risks and
rewards of accepting a mortgage loan
If a lender fails to make timely payments from an escrow account, they may be liable to the
borrower for: - ANS Damages caused by failure to pay, plus a $500 penalty
Who is entitled to receive satisfaction of a mortgage upon written request? - ANS Any party
paying the full, final balance
@2026/2027 ALLRIGHTS RESERVED.
ANSWERS 2026 VERIFIED.
This state agency has authority to conduct examinations and investigations of mortgage
licensees in Minnesota. - ANS DOC
This is a person who, for compensation, assists a borrower in obtaining a residential mortgage
loan, including accepting loan applications and negotiating with lenders. - ANS Mortgage
broker
A mortgage broker's duty of care requires them to do all of the following, EXCEPT: -
ANS Obtain a loan with terms or conditions not in the broker's normal course of business
This Minnesota law requires the disclosure of unique identifiers on loan applications,
solicitations, advertisements, and more: - ANS The Minnesota S.A.F.E. Act
The Residential Mortgage Originator and Servicer Licensing Act prohibits charging a prepayment
penalty: - ANS More than 42 months after closing
The prepayment penalty disclosure required under Minnesota law is due: - ANS Within three
business days of closing (N)
Tyler's advertisement is required to feature which of the following? - ANS Tyler's unique
identifier
@2026/2027 ALLRIGHTS RESERVED.
, The lender's fee charged to the Knightleys may not exceed what percentage of the loan
amount? - ANS 5%
Tyler would be required to act as an agent for the Knightleys if he did which of the following? -
ANS Charged any advance fee
According to the Residential Mortgage Originator and Servicer Licensing Act, licensees are
required to maintain records for at least: - ANS 60 months
Licensees must deposit trust funds within what timeframe upon receipt? - ANS Three
business days
"Lender fees" include all of the following according to Minnesota law, EXCEPT: -
ANS Recording fees
The DOC is headed by the: - ANS Commissioner
Which of the following best describes duty of agency requirements in Minnesota? - ANS The
duty of agency in Minnesota applies to mortgage brokers
The Commissioner has the authority to do any of the following during an examination or
investigation, EXCEPT: - ANS Assign control of the licensee to another entity
An interest rate agreement must include all of the following, EXCEPT: - ANS The risks and
rewards of accepting a mortgage loan
If a lender fails to make timely payments from an escrow account, they may be liable to the
borrower for: - ANS Damages caused by failure to pay, plus a $500 penalty
Who is entitled to receive satisfaction of a mortgage upon written request? - ANS Any party
paying the full, final balance
@2026/2027 ALLRIGHTS RESERVED.
