Exam (elaborations)
Chapter 32: Mortgage Brokerage well answered
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Chapter 32: Mortgage Brokerage well answered
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Chapter 32: Mortgage Brokeragemortgage broker - correct answer ✔✔A person who brings together the user of capital (borrower) and
the supplier of capital (lender). For this service, a finder's fee is usually paid by the borrower.
Dual Agency Affidavit - correct answer ✔✔If the person who is applying for mortgage broker registration
also holds a real estate broker or salesperson license or functions as an attorney on residential mortgage
transactions, he or she must also submit a Dual Agency Affidavit.
Dual Agency Disclosure - correct answer ✔✔Required in listing contract; seller may accept or decline
potential dual agency situation.
Dual Agency - correct answer ✔✔In this section, the mortgage/real estate broker writes in his or her
name in both statements, indicating that he or she is the person who is representing the buyer as both
the mortgage broker and the real estate broker.
Your Rights Under Dual Agency - correct answer ✔✔This section spells out important rights of the buyer
and seller in agreeing to this arrangement. It also has space for the mortgage/real estate broker to
indicate the number of mortgage lenders he or she uses.
Acknowledgement of Prospective Buyer and Seller to Dual Agency - correct answer ✔✔In this section,
buyer and seller acknowledge that the mortgage/real estate broker will be unable to provide the full
range of fiduciary duties to each party. They also acknowledge their right to choose to engage their own
independent broker(s) to complete the transaction. The parties further acknowledge the number of
mortgage lenders the mortgage broker typically uses when placing applications.
Define the term mortgage broker. - correct answer ✔✔A mortgage broker is a person registered by the
New York State Banking Department who engages in the business of soliciting, processing, placing, or
negotiating mortgage loans for others.
What kind of experience must a mortgage broker have? - correct answer ✔✔A minimum of two years of
credit analysis or underwriting experience with an exempt organization, mortgage banker, mortgage
broker or licensed lender.
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