Mortgage Agent Licensing Practice Exam · Question
Which of the following activities requires an individual to be licensed as a Mortgage Agent in Ontario?
Section 2(1) of the MBLAA defines 'dealing in mortgages' as including soliciting a person to borrow money or lend money on the security of a mortgage. An indivi
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Question: Which of the following activities requires an individual to be licensed as a Mortgage Agent in Ontario?
Answer options:
- Providing general information about current interest rates to a friend.
- Referring a client to a mortgage broker and receiving a referral fee. ✅ Acting as a representative of a mortgage brokerage to solicit borrowers for mortgage business.
- Lending money for a mortgage from a personal investment portfolio.
Correct answer: Acting as a representative of a mortgage brokerage to solicit borrowers for mortgage business.
Explanation: Section 2(1) of the MBLAA defines 'dealing in mortgages' as including soliciting a person to borrow money or lend money on the security of a mortgage. An individual who acts as a representative of a mortgage brokerage to solicit borrowers must be licensed as a Mortgage Agent.
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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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