NMLS Education and Testing 3

Question 1

What is the minimum passing score on the SAFE MLO Test – National Component with Uniform State Content?

Accepted Answer

75%

Answer

70%

Answer

80%

Answer

65%

Question 2

After passing the SAFE MLO Test, how long is the test result valid if the applicant has not obtained a license?

Accepted Answer

3 years

Answer

1 year

Answer

2 years

Answer

5 years

Question 3

How many hours of continuing education (CE) must a licensed MLO complete annually?

Accepted Answer

8 hours

Answer

12 hours

Answer

20 hours

Answer

16 hours

Question 4

Of the 8 annual CE hours required, how many must address federal law and regulations?

Accepted Answer

1 hour

Answer

2 hours

Answer

3 hours

Answer

4 hours

Question 5

An MLO who fails to complete the required continuing education in a given year faces which consequence?

Accepted Answer

License renewal denial until CE is complete

Answer

A $500 fine from CFPB

Answer

Mandatory suspension for 6 months

Answer

Automatic conversion to inactive status for 30 days

Question 6

Can an MLO take the same approved CE course more than once to satisfy the annual CE requirement?

Accepted Answer

No, the same course cannot be repeated in successive years

Answer

Yes, if taken with a different provider

Answer

Yes, any approved course counts each year

Answer

No, unless the course content was updated

Question 7

Which body administers the SAFE MLO Test for most states and territories?

Accepted Answer

Pearson VUE

Answer

Prometric

Answer

PSI Services

Answer

Castle Worldwide