Mortgage agent final Study guides, Class notes & Summaries
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Mortgage Agent Final Exam prep 2023 Graded A+
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Mortgage Agent Final Exam prep 2023 Graded A+ 
 
1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. 
a) T4: typically when a Borrower has salaried or hourly employment income 
b) T4A: typically when a Borrower has commission income 
c) Job Letter: typically when a Borrower's income or position information is required 
d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD i...
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Mortgage Agent Final Exam Practice Questions with 100% Correct Answers 2023/2024.
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Mortgage Agent Final Exam Practice Questions with 100% Correct Answers 2023/2024. What information must be in a Job Letter for it to be acceptable to a Lender? - 
ANSWER It should be on company letterhead, have the company address and 
contact information, list the Borrower's position, income, how it is paid (i.e. salary 
or hourly), the frequency of payment (i.e. weekly), if the person is full or part-time 
and/or on probation, the start date and the writer's information and contact 
informat...
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GA MLS Real Estate Practical Final Exam Questions With Answers 2023 Solution
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GA MLS Real Estate Practical Final Exam Questions With Answers 2023 Solution 
 
 
Safety Clause - CORRECT ANS -A negotiated period after the termination of the listing during which the listing broker may still be entitled to a commission if the property is sold to a buyer who was shown the property during the listing period 
 
Survival Clause - CORRECT ANS -A clause in the contract for purchase and sale that, unless otherwise expressly agreed to in writing by the buyer and seller, allows certai...
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Mortgage Agent Final Exam Practice Questions with 100% Correct Answers | Latest Update 2023/2024 (GRADED A+)
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How must the cost of borrowing be expressed in a borrower disclosure form? - 
ANSWER The cost of borrowing must be disclosed as an annual percentage rate, 
section 8.1 of Regulation 191/08 states that it must also be disclosed in dollars and 
cents over the course of the term for all fixed and variable rate mortgages. 
When or under what circumstances would a Broker not have to supply his or her 
borrower with a borrower disclosure form? - ANSWER If the brokerage does not 
require the borrower t...
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Mortgage Agent Final Exam prep 2023 Graded A+
- Exam (elaborations) • 12 pages • 2023
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Mortgage Agent Final Exam prep 2023 Graded A+ 
 
1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. 
a) T4: typically when a Borrower has salaried or hourly employment income 
b) T4A: typically when a Borrower has commission income 
c) Job Letter: typically when a Borrower's income or position information is required 
d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD i...
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Mortgage Agent Final Exam Practice Questions With Answers (2023/2024) Graded A+
- Exam (elaborations) • 48 pages • 2023
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Mortgage Administrator - ANSWER An individual or entity that enforces 
payments by borrowers ON BEHALF OF LENDERS OR INVESTORS. Mortgage 
Administrators must be licensed. 
Public Register of licensees - ANSWER A registry required to be maintained by 
FSCO that provides access to licensee information 
Regulated activities - ANSWER As defined by the MBLAA, any activities that 
require a license which are currently listed as dealing or trading in mortgages and 
mortgage lending 
Tied Selling - ANSW...
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California Legal Aspects of Real Estate Final Exam 2022 (Answered)
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California Legal Aspects of Real Estate Final Exam 2022 (Answered) A promissory note is: a. evidence of the debt b. evidence of a sale c. a security inte rest in the property for the lender d. the same as a mortgage or trust deed In order to be considered an emancipated minor and have the capacity to contract, a minor must: a. be married, widowed, or divorced; have entered military service on active duty; or have received a declaration of emancipation from a court b. just state that he is an ema...
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Mortgage Agent Final Exam prep 2023
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Mortgage Agent Final Exam prep 2023...
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NYREI School Exam Questions and Answers Latest Version Graded A+
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NYREI School Exam Questions and Answers Latest Version Graded A+ What is the minimum licensing requirement to sell commercial real estate in New York? a real estate salesperson's license 
What is the preferred method of creating an agency relationship? expressed agency 
An amenity purchaser occupies or uses the purchased property 
Condominium units are considered _____ property and are conveyed by _____. real / deed 
A salesperson who is an independent contractor is not subject to withholding r...
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Mortgage Agent Final Exam Prep | Questions With Complete Solutions
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Mortgage Agent Final Exam Prep | Questions With Complete Solutions
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