Question and Answers

Q. What Do I do to get enrolled for the class and state exam?

A. Call our registration line at 954-441-2811, and the state at 850-410-9895 and ask for an application.

Q. Where, when and how long is it?

A. Courses are offered at our South Broward office, 7050 Taft St, Hollywood, Fl. The weekend course is available Sat. 8:30am-8:30pm, Sun. 8:30am-8:30pm. The "Friday only" course shall be offered 9:00 AM - 5: 00 PM, every Friday excluding holiday weekends from January to December. Private courses are available to institutions onsite at reduced rates. (20 or more students).

Q. What’s covered in the class?

A. Florida Statute 494 & Federal Laws, Fannie Mae Underwriting Guidelines, Real Estate and Math.

Q. What is the cost?

A. $195 (On site registration -$205).

Q. What does the registration fee include?

A. Registration fee includes the State approved course book, sample quizzes and test exams, free review of the course, Certificate of Completion, and direct on-line submission to the State of Florida for eligibility to take the State Exam.

Q. When is the State Exam Given?

A. The state exam is given the 4th Tues of every month (2^nd Tues Nov, Dec) in these cities: Tallahassee, St. Pete, West Palm Beach, Orlando, Ft. Lauderdale. Ft. Lauderdale’s test site is Broward Community College Central Campus.

Q. Where are the test locations?

A. Ft. Lauderdale
   * Coconut Creek Community Center, 1100 Lyons Road, Coconut Creek, FL 33063
     
      Miami 
   *Miami Sheraton Mart Hotel, 711 NW 72nd Ave,Miami, FL 33126

Q. Can I submit my state application prior to attending your class? How soon in advance does the state need to receive my application prior to my testing date?

A. The application for the exam must be received on or before the 21st day of the month proceeding the month for which you wish to be scheduled to take the exam. You may submit your application to the state without completion of the 24-hour course, however you are not eligible to take the exam without its completion.

Q. What’s on the State Exam?

A. Florida Statute 494 and Federal Laws 25%, Fannie Mae Guidelines 35%, Real Estate 35%, Math 5%. Upon application the state will send you a test outline.

Q. How many questions are on the exam and what is a passing score?

A. 100 Multiple Choice questions each worth 1 point. A minimum scorer of 75 is required.

Q. When and How will I get my results?

A. Approximately 1 week after the testing date you will be notified by U.S. mail of
your score. If you passed the exam, you should receive your license within 2 to 3 weeks after notification.

Q. Why should I get a License?

A. In Florida, those persons who arrange loans tied to real estate with another's
money must be licensed to be paid. Also, to be paid a referral fee, finder’s fee, bird dog fee, etc., you must be licensed. Any compensation to an unlicensed individual is a kickback and illegal.

Q. Once I am Licensed what must I do to get paid?

A. You must place your license with a licensed mortgage broker business office as an "Associate Broker".

Q. Can I work as a licensed realtor, insurance agent, etc and still receive proceeds as a licensed mortgage broker in a real estate transaction?

A. Yes, as long as you actually performed the services of which you are being paid, have the respective licenses, is in accordance with state statutes, and have disclosed these relationships to the consumer.

Q. Can I take the class and/or exam without knowing where I am going to place
my license?

A. Yes, you can. However you can not receive compensation until your license is
placed with a mortgage broker business, or licensed correspondent lender.

Q. Is this class approved for Real Estate Continuing Education & CPA's/Certified Financial Planners?

A. Yes...11 hours. Real Estate and 24 hours for CPA's & CFP's.

Keywebsites:

Selection of a mortgage school: www.victorymortgageacademy.net

Department of Banking and Finance: http://www.flofr.com/licensing/MBlist.htm

Apply for Real Estate:http://www.state.fl.us/dbpr/online_services/license_search.shtml

Other State agencies:http://www.myflorida.com/

U.S. Department H.U.D.:www.hud.gov

Fannie Mae:http://www.efanniemae.com/

Chapter 494 (Mortgage Brokerage Lending Act): http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0494/titl0494.htm&StatuteYear=2002&Title=%2D%3E2002%2D%3EChapter%20494