12 Questions
When is a mortgage brokerage not required to be licensed?
When using mortgage brokerages to find borrowers
Under what circumstance must a brokerage disclose in writing the name of the lender?
Upon request by the borrower
In what situation is a brokerage exempt from disclosing its role?
When acting as the lender
What is required if a Mortgage Brokerage is receiving referral fees for referring a borrower?
Must disclose to the borrower in writing
When must you include your licensed title in public relations materials?
When using your name in the materials
If a brokerage arranged less than 50% of mortgages, do they need to disclose the lender's name?
No, never
Which activities are regulated by the MBLAA in Ontario?
Dealing in mortgages, trading in mortgages, lending money, administering mortgages
What does dealing in mortgages involve according to the MBLAA?
Assessing a prospective borrower on behalf of a lender
Which activity defines trading in mortgages under the MBLAA?
Soliciting to buy, sell, or exchange mortgages
According to the MBLAA, what constitutes carrying on business as a lender in Ontario?
Negotiating or arranging mortgages on behalf of others
What is NOT considered part of dealing in mortgages under the MBLAA?
Investing in real estate properties
Who is required to have a license to lend private money in Ontario according to the MBLAA?
Individuals or entities engaging in buying mortgages on their own behalf
Test your knowledge on the regulations and definitions related to mortgage activities in Ontario as outlined in the MBLAA. Discover what activities require a license and what 'dealing in mortgages' entails according to the law.
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