Mortgage Broker Licensing Practice Exam · Question
Which of the following would NOT be considered a prohibited practice for a mortgage agent?
Providing honest and accurate information is a core ethical and regulatory responsibility of a mortgage agent. The other options represent forms of misrepresent
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Question: Which of the following would NOT be considered a prohibited practice for a mortgage agent?
Answer options:
- Guaranteeing a specific interest rate that is not yet secured or committed by a lender.
- Charging an undisclosed fee for services. ✅ Providing honest and accurate information about various mortgage products to a client.
- Advising a client to misrepresent their income on a mortgage application.
Correct answer: Providing honest and accurate information about various mortgage products to a client.
Explanation: Providing honest and accurate information is a core ethical and regulatory responsibility of a mortgage agent. The other options represent forms of misrepresentation, undisclosed compensation, or misleading practices, which are all prohibited.
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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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