Mortgage Agent Licensing Practice Exam · Question
Under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), what is a mortgage agent required to maintain with their brokerage?
MBLAA requires a mortgage agent to be employed by and have a current, valid agency agreement with a licensed mortgage brokerage. This establishes the supervisor
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Question: Under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), what is a mortgage agent required to maintain with their brokerage?
Answer options:
- A minimum annual income.
- An active business bank account. ✅ A current and valid agency agreement.
- An independent legal counsel.
Correct answer: A current and valid agency agreement.
Explanation: MBLAA requires a mortgage agent to be employed by and have a current, valid agency agreement with a licensed mortgage brokerage. This establishes the supervisory relationship and ensures compliance.
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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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