Podcast
Questions and Answers
Who regulates lenders in Ontario?
Who regulates lenders in Ontario?
- Canadian Mortgage Association (CMA)
- Office of the Superintendent of Financial Institutions (OSFI)
- Financial Services Regulatory Authority of Ontario (FSRA) (correct)
- Ontario Securities Commission (OSC)
Can a Mortgage Agent Level 1 work on a private mortgage without supervision?
Can a Mortgage Agent Level 1 work on a private mortgage without supervision?
- No, they cannot (correct)
- Only if they have a certain number of years of experience
- Yes, they can
- Only after passing an additional exam
Who can conduct suitability assessments for private lenders?
Who can conduct suitability assessments for private lenders?
- Mortgage Agent Level 1 only
- Both Mortgage Agent Level 1 and 2
- Mortgage Agent Level 2 only (correct)
- Mortgage Brokers only
Which body should a potential borrower be referred to by a Mortgage Agent?
Which body should a potential borrower be referred to by a Mortgage Agent?
Can a Mortgage Agent Level 1 represent that they are qualified to complete private mortgage transactions?
Can a Mortgage Agent Level 1 represent that they are qualified to complete private mortgage transactions?
Which mortgage professionals are accountable to clients for private mortgage transactions?
Which mortgage professionals are accountable to clients for private mortgage transactions?
What is the maximum administrative penalty that FSRA can impose on a Broker or agent?
What is the maximum administrative penalty that FSRA can impose on a Broker or agent?
Under the legislation, what is the maximum fine that can be imposed on an individual charged with an offence?
Under the legislation, what is the maximum fine that can be imposed on an individual charged with an offence?
What action can a court take if a person is convicted of an offence under the Act in addition to any penalty imposed?
What action can a court take if a person is convicted of an offence under the Act in addition to any penalty imposed?
What is the maximum penalty that FSRA can impose on anyone else not licensed?
What is the maximum penalty that FSRA can impose on anyone else not licensed?
What is the maximum fine that can be imposed on corporations charged with an offence?
What is the maximum fine that can be imposed on corporations charged with an offence?
What is NOT a possible outcome if a person is convicted of an offence under this Act?
What is NOT a possible outcome if a person is convicted of an offence under this Act?
What information must be clearly indicated in public relations materials if the brokerage's authorized name is a franchise name?
What information must be clearly indicated in public relations materials if the brokerage's authorized name is a franchise name?
Which title can be used when referring to a broker in public relations materials?
Which title can be used when referring to a broker in public relations materials?
Which of the following is one of the enforcement tools that FSRA can use for non-compliance?
Which of the following is one of the enforcement tools that FSRA can use for non-compliance?
What is a potential action FSRA can take through a compliance order?
What is a potential action FSRA can take through a compliance order?
Which title can be used when referring to an agent in public relations materials?
Which title can be used when referring to an agent in public relations materials?
What type of letters can FSRA use as part of its enforcement tools against non-compliance?
What type of letters can FSRA use as part of its enforcement tools against non-compliance?
What must Amari disclose to the borrower in writing?
What must Amari disclose to the borrower in writing?
What is considered a simple referral according to Regulation 407/07?
What is considered a simple referral according to Regulation 407/07?
As per Regulation 187/08, what is defined as public relations materials?
As per Regulation 187/08, what is defined as public relations materials?
What must Kateryna include in all of her public relations materials?
What must Kateryna include in all of her public relations materials?
Which level of mortgage agent license must be disclosed in public relations materials?
Which level of mortgage agent license must be disclosed in public relations materials?
'Public relations materials' are defined as:
'Public relations materials' are defined as:
