Mortgage Broker Licensing Practice Exam · Question
A mortgage broker is paid by both the borrower and the lender on the same transaction. The broker must:
Provincial mortgage broker legislation (e.g. Ontario MBLAA, BC MBA) requires full written disclosure of all forms of remuneration and any conflict of interest b
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Question: A mortgage broker is paid by both the borrower and the lender on the same transaction. The broker must:
Answer options:
- Disclose only the lender-paid compensation
- Disclose only the borrower-paid compensation ✅ Disclose all compensation and any conflict of interest in writing before the borrower commits
- Need not disclose if total is below 1% of the loan
Correct answer: Disclose all compensation and any conflict of interest in writing before the borrower commits
Explanation: Provincial mortgage broker legislation (e.g. Ontario MBLAA, BC MBA) requires full written disclosure of all forms of remuneration and any conflict of interest before the borrower signs.
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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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