That would be correct in terms of any background check or issuance of license. Any FFL can add the NFA firearms to their license just by paying the tax.
There is a whole new level in paperwork in dealing with the forms and transfers of NFA firearms as each one is registered with the ATF NFA branch and approval for each firearm transfer must process through the NFA branch first.
in regards to title 1 transfer. Customer wants gun, gives FFL dealer money, dealer orders gun, it comes in from source with no paperwork to the ATF but the dealers who touched the gun all have trace paperwork on the gun, ATF has no records of that guns existence until a crime has been committed with it and they trace it from the manuf. to each dealer who had it, to the final dealer who sold it to a private party.
NFA firearms ATF has a record of each one and each time it transfers, they do not need to trace the gun cause they know where each one is and it's trace history from dealer to dealer to individual back to dealer back to individual in their database.
So if you get pulled over with a gun and a machine gun, officer friendly runs the serial numbers, the gun comes back as not reported stolen, the machine gun comes back belonging to a certain person just like your registered car comes back registered to someone, except you can loan your car to a friend not so a machinegun.