West Virginia Mortgage Law Practice Test

West Virginia law requires lenders to retain records of all mortgage transactions for at least:

1. 1 year

2. 3 years

3. 5 years

4. 7 years

The correct answer is: 1 year

Mortgage transactions are financial transactions that involve borrowing and lending money for a property. West Virginia law requires lenders, or the parties lending the money, to keep records of these transactions for at least 1 year. This means that the lenders are responsible for keeping accurate and complete records of all the details of the mortgage transaction, such as the loan amount, interest rates, and payment schedule, for a minimum of 1 year. The other options of 3, 5, and 7 years are incorrect because they do not align with the specific law in West Virginia. These options may be valid for other states or situations, but for this particular question, 1 year is the correct answer.