NMLS Education and Testing 2

Question 1

How many hours of pre-licensure education (PE) are required for a new MLO applicant under the SAFE Act?

Accepted Answer

20 hours

Answer

12 hours

Answer

8 hours

Answer

16 hours

Question 2

Of the 20 required pre-licensure education hours, how many must cover federal law and regulations?

Accepted Answer

3 hours

Answer

1 hour

Answer

2 hours

Answer

4 hours

Question 3

What is the minimum number of pre-licensure education hours that must cover ethics?

Accepted Answer

2 hours

Answer

1 hour

Answer

3 hours

Answer

4 hours

Question 4

Which organization is approved to accredit pre-licensure and continuing education courses for MLOs?

Accepted Answer

NMLS

Answer

HUD

Answer

CFPB

Answer

AARMR

Question 5

An MLO who fails the SAFE MLO Test may retake it after a waiting period. How long must they wait after a third failure?

Accepted Answer

180 days

Answer

30 days

Answer

60 days

Answer

6 months

Question 6

Which of the following topics is included in the non-traditional mortgage product component of the 20-hour PE requirement?

Accepted Answer

Interest-only and negative amortization loans

Answer

Adjustable-rate vs. fixed-rate loan comparison

Answer

Conventional conforming loan underwriting

Answer

Standard 30-year amortization schedules

Question 7

An approved pre-licensure education course may be taken online. Which requirement still applies to online PE courses?

Accepted Answer

They must be approved by NMLS

Answer

They must be proctored in person

Answer

They must be completed within 90 days

Answer

They must include a paper-based component