State Exam Test Prep: North Carolina

Course State Exam Test-Prep: North Carolina

This course includes the following:

State Exam Test Prep: North Carolina

This course is designed to prepare you to pass the NMLS North Carolina 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

North Carolina State Component

Content Outline

I. North Carolina Banking Commission (5%)

Ref: Article 19B

A. North Carolina Banking Commission

II. State Law and Regulation Definitions (15%)

A. Predatory Lending laws – NC Gen. Stat. §24-1.1A(c)(1)a.-f., 24-1.1E, and 24-1.1F.

B. Residential Mortgage Fraud Act

III. License Law and Regulation (15%)
Ref: Article 19B
A. Persons required to be licensed
1. Non-exempt – MLO’s must be licensed and employed by a licensee
2. Exempt, if working for exempt company may be required to be registered or licensed LO
B. License qualifications and application process
1. Financial responsibility and good character, background check, and fingerprinting (criminal check; credit                 report; public records)
2. Pre-licensing education and experience
3. Testing and retesting
C. Grounds for denying license
1. Criminal convictions
2. Previous revocation
3. Lack of demonstrated financial responsibility or good character
D. License maintenance
1. Continuing education
2. Personal information updates and required notifications
3. Renewal
4. Record keeping and reporting
5. Suspension and reinstatement

IV. Compliance (53%)
A. Required conduct – broker duties in NC Gen. Stat. §53-244.109
B. Prohibited Acts – NC Gen. Stat. §53-244.111
C. Fees and charges – NC Gen. Stat. §24-1.1A, 24-10(g) and 24-1.1E
D. Disclosures – NC Notice of Amortization
E. Advertising

V. Disciplinary Action (10%)
Ref: Article 19B
A. Notifications, hearings, and appeals
B. Denial, suspension, or revocation of licenses

Course State Exam Test-Prep: North Carolina

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