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!

Practice this question and more.

What is the maximum application fee a West Virginia mortgage broker may charge?

$0
$150
$100
$50

The correct answer is: $0

West Virginia mortgage brokers are not allowed to charge any application fees, this is why the correct answer is A. Option B, $150, and option D, $50, both involve a specific fee which goes against the state's regulations. Option C, $100, may seem like a reasonable answer but it is still not the maximum amount a mortgage broker can charge. Remember, the question is asking for the maximum fee allowed. Therefore, the correct answer is A, as it states that the maximum application fee a West Virginia mortgage broker may charge is $0.