West Virginia Mortgage Law Practice Test

The Commissioner may examine or investigate licensees:

1. Once a year

2. As often as deemed necessary

3. Once every two years

4. Once every five years

The correct answer is: Once a year

The correct response highlights that the Commissioner has the authority to examine or investigate licensees as often as deemed necessary. This means that while there may be standard practices or guidelines, the Commissioner retains discretion to conduct examinations based on various factors such as concerns about compliance, market conditions, or specific complaints. This flexibility allows for a more responsive regulatory approach, ensuring that licensees adhere to the laws and manage risks effectively, regardless of a fixed schedule. In contrast, the other answers suggest fixed timelines that do not reflect the need for situational evaluations, which could be detrimental in ensuring compliance and consumer protection.