Mortgage Broker Licensing Practice Exam · Question
Before recommending a mortgage product, the agent's suitability assessment must primarily consider:
Suitability requires recommending a product appropriate for the borrower's needs, circumstances and capacity to repay — never based primarily on the agent's com
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Question: Before recommending a mortgage product, the agent's suitability assessment must primarily consider:
Answer options:
- The lender that offers the highest commission ✅ The borrower's needs, circumstances and ability to repay
- The product easiest to close quickly
- The brokerage's preferred lender list only
Correct answer: The borrower's needs, circumstances and ability to repay
Explanation: Suitability requires recommending a product appropriate for the borrower's needs, circumstances and capacity to repay — never based primarily on the agent's compensation.
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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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