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.

The Commissioner can impose a fine of up to how much per violation related to unlicensed activity under the Residential Mortgage Lender, Broker and Servicer Act?

$25,000
$2,000
$10,000
$5,000

The correct answer is: $25,000

The Commissioner can impose a fine of up to $25,000 per violation related to unlicensed activity under the Residential Mortgage Lender, Broker and Servicer Act. This is the maximum amount that can be fined per violation. The other options, while also significant amounts, are incorrect because they do not reflect the full extent of the Commissioner's authority. B is too low, C is lower than the correct answer, and D is incorrect because it is the same amount as C.