West Virginia Mortgage Law Practice Test

Each violation of the Residential Mortgage Lender, Broker and Servicer Act is a misdemeanor, punishable by:

1. A fine of up to $1,000 and imprisonment for one year

2. A fine of up to $100,000

3. A fine of up to $500 and imprisonment for six months

4. Community service and suspension of license

The correct answer is: A fine of up to $1,000 and imprisonment for one year

Each violation of the Residential Mortgage Lender, Broker and Servicer Act in the state of Arizona is classified as a misdemeanor and is punishable by a fine of up to $1,000 and imprisonment for one year. This option is correct because it lists the specific penalty that can be imposed for violating the Act. The other options are incorrect because they either do not specify the penalty for the violation (option B), or list penalties that are different from the one stated in the question (options C and D). Additionally, option B lists a much higher fine than the one stated in the question, and option D mentions a suspension of license and community service, which are not mentioned in the question. Therefore, A is the only correct answer.