Florida Mortgage Loan Originator Law Practice Quiz: Free Chapter 494 Questions

130 practice questions on Florida's own mortgage law: chapter 494, Florida Statutes, and rule chapter 69V-40 of the Office of Financial Regulation. Florida gives no separate state test. Since 2016 it has used the national SAFE MLO Test with Uniform State Content (MLO Ticket's SAFE MLO level), and it adds Florida law in 2 of your 20 pre-licensing hours and 1 of your 8 yearly CE hours. This set is for those hours and for the job: the December 31 renewal and the March 1 last chance, the 7-year and 15-year criminal-history waits, the $250 plus 10% broker fee cap, the lock-in the borrower can still rescind, the appraisal fee that goes straight into a Florida trust account, the ad that has to say the rate can change. Every answer explains why, with a Remember line, and links the Florida statute or rule. The practice quiz is 50 questions at a 75% study bar; it mirrors no state exam, because there is none.

Is there a state test? No. Florida adopted the NMLS Uniform State Test in 2016, so a Florida loan originator license needs only the national SAFE MLO Test with Uniform State Content, passed at 75%. Florida adds its own law (chapter 494, Florida Statutes, and rule chapter 69V-40) in at least 2 of the 20 pre-licensing hours and at least 1 of the 8 yearly CE hours. This is a study set for that law: our own questions and a 50-question practice quiz at a 75% study bar (38 of 50). It mirrors no state exam, because there is none.

Here: 130 questions. Our own practice questions on Florida's mortgage loan originator law, written from chapter 494, Florida Statutes (2026) and rule chapter 69V-40, F.A.C., with every answer's statute or rule named and linked. Florida has no separate state test; the 6 areas are our own grouping. Not a state test or a course's questions. Free.

What's in the study set

"In the quiz" is the rough share of the 50-question practice quiz for each area. The areas are our own grouping of the law, not an exam outline.

10 sample questions

1. Which agency administers and enforces Florida's mortgage licensing law, chapter 494?

   • A.The Florida Real Estate Commission
   • B.The Florida Department of Business and Professional Regulation
   • C.The Office of Financial Regulation
   • D.The Department of Agriculture and Consumer Services, through its Division of Licensing in Tallahassee
   Show answer

   C. The Office of Financial Regulation

   MF-1 · 1. Florida scope, definitions and exemptions · Fla. Stat. 494.0011

2. Does Florida give its own state law test for a loan originator license today?

   • A.No; Florida accepts the national SAFE test with Uniform State Content
   • B.Yes; a second, Florida-only exam follows the SAFE test
   • C.Yes; OFR gives its own exam in place of the national one
   • D.Only for applicants who took their 20 pre-licensing hours in another state and want a Florida license added later
   Show answer

   A. No; Florida accepts the national SAFE test with Uniform State Content

   MF-17 · 2. Florida loan originator licensing · Fla. Stat. 494.00312, Fla. Admin. Code 69V-40.0312

3. What must a company designate on its Florida mortgage broker license application?

   • A.A Florida attorney who will review every loan file before closing and sign off on it
   • B.A certified public accountant
   • C.A qualified principal loan originator
   • D.A licensed real estate broker of record
   Show answer

   C. A qualified principal loan originator

   MF-48 · 3. Florida mortgage broker and lender companies · Fla. Stat. 494.00321, Fla. Admin. Code 69V-40.0321

4. What is the most a Florida mortgage broker may charge in fees or commissions on a mortgage loan of more than $5,000?

   • A.3% of the loan amount
   • B.$250 plus 10% of the entire loan amount
   • C.5% of the loan amount, plus any lender-paid compensation on top of that
   • D.$250 flat
   Show answer

   B. $250 plus 10% of the entire loan amount

   MF-71 · 4. Florida fees, disclosures and money handling · Fla. Stat. 494.0042, Fla. Admin. Code 69V-40.008

5. How long must a Florida licensee keep its books, records and each closing statement the borrower signed?

   • A.At least 3 years after the date of original entry
   • B.At least 1 year after closing
   • C.Until the loan is paid off, however many years that takes, and then 90 days more
   • D.At least 5 years after closing
   Show answer

   A. At least 3 years after the date of original entry

   MF-97 · 5. Florida records, advertising and conduct · Fla. Stat. 494.0016, Fla. Admin. Code 69V-40.170, Fla. Admin. Code 69V-40.175

6. A borrower thinks her Florida loan originator broke chapter 494. What may she do under the statute?

   • A.Only sue; the Office takes no complaints
   • B.Report it to the Florida Bar, which oversees mortgage brokers and lenders in the state
   • C.File a written complaint with the Office of Financial Regulation
   • D.Complain to NMLS, which disciplines Florida licensees
   Show answer

   C. File a written complaint with the Office of Financial Regulation

   MF-115 · 6. Florida enforcement and penalties · Fla. Stat. 494.0012, Fla. Stat. 494.00125

7. Under chapter 494, who adopts the rules that carry out the law, such as rule chapter 69V-40?

   • A.The Florida Legislature, one bill at a time
   • B.The Financial Services Commission
   • C.The Nationwide Mortgage Licensing System and Registry
   • D.Each county clerk of court, for loans recorded in that county's official records
   Show answer

   B. The Financial Services Commission

   MF-2 · 1. Florida scope, definitions and exemptions · Fla. Stat. 494.0011, Fla. Stat. 494.001

8. How many hours of Florida law must be inside a Florida loan originator applicant's 20-hour pre-licensing class?

   • A.At least 8 hours on Florida law
   • B.At least 2 hours on chapter 494 and rule chapter 69V-40
   • C.None; the 20 hours are all federal
   • D.At least 4 hours, taught in a classroom in Florida rather than online
   Show answer

   B. At least 2 hours on chapter 494 and rule chapter 69V-40

   MF-18 · 2. Florida loan originator licensing · Fla. Admin. Code 69V-40.0312, Fla. Stat. 494.00312

9. What are the state application fees for a new Florida mortgage broker license?

   • A.$225, the same as a branch office, plus a $50 processing fee for each control person listed
   • B.$500 plus the $100 trust fund fee
   • C.$195 plus the $20 trust fund fee
   • D.$425 plus the $100 trust fund fee
   Show answer

   D. $425 plus the $100 trust fund fee

   MF-49 · 3. Florida mortgage broker and lender companies · Fla. Stat. 494.00321, Fla. Admin. Code 69V-40.0321

10. A broker arranges a $180,000 loan in Florida. What is the most the broker may collect in total fees and commissions under chapter 494?

    • A.$18,250
    • B.$18,000
    • C.$9,250
    • D.$5,400
    Show answer

    A. $18,250

    MF-72 · 4. Florida fees, disclosures and money handling · Fla. Stat. 494.0042

What the study guide does

• Short study rounds and flip cards.
• A 50-question practice quiz, 38 to pass (a 76% study bar).
• Pass Meter: how ready you are on this law, worked out from your own answers.
• An explanation for every answer.