Mortgage Broker Licensing Practice Exam · Question
What is an 'agent of record' in the context of a mortgage brokerage?
The 'agent of record' is the specific licensed individual within the brokerage assigned primary responsibility for a client's file, ensuring a clear point of co
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Question: What is an 'agent of record' in the context of a mortgage brokerage?
Answer options:
- The client who has the longest relationship with the brokerage.
- A specific mortgage agent designated to handle all marketing for the brokerage. ✅ The licensed mortgage agent or broker who is primarily responsible for a client's mortgage application and communications.
- An administrative staff member who records all incoming calls.
Correct answer: The licensed mortgage agent or broker who is primarily responsible for a client's mortgage application and communications.
Explanation: The 'agent of record' is the specific licensed individual within the brokerage assigned primary responsibility for a client's file, ensuring a clear point of contact and accountability for that client's mortgage transaction.
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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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