West Virginia Mortgage Law Practice Test

If a licensee wishes to change its place of business, how much of a relocation fee must the licensee pay for each change in location?

1. $100

2. $200

3. $50

4. $150

The correct answer is: $100

The correct answer regarding the relocation fee a licensee must pay for changing its place of business is indeed $100. This amount is set to ensure that the licensing authority can manage and process the changes in licensing effectively. The fee helps cover administrative costs associated with evaluating the new location, updating records, and ensuring that the new premises comply with all legal and regulatory requirements. Choosing a different amount would not align with the established regulations governing licensing fees in West Virginia. A fee of $200 or higher would be inconsistent with the more common administrative fee structures seen in similar regulatory frameworks, which aim to keep costs manageable for licensees. Likewise, lower amounts such as $50 or $150 do not reflect the standardized procedures and costs associated with relocating a business in this professional context.