Mortgage Broker Licensing Practice Exam · Question
Which document gives a mortgage broker authorization to pull a credit bureau report?
Equifax and TransUnion require documented consent from the consumer before a credit report is pulled; brokers obtain this on the application or a separate form.
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Question: Which document gives a mortgage broker authorization to pull a credit bureau report?
Answer options:
- The Agreement of Purchase and Sale ✅ The borrower's written consent (often on the application or a separate consent form)
- The MLS listing
- The lender's commitment letter
Correct answer: The borrower's written consent (often on the application or a separate consent form)
Explanation: Equifax and TransUnion require documented consent from the consumer before a credit report is pulled; brokers obtain this on the application or a separate form.
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Related Questions
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- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
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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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