Mortgage Broker Licensing Practice Exam · Question
Maria, a new mortgage agent registered in Ontario, arranges a private mortgage for her friend, David. David is borrowing $250,000 to purchase a single-family home in Hamilton. Maria ensures all required disclosure documents are provided to David and that the lender is registered. Which of the following is Maria's Principal Broker primarily responsible for?
Under the MBLAA and Ontario Regulation 187/08, the Principal Broker is responsible for the supervision of their agents' activities to ensure compliance with the
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Question: Maria, a new mortgage agent registered in Ontario, arranges a private mortgage for her friend, David. David is borrowing $250,000 to purchase a single-family home in Hamilton. Maria ensures all required disclosure documents are provided to David and that the lender is registered. Which of the following is Maria's Principal Broker primarily responsible for?
Answer options: ✅ Ensuring Maria's mortgage activities comply with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) and its regulations.
- Personally underwriting and approving David's mortgage application.
- Guaranteeing the performance of the private mortgage investment for the lender.
- Providing legal advice to David regarding the terms of his private mortgage.
Correct answer: Ensuring Maria's mortgage activities comply with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) and its regulations.
Explanation: Under the MBLAA and Ontario Regulation 187/08, the Principal Broker is responsible for the supervision of their agents' activities to ensure compliance with the Act and consumer protection.
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Related Questions
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
- What is a 'material change' in relation to a client's mortgage application?
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Question explanations
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
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