Mortgage Broker Licensing Practice Exam · Question
Under Ontario's MBLAA, a mortgage agent must be sponsored by:
Under the Mortgage Brokerages, Lenders and Administrators Act (Ontario), an agent or broker can only deal in mortgages while authorized by a licensed mortgage b
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Question: Under Ontario's MBLAA, a mortgage agent must be sponsored by:
Answer options:
- FSRA directly ✅ A licensed mortgage brokerage
- Any Schedule I bank
- CMHC
Correct answer: A licensed mortgage brokerage
Explanation: Under the Mortgage Brokerages, Lenders and Administrators Act (Ontario), an agent or broker can only deal in mortgages while authorized by a licensed mortgage brokerage.
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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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