West Virginia Mortgage Law Practice Test

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Prepare for the West Virginia Mortgage Law Practice Test. Study with flashcards and multiple-choice questions, each with hints and explanations. Get ready for your exam!

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How much is the relocation fee for a licensee in West Virginia?

$100
$200
$300
$50

The correct answer is: $100

In West Virginia, the relocation fee for a licensee is set at $100. This fee applies when a licensee changes their location and must notify the appropriate licensing authority. The purpose of this fee is to cover administrative costs associated with updating records and ensuring that the licensee's information remains current in the state's database. This fee structure supports regulatory compliance and helps maintain accurate information regarding licensed professionals, which is crucial for consumer protection and maintaining the integrity of the licensing system. Understanding this fee is important for anyone entering the real estate or mortgage profession in West Virginia, as it reflects the state's regulatory process and the importance of maintaining updated contact and location information for licensees.