Mortgage Agent Licensing Practice Exam · Question
A mortgage agent must disclose their compensation from lenders to their client:
FSRA regulations require mortgage agents to disclose their compensation (or how it's calculated) to clients before the client signs a mortgage commitment, ensur
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Question: A mortgage agent must disclose their compensation from lenders to their client:
Answer options:
- Only if specifically asked by the client.
- Never, as it is proprietary information of the brokerage. ✅ Before the mortgage commitment is signed, as part of the disclosure requirements.
- Only for variable-rate mortgages.
Correct answer: Before the mortgage commitment is signed, as part of the disclosure requirements.
Explanation: FSRA regulations require mortgage agents to disclose their compensation (or how it's calculated) to clients before the client signs a mortgage commitment, ensuring transparency and informed decision-making.
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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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