Mortgage Agent Licensing Practice Exam · Question
A mortgage agent must prioritize the client's best interests over their own or their brokerage's interests. This is known as the principle of:
The principle of fiduciary duty dictates that a mortgage agent must act in the best interests of their client. This is a fundamental ethical and legal obligatio
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Question: A mortgage agent must prioritize the client's best interests over their own or their brokerage's interests. This is known as the principle of:
Answer options:
- Due Diligence ✅ Fiduciary Duty
- Professional Courtesy
- Market Efficiency
Correct answer: Fiduciary Duty
Explanation: The principle of fiduciary duty dictates that a mortgage agent must act in the best interests of their client. This is a fundamental ethical and legal obligation for all licensed mortgage professionals in Ontario.
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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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