Please read the below situation and answer the following multiple-choice questions appropriately.
A real estate broker is properly
licensed in the State of West Virginia.
The company has been in operation for 5 years without a consumer
complaint and has grown to employ 30 licensed salespersons. The office is located in an area where there
are few options for the consumer to meet with a mortgage loan originator in
person. The broker amends the company’s
corporate charter to expand the business of the corporation to include mortgage
loan originations and begins to train a few salespersons on how to originate
mortgage loans. Is this legal or
illegal?
a)
Mortgage loan originations
are legal in this case because the broker has never had a consumer complaint
and is located in an area where there are few options for the consumer to meet
with a mortgage loan originator in person.
b)
Mortgage loan originations
are legal in this case because the broker properly amended the corporate
charter to expand the business of the corporation to include mortgage loan
originations.
c)
Mortgage loan originations
are legal in this case because the salespersons were trained on how to
originate mortgage loans.
d)
Mortgage loan originations
are illegal in this case.
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