Ace the West Virginia Mortgage Law 2026 Quiz – Unlock Your Path to Success!

Question: 1 / 400

Which of the following fees is permissible?

A best efforts fee of 3%

A best efforts fee of 3% is permissible because it is within the industry standard and is not considered excessive. Option B is incorrect because application fees are not typically allowed by mortgage regulators. Option C is incorrect because an interest rate of 20% would be considered predatory and is not permissible. Option D is incorrect because a late payment fee of 10% would also be considered excessive and is not allowed by mortgage regulators. Therefore, option A is the only permissible fee listed.

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An application fee of $250

An interest rate of 20%

A late payment fee of 10%

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