Podcast
Questions and Answers
What does the term 'ethics' refer to in the context of the mortgage industry?
What does the term 'ethics' refer to in the context of the mortgage industry?
- Listing potential solutions to a problem
- The process of obtaining all the facts before making a decision
- Obtaining input from co-workers and family members
- Applying core values to a practitioner's daily conduct (correct)
Which of the following is NOT considered a core value of the mortgage industry?
Which of the following is NOT considered a core value of the mortgage industry?
- Acting in one's best interest (correct)
- Client's interests
- Compliance with the law
- Integrity
What is the potential consequence of making a decision without acquiring all the facts?
What is the potential consequence of making a decision without acquiring all the facts?
- Ethical behavior
- Faulty decision-making (correct)
- Clarity in decision-making
- Obtaining input from others
In the decision-making model, what is the purpose of listing potential solutions?
In the decision-making model, what is the purpose of listing potential solutions?
When applying the core value of honesty to potential solutions, what should be done if a solution goes against this core value?
When applying the core value of honesty to potential solutions, what should be done if a solution goes against this core value?
What should be done if an individual is too involved in a situation to see all potential solutions?
What should be done if an individual is too involved in a situation to see all potential solutions?
What is the purpose of reviewing the decision-making model process before making a final decision?
What is the purpose of reviewing the decision-making model process before making a final decision?
Why is it important to comply with laws and codes of conduct?
Why is it important to comply with laws and codes of conduct?
What should an individual do if they can't obtain all the facts?
What should an individual do if they can't obtain all the facts?
How can an individual ensure they have obtained all necessary facts?
How can an individual ensure they have obtained all necessary facts?
What should be the test when multiple solutions are available?
What should be the test when multiple solutions are available?
Why is it beneficial to discuss the decision-making process with a trusted individual?
Why is it beneficial to discuss the decision-making process with a trusted individual?
What is the core value being tested when considering if a potential solution compromises your integrity?
What is the core value being tested when considering if a potential solution compromises your integrity?
What is the next step if a potential solution is deemed unethical based on integrity concerns?
What is the next step if a potential solution is deemed unethical based on integrity concerns?
What is necessary before applying the core value 'Act in the best interests of your client'?
What is necessary before applying the core value 'Act in the best interests of your client'?
When assessing if a potential solution is in the best interests of your client, what should be done if it does not meet this criterion?
When assessing if a potential solution is in the best interests of your client, what should be done if it does not meet this criterion?
What is being evaluated when checking if a potential solution reflects well on the industry?
What is being evaluated when checking if a potential solution reflects well on the industry?
What should be done if a potential solution is found to be detrimental to the industry?
What should be done if a potential solution is found to be detrimental to the industry?
When making a final decision, what should an individual do with regards to facts?
When making a final decision, what should an individual do with regards to facts?
If two or more solutions reach the final step, what should the decision maker consider?
If two or more solutions reach the final step, what should the decision maker consider?
What should an individual do if they cannot see all potential solutions clearly?
What should an individual do if they cannot see all potential solutions clearly?
When comparing personal and business decision-making models, what aspect should be considered?
When comparing personal and business decision-making models, what aspect should be considered?
What should an individual do if their perception of the industry's core values differs from those listed in a chapter?
What should an individual do if their perception of the industry's core values differs from those listed in a chapter?
How can an individual develop additional solutions if they cannot determine all potential solutions to a scenario?
How can an individual develop additional solutions if they cannot determine all potential solutions to a scenario?
What is the main purpose of the MBRCC?
What is the main purpose of the MBRCC?
What should a mortgage agent do if the MBLAA requirements are stricter than the MBRCC Code of Conduct?
What should a mortgage agent do if the MBLAA requirements are stricter than the MBRCC Code of Conduct?
Why did the MBRCC develop a Code of Conduct?
Why did the MBRCC develop a Code of Conduct?
What does it mean to act in the best interests of the industry?
What does it mean to act in the best interests of the industry?
If a client wants a mortgage they cannot afford, would arranging it be acting in their best interests?
If a client wants a mortgage they cannot afford, would arranging it be acting in their best interests?
Why is it important to prioritize stricter requirements over a Code of Conduct?
Why is it important to prioritize stricter requirements over a Code of Conduct?
