Regulatory Bodies in Ontario for Lenders Quiz

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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?

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?

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?

Potential lender Signup and view all the answers

Can a Mortgage Agent Level 1 represent that they are qualified to complete private mortgage transactions?

No, they cannot represent as qualified Signup and view all the answers

Which mortgage professionals are accountable to clients for private mortgage transactions?

Both Mortgage Agent Level 2 and brokers Signup and view all the answers

What is the maximum administrative penalty that FSRA can impose on a Broker or agent?

$100,000 Signup and view all the answers

Under the legislation, what is the maximum fine that can be imposed on an individual charged with an offence?

$500,000 Signup and view all the answers

What action can a court take if a person is convicted of an offence under the Act in addition to any penalty imposed?

Order the person convicted to pay compensation or make restitution Signup and view all the answers

What is the maximum penalty that FSRA can impose on anyone else not licensed?

$500,000 Signup and view all the answers

What is the maximum fine that can be imposed on corporations charged with an offence?

$1,000,000 Signup and view all the answers

What is NOT a possible outcome if a person is convicted of an offence under this Act?

Paying a fine up to $2,000,000 Signup and view all the answers

What information must be clearly indicated in public relations materials if the brokerage's authorized name is a franchise name?

The ownership structure of the brokerage Signup and view all the answers

Which title can be used when referring to a broker in public relations materials?

Mortgage Broker Signup and view all the answers

Which of the following is one of the enforcement tools that FSRA can use for non-compliance?

Administrative monetary penalty (AMP) Signup and view all the answers

What is a potential action FSRA can take through a compliance order?

Imposing financial penalties Signup and view all the answers

Which title can be used when referring to an agent in public relations materials?

Mortgage Agent Level 1 Signup and view all the answers

What type of letters can FSRA use as part of its enforcement tools against non-compliance?

'Warning' or cautionary letters Signup and view all the answers

What must Amari disclose to the borrower in writing?

The nature of the relationship between the borrower and lender Signup and view all the answers

What is considered a simple referral according to Regulation 407/07?

Referral with no fee involved Signup and view all the answers

As per Regulation 187/08, what is defined as public relations materials?

Any advertisement related to the broker's or agent's status as a licensee Signup and view all the answers

What must Kateryna include in all of her public relations materials?

Her full licensee name Signup and view all the answers

Which level of mortgage agent license must be disclosed in public relations materials?

Mortgage Agent Level 2 license Signup and view all the answers

'Public relations materials' are defined as:

Material that discloses the licensee's name and license level Signup and view all the answers