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Mastering Mortgage Agent Responsibilities & Disclosure Requirements Quiz

10 Questions

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Mastering Mortgage Agent Responsibilities & Disclosure Requirements Quiz

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Questions and Answers

Question 1: What is the role of a Mortgage Agent in relation to fiduciary duty?

To represent the best interest of both the borrower and lender/investor (correct)

To represent the best interest of the borrower only

To represent the best interest of neither the borrower nor the lender/investor

To represent the best interest of the lender/investor only

Question 2: When should the initial disclosure statement be provided to the client?

At least two business days prior to the mortgage agreement being signed

At least two business days after the borrower enters into the mortgage agreement

At least two business days after the mortgage agreement is signed

At least two business days prior to when the borrower enters into the mortgage agreement (correct)

Question 3: Is a borrower disclosure form required on all mortgage transactions?

Yes, a Mortgage Agent must provide all clients with a borrower disclosure form for all transactions (correct)

Yes, a Mortgage Agent must provide all clients with a borrower disclosure form for some transactions

No, it is only required if the borrower requests it

No, it is only required for certain types of mortgage transactions

Question 4: When is Form 1 - Investor/Lender Disclosure Statement for brokered transactions required?

When conducting a private mortgage where the brokerage is acting on behalf of any lender/investor Signup and view all the answers

Question 5: What does APR stand for?

Annual Percentage Rate Signup and view all the answers

Question 6: What does fiduciary duty mean for a Mortgage Agent?

A Mortgage Agent must prioritize the interests of both the borrower and lender equally Signup and view all the answers

Question 7: When must the borrower receive the initial disclosure statement?

At least two business days before entering into the mortgage agreement Signup and view all the answers

Question 8: Is a borrower disclosure form required for all mortgage transactions?

Yes, it is required for all mortgage transactions Signup and view all the answers

Question 9: When is Form 1 - Investor/Lender Disclosure Statement required?

When conducting a private mortgage where the brokerage is acting on behalf of a lender in a designated class Signup and view all the answers

Question 10: What does APR stand for?

Annual Percentage Rate Signup and view all the answers