West Virginia Mortgage Law Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the minimum required surety bond for a mortgage lender applicant?

$100,000
$50,000
$25,000
$75,000

The correct answer is: $100,000

In West Virginia, the correct minimum required surety bond for a mortgage lender applicant is $100,000. This amount is established to ensure that the lender complies with state regulations and protects consumers in case of any misconduct or financial issues. It is essential for mortgage lenders to have this bond to demonstrate financial responsibility and trustworthiness in handling mortgage transactions. This requirement helps safeguard the interests of both the lender and the borrowers involved in the mortgage process. Option B, $50,000, Option C, $25,000, and Option D, $75,000, are not the correct minimum amounts required for a mortgage lender applicant in West Virginia. The accurate minimum surety bond amount is $100,000 as per state regulations.