Exam (elaborations)
Mortgage Agent Course questions with 100% correct answers rated A+
- Course
- Institution
Mortgage Agent Course questions with 100% correct answers rated A+
[Show more]
Content preview
Mortgage Agent CourseThis will determine what land can be used for residential, commercial, industrial, agricultural among
others - correct answer ✔✔Municipal Plans
ABC Mortgage Administrators Inc. is moving their office. What do they need to do? - correct answer
✔✔ABC Mortgage Administrators Inc. must notify the FSRA with 5 days of the change.
Which of the following occur if a brokerages license expires? - correct answer ✔✔All agents of the
brokerage will automatically be suspended.
A brokerage must disclose the following- - correct answer ✔✔The name of the lender, if any with whom
the brokerage arranged more than 50% of the total number of new mortgages and renewals during the
previous fiscal year, if requested by the borrower.
Private Lenders may be at risk of this type of fraud if they rely on a borrowers own appraisal report. -
correct answer ✔✔Value Fraud
If a person provides information about a prospective borrower to a prospective mortgage lender, they
are - correct answer ✔✔Dealing in Mortgages
Common Shareholders typically have less security than a private mortgage because they - correct answer
✔✔Are typically last in line for the company's assets if there is a dissolution
What is NOT a requirement of a mortgage administrator - correct answer ✔✔To have discretion to allow
for the postponment or deferral of a mortgage payment.
FSRA has proposed to impose an administrative penalty on Shawn a mortgage broker. Given Given the
scenerio what can Shawn do? - correct answer ✔✔Request a hearing before the Financial Services
Tribunal.
,What is typically done in a licensee's initial consultation with a potential borrower - correct answer
✔✔Confirm Identity
A mortgage broker arranging a private 1st mtg that has invested alot of time requests a $3500 deposit
from their client is this allowed - correct answer ✔✔They cannot take this deposit as the mortgage is
under $400K.
Frank is arranging a private second mortgage. The COB is 61.3% which statement is correct - correct
answer ✔✔This is prohibited under by the Criminal Code.
What share of it's net income must a MIC distribute to its shareholders? - correct answer ✔✔100%
What are the 5 C's of Credit> - correct answer ✔✔Capital, Character,Capacity,Credit & Collateral -
Capitalization is not one
This task is performed to assist the licensee in determining how best to assist a potential borrower. -
correct answer ✔✔Needs Analysis
When closing a mortgage transaction the lender will send this document to the closing lawyer to endure
the transaction is completed as per the lenders requirements - correct answer ✔✔Instructions to the
lawyer
The max penalty the FSRA can charge for an offence is - correct answer ✔✔For individuals a fine up to
$500k and imprisonment for up to 1yr
This type of lender is the second largest in the mortgage industry? - correct answer ✔✔Credit Unions
What document meets the requirements of primary identification - correct answer ✔✔Federally issued
firearms license
A subsearch can be be described as - correct answer ✔✔An update of a previously completed full search
to find for example any easements restrictive covenants.
, To be eligible for a mortgage agent level 2 license you must have. - correct answer ✔✔12 months
experience over the past 24 months as a mortgage agent level 1
When putting a mortgage on an apartment building what kind of approach will be used to determine the
value? - correct answer ✔✔Income Approach
For identification to be considered authentic which of the following criteria must be met? - correct
answer ✔✔It must include a unique identifying number
Money laundering is considered this type of fraud - correct answer ✔✔Fraud for criminal activities
According to MBLAA which of the following must be provided to the borrower - correct answer ✔✔A
signed copy of the borrower disclosure and an amortization schedule
Form 1.2 must be provided to an investor when - correct answer ✔✔The waiting period is being reduced
What document is used to register a mortgage - correct answer ✔✔Charge/Mortgage
With regard to regulation 188/08 Mortgage Brokerages: Standards of Practices - A mortgage broke must -
correct answer ✔✔Ensure that the mortgage it is recommending to an investor/lender is suitable
A SIN card issued by the government of Canada is acceptable as: - correct answer ✔✔Secondary ID in
Ontario
A potential borrower has recently lost his job and is on EI. Does the mortgage broker have to disclose this
to the private lender? - correct answer ✔✔Yes this must be disclosed as a risk in Form 1
What is the difference between foreclosure and power of sale? - correct answer ✔✔In power of sale the
lender sells the property
A mutual fund differs from a private mortgage in that - correct answer ✔✔Invests in different asset
classes
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now