Podcast
Questions and Answers
What is the maximum penalty for an individual failing to disclose any potential conflicts of interest to a private lender?
What is the maximum penalty for an individual failing to disclose any potential conflicts of interest to a private lender?
- $100,000
- $1,000,000
- $50,000
- $500,000 (correct)
What is the maximum administrative penalty for a brokerage that fails to disclose any potential conflicts of interest to a private lender?
What is the maximum administrative penalty for a brokerage that fails to disclose any potential conflicts of interest to a private lender?
- $100,000
- $1,000,000 (correct)
- $500,000
- $250,000
How does FSRA define a material risk in the mortgage industry?
How does FSRA define a material risk in the mortgage industry?
- A risk that has no influence on investor/lender decisions
- A risk that is minimal in nature
- A risk that is irrelevant to investors/lenders
- A risk that may result in loss and significantly influences investor/lender decisions (correct)
What is the maximum administrative penalty for an individual licensee?
What is the maximum administrative penalty for an individual licensee?
What must be disclosed to enable an investor/lender to make an informed decision according to the text?
What must be disclosed to enable an investor/lender to make an informed decision according to the text?
What is the purpose of disclosing material risks according to the text?
What is the purpose of disclosing material risks according to the text?
What is one way to reduce the risk of default for investors?
What is one way to reduce the risk of default for investors?
How can changing market conditions be mitigated to reduce risk?
How can changing market conditions be mitigated to reduce risk?
What does having the mortgage administered help reduce?
What does having the mortgage administered help reduce?
How does diversification help minimize risk in an investment portfolio?
How does diversification help minimize risk in an investment portfolio?
Why is it important to have an understanding of potential exit strategies?
Why is it important to have an understanding of potential exit strategies?
What factor helps in determining an acceptable loan-to-value limit for investors?
What factor helps in determining an acceptable loan-to-value limit for investors?
What is the importance of dealing with issues in a timely manner?
What is the importance of dealing with issues in a timely manner?
In what situation might an investor prepay mortgage payments for a borrower?
In what situation might an investor prepay mortgage payments for a borrower?
What could happen if a mortgage does not improve the borrower’s position?
What could happen if a mortgage does not improve the borrower’s position?
How can an investor help a borrower who misses a payment?
How can an investor help a borrower who misses a payment?
Why is being innovative important in investing?
Why is being innovative important in investing?
What can prevent a borrower from becoming disgruntled with an investment?
What can prevent a borrower from becoming disgruntled with an investment?
What is the purpose of a commitment letter?
What is the purpose of a commitment letter?
What does a postponement agreement allow a mortgage lender to do?
What does a postponement agreement allow a mortgage lender to do?
What is the significance of a postponement agreement in mortgage refinancing?
What is the significance of a postponement agreement in mortgage refinancing?
In what scenario would a new mortgage be registered after a second mortgage?
In what scenario would a new mortgage be registered after a second mortgage?
What does 'pari-passu' mean in relation to mortgages?
What does 'pari-passu' mean in relation to mortgages?
Why must a postponement agreement be authorized by the second mortgage lender?
Why must a postponement agreement be authorized by the second mortgage lender?
What is the primary definition of a conflict of interest in the context of mortgage transactions?
What is the primary definition of a conflict of interest in the context of mortgage transactions?
Which legislation outlines the disclosure requirements for conflicts of interest in mortgage transactions?
Which legislation outlines the disclosure requirements for conflicts of interest in mortgage transactions?
Which of the following is an example of a potential conflict of interest?
Which of the following is an example of a potential conflict of interest?
In which situation does a conflict of interest NOT arise?
In which situation does a conflict of interest NOT arise?
If a mortgage broker receives a higher commission for working with a specific lender, what type of conflict of interest does this represent?
If a mortgage broker receives a higher commission for working with a specific lender, what type of conflict of interest does this represent?
Which of the following situations would NOT require disclosure as a conflict of interest?
Which of the following situations would NOT require disclosure as a conflict of interest?
