West Virginia Mortgage Law Practice Test

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Prepare for the West Virginia Mortgage Law Exam with our comprehensive test. Study using various questions and insights to strengthen your understanding of mortgage regulations and laws in West Virginia. Gear up and ensure you pass your exam!

Practice this question and more.

In addition to other penalties that may be imposed for violations of West Virginia mortgage law, the Commissioner may impose a fine of up to how much per violation of the Residential Mortgage Lender, Broker, and Servicer Act related to unlicensed activity?

$1,000
$3,500
$5,000
$7,500

The correct answer is: $1,000

The penalty for violations of the Residential Mortgage Lender, Broker, and Servicer Act in West Virginia can result in a fine of up to $1,000 per violation related to unlicensed activity. While the other options may seem like significant fines, they are higher penalties for other violations of the Act, such as engaging in false or deceptive practices. Option A is the specific penalty for unlicensed activity, which is why it is the most accurate answer.