Mortgage Agent Licensing Practice Exam · Question
When assessing a client's suitability for a mortgage product, what is the primary factor a mortgage agent should consider?
A primary factor in suitability assessment is the client's ability to repay the mortgage. FSRA's principles emphasize that agents must ensure recommended produc
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Question: When assessing a client's suitability for a mortgage product, what is the primary factor a mortgage agent should consider?
Answer options:
- The agent's commission potential from the product ✅ The client's ability to repay the mortgage
- The popularity of the product among other clients
- The time it takes to process the application
Correct answer: The client's ability to repay the mortgage
Explanation: A primary factor in suitability assessment is the client's ability to repay the mortgage. FSRA's principles emphasize that agents must ensure recommended products are suitable for the client's financial circumstances and objectives.
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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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