Mortgage Broker Licensing Practice Exam · Question
Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
Brokerages must hold client/investor money in a designated trust account at a Canadian financial institution, separate from operating funds, with proper records
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Question: Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
Answer options:
- The brokerage's general operating account
- The principal broker's personal account ✅ A designated trust account held at a Canadian financial institution
- Any account chosen by the agent handling the file
Correct answer: A designated trust account held at a Canadian financial institution
Explanation: Brokerages must hold client/investor money in a designated trust account at a Canadian financial institution, separate from operating funds, with proper records.
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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?
- 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:
- Which type of transaction is NOT typically subject to FINTRAC reporting requirements?
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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?
- 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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Other Canadian certifications candidates often prepare for alongside this one.