Mortgage Broker Licensing Practice Exam · Question
If a client makes a formal complaint against a mortgage agent, what is the principal broker's immediate responsibility?
The principal broker has a regulatory obligation to address client complaints promptly and thoroughly. This includes investigation, documentation, and taking co
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Question: If a client makes a formal complaint against a mortgage agent, what is the principal broker's immediate responsibility?
Answer options:
- To dismiss the complaint if they believe the agent is innocent. ✅ To investigate the complaint thoroughly, document all findings, and take appropriate action, adhering to internal policies and regulatory requirements.
- To advise the client to drop the complaint.
- To immediately terminate the agent without investigation.
Correct answer: To investigate the complaint thoroughly, document all findings, and take appropriate action, adhering to internal policies and regulatory requirements.
Explanation: The principal broker has a regulatory obligation to address client complaints promptly and thoroughly. This includes investigation, documentation, and taking corrective actions, ensuring both client protection and regulatory compliance.
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Related Questions
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- 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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