Chapter 2: Role of the Brokerage Quiz
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Questions and Answers

When is a mortgage brokerage not required to be licensed?

  • When arranging mortgages and mortgage renewals
  • When using mortgage brokerages to find borrowers (correct)
  • When not including licensed title in public relations materials
  • When advertising to the public

    • Under what circumstance must a brokerage disclose in writing the name of the lender?

  • When acting as the lender
  • When receiving referral fees
  • Upon request by the borrower (correct)
  • After arranging more than 50% of mortgages

    • In what situation is a brokerage exempt from disclosing its role?

  • When arranging more than 50% of mortgages
  • When receiving referral fees
  • When acting as the lender (correct)
  • When using public relations materials

    • What is required if a Mortgage Brokerage is receiving referral fees for referring a borrower?

    <p>Must disclose to the borrower in writing</p> Signup and view all the answers

    When must you include your licensed title in public relations materials?

    <p>When using your name in the materials</p> Signup and view all the answers

    If a brokerage arranged less than 50% of mortgages, do they need to disclose the lender's name?

    <p>No, never</p> Signup and view all the answers

    Which activities are regulated by the MBLAA in Ontario?

    <p>Dealing in mortgages, trading in mortgages, lending money, administering mortgages</p> Signup and view all the answers

    What does dealing in mortgages involve according to the MBLAA?

    <p>Assessing a prospective borrower on behalf of a lender</p> Signup and view all the answers

    Which activity defines trading in mortgages under the MBLAA?

    <p>Soliciting to buy, sell, or exchange mortgages</p> Signup and view all the answers

    According to the MBLAA, what constitutes carrying on business as a lender in Ontario?

    <p>Negotiating or arranging mortgages on behalf of others</p> Signup and view all the answers

    What is NOT considered part of dealing in mortgages under the MBLAA?

    <p>Investing in real estate properties</p> Signup and view all the answers

    Who is required to have a license to lend private money in Ontario according to the MBLAA?

    <p>Individuals or entities engaging in buying mortgages on their own behalf</p> Signup and view all the answers

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