Mortgage Broker Licensing Practice Exam · Question
An agent learns that a client intends to misrepresent income on a mortgage application. The agent must:
Knowingly submitting a false application is mortgage fraud. The agent must refuse and, depending on jurisdiction, has reporting obligations to the regulator.
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Question: An agent learns that a client intends to misrepresent income on a mortgage application. The agent must:
Answer options:
- Submit the application as instructed by the client ✅ Refuse to submit the application and may be required to report fraud
- Submit it but note the concerns in the lender comments
- Charge a higher fee for risk
Correct answer: Refuse to submit the application and may be required to report fraud
Explanation: Knowingly submitting a false application is mortgage fraud. The agent must refuse and, depending on jurisdiction, has reporting obligations to the regulator.
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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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