Mortgage Agent Licensing Practice Exam · Question
An individual, John, approaches a mortgage agent, Maria, requesting a mortgage for a property in Calgary. John appears hesitant to provide personal details, insists on communicating only via email, and states that a third party will be handling all document submissions and acting as his primary contact. What type of fraud should Maria be most concerned about?
A client who is reluctant to provide personal details, relies heavily on a third party, and avoids direct communication are red flags often associated with stra
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Question: An individual, John, approaches a mortgage agent, Maria, requesting a mortgage for a property in Calgary. John appears hesitant to provide personal details, insists on communicating only via email, and states that a third party will be handling all document submissions and acting as his primary contact. What type of fraud should Maria be most concerned about?
Answer options: ✅ Straw Buyer Fraud
- Appraisal Fraud
- Title Fraud
- Income Document Fraud
Correct answer: Straw Buyer Fraud
Explanation: A client who is reluctant to provide personal details, relies heavily on a third party, and avoids direct communication are red flags often associated with straw buyer schemes, where a legitimate-looking borrower acts on behalf of another party.
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Question explanations
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
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