Mortgage Agent Licensing Practice Exam · Question
Mark, a mortgage agent in B.C., completes a mortgage transaction for a client. What is the minimum period Mark's brokerage must retain records pertaining to this client's mortgage application and funding, according to BCFSA guidance?
BCFSA (British Columbia Financial Services Authority) requirements stipulate that mortgage brokers must retain records for a minimum of seven years from the dat
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Question: Mark, a mortgage agent in B.C., completes a mortgage transaction for a client. What is the minimum period Mark's brokerage must retain records pertaining to this client's mortgage application and funding, according to BCFSA guidance?
Answer options:
- Five years from the date of the transaction.
- Two years from the date of the transaction. ✅ Seven years from the date of the transaction.
- Ten years from the date the mortgage matures or is paid in full.
Correct answer: Seven years from the date of the transaction.
Explanation: BCFSA (British Columbia Financial Services Authority) requirements stipulate that mortgage brokers must retain records for a minimum of seven years from the date the transaction is completed.
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