100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Week 1 | 1.3 The mortgage broker act correctly answered to pass $12.99   Add to cart

Exam (elaborations)

Week 1 | 1.3 The mortgage broker act correctly answered to pass

 1 view  0 purchase
  • Course
  • Mortgage brokerage
  • Institution
  • Mortgage Brokerage

Week 1 | 1.3 The mortgage broker act correctly answered to pass

Preview 2 out of 6  pages

  • August 8, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Mortgage brokerage
  • Mortgage brokerage
avatar-seller
Sakayobako30
Week 1 | 1.3 The mortgage broker act
Which one of the following people would not be specifically exempt from the current registration
requirements of the mortgage brokers act?



1. Sasha, a mortgage loans officer at one of the banks listed in the bank act of Canada.

2. Jim, a criminal lawyer, helps clients out when in need by lending them money on the security of their
property. He has collected $19,000 of fees this year.

3. Anna, is a real estate licensee who facilitates the sale of a vendor take back mortgage for a client
during the course of one of his real estate transactions.

4. Joanne, an employee of the Ministry of finance for British Columbia (and the ministry lends money to
low income households on the security land.) - correct answer ✔✔2. Jim, a criminal lawyer, helps clients
out when in need by lending them money on the security of their property. He has collected $19,000 of
fees this year.



Who is responsible for ensuring that mortgage brokers meet the requirements of the mortgage brokers
act?

1. Real estate council of BC

2. Superintendent of mortgage brokers

3. Superintendent of real estate

4. Registrar of mortgage brokers - correct answer ✔✔4. Registrar of mortgage brokers (Boss)



Which of the following statements about the financial institutions commissions (FICOM) is FALSE?



1. FICOM is an agency of the provincial government that administers a number of statutes and
regulations, including the mortgage brokers act.

2. FICOM's Jurisdiction includes credit unions, insurance and trust companies.

3. FICOM is solely responsible for enforcing all of the consumer protection granted by the business
practises and consumer protection act.

4. Through the registrar of mortgage brokers, FICOM governs the registration of mortgage and sub
mortgage brokers. - correct answer ✔✔3. FICOM is solely responsible for enforcing all of the consumer
protection granted by the business practises and consumer protection act.

, Which of the following are powers of the registrar of mortgage brokers under the more mortgage broker
act?

A. The Registrar has the power to investigate any complaints regarding a breach of a mortgage brokers
act.

B. Registrar has the power to investigate criminal fraud.

C. Registar's powers of investigation allow him or her to enter, inspect all books of accounts and other
records, and to seize any relevant information from a mortgage broker.

D. The registrar has the power to freeze the trust funds of any mortgage broker pending the outcome of
the investigation.



1. A, C & D

2. A and C

3. A, B and C

4. All of the above - correct answer ✔✔4. All of the above



The registrar of mortgage brokers has the power to order that a person pay an administrative penalty up
to a maximum of:

1. $50,000

2. $1000

3. $500,000

4. $1,000,000 - correct answer ✔✔1. $50,000



The purpose of code of ethics is to:



A. Define the minimum standard of conduct for professionals, as required by law.

B. Maintain the reputation of the profession in the eyes of the public.

C. Set out the remedies that a person may have against a professional who has wronged him or her.

D. Replace the Registry of the legal system of professionals

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79373 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart