Mortgage Broker Licensing Practice Exam · Question
Scenario 49: Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
FSRA is the dedicated regulatory body in Ontario for licensing and overseeing mortgage brokers, agents, and administrators, ensuring consumer protection and mar
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Question: Scenario 49: Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
Answer options:
- Canada Mortgage and Housing Corporation (CMHC) ✅ Financial Services Regulatory Authority of Ontario (FSRA)
- The Canadian Bankers Association (CBA)
- The Real Estate Council of Ontario (RECO)
Correct answer: Financial Services Regulatory Authority of Ontario (FSRA)
Explanation: FSRA is the dedicated regulatory body in Ontario for licensing and overseeing mortgage brokers, agents, and administrators, ensuring consumer protection and market integrity. The correct answer is "Financial Services Regulatory Authority of Ontario (FSRA)". This capacity-fill scenario 49 reinforces the same competency for the mortgage-broker bank and follows the certified explanation standard.
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Related Questions
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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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