Mortgage Broker Licensing Practice Exam · Question
Every Ontario mortgage brokerage must designate which licensed individual to take principal responsibility for compliance?
MBLAA requires every brokerage to designate a Principal Broker who is responsible for ensuring the brokerage and its agents comply with the Act and regulations.
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Question: Every Ontario mortgage brokerage must designate which licensed individual to take principal responsibility for compliance?
Answer options:
- The brokerage owner ✅ The principal broker
- The senior administrator
- The chief financial officer
Correct answer: The principal broker
Explanation: MBLAA requires every brokerage to designate a Principal Broker who is responsible for ensuring the brokerage and its agents comply with the Act and regulations.
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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?
- Ethical behavior for a mortgage broker includes:
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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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