State Exam Test Prep: Rhode Island

This course is designed to prepare you to pass the NMLS Rhode Island State Exam, with material and questions all tailored to the test outline!  This course includes:

1.  Over 150 test questions that simulate the state exam questions:

a.  You can take the test an unlimited amount of times

b.  The questions are randomized so each test is different

c.  Clickable wrong answers so that you know what section to review

2.  Printable and Online slides

3.  Notes that discuss each slide and provide further insight

The exam outline we follow is listed below.  Please enjoy the class!

SAFE Mortgage Loan Originator Test
Rhode Island State Component
Content Outline
March 30, 2009
50 scored test questions; 10 unscored test questions

I. Rhode Island Department of Business Regulation Division of Banking (5%)

A. Regulatory authority (Ref: §19-14-30; §42-14-1, 2, 4, 5, 17)
B. Responsibilities and limitations (Ref: § 42-14-6; §42-35-9)

II. State Law and Regulation Definitions (10%)
(Ref: §5-20.7-2; §19-1-1; §19-9-1; §19-14-1; §19-14.10-3; §27-58-3)

III. License Law and Regulation (20%)
(Ref: §19-14-1 through 33; §19-14.1-1 through 12; §19-14.10-1 through 22; Banking
Regulation (BR) 98-14)

A. Individual

1. Individuals required to be licensed (Ref: §19-14-2; §19-14.10-4, 11)

a. Exemptions (Ref: §19-14.1-10; §19-14.10-4(b))

2. Licensee qualifications and application process

a. Financial responsibility (surety bond, net worth) (Ref: §19-14.10-5, 14)
b. Background check and fingerprints (criminal check; credit report)(Ref: §19-14-3; §19-14.10-5)
c. Pre-licensing education (Ref: §19-14-3(e); §19-14.10-7)
d. Testing (Ref: §19-14.10-8)

3. Grounds for denying a license (Ref: §19-14-7, 8, 28; §19-14.10-6)

4. License maintenance

a. Continuing education (Ref: §19-14-22(c); §19-14.10-10)
b. Renewal (Ref: §19-14-4(b); §19-14.10-9)
c. Record keeping and reporting (Ref: §19-14-20, 22; §19-14.10-18, 19)
d. Examinations (Ref: §19-14-23; §19-14.10-16)

B. Company

1. Companies required to be licensed (Ref: §19-14-2, 12)

a. Exemptions (Ref: §19-14.1-10)

2. License qualifications and application process

a. Financial responsibility (surety bond, net worth) (Ref: §19-14-5, 6, BR 98-14-5(a))
b. Background check and fingerprints (criminal check; credit report)(Ref: §19-14-3)
c. Experience requirement (Ref: BR 98-14-5(b))

3. Grounds for denying a license (Ref: §19-14-7, 8, 28)
4. License maintenance

a. Renewal (Ref: §19-14-4(b))
b. Record keeping and reporting (Ref: §19-14-11, 20, 22; §19-14.10-18; BR 98-14-5(c),(d))
c. Examinations (Ref: §19-14-23; §19-14.10-16)

IV. Compliance (55%)
(Ref: BR 3; BR 98-9; BR 98-14; BR 98-14.1; Banking Bulletin Numbers 2003-2, 2007-3 through 5; Rhode Island DBR 2007, Statement On Subprime Mortgage Lending (on DBR website))

A. Prohibited conduct and practices (Ref: §5-20.7-3, 24; §19-9-3.1, 22, 28; §19-14.1-1, 5; §19-14.10-17; §23-6-22; §27-5-3.2; §27-29-4(9); §27-58-6 and 9 through 11; §34-37-4, 4.3, 4.4, 5.4)