Podcast
Questions and Answers
Which of the following is considered a form of secondary identification?
Which of the following is considered a form of secondary identification?
- Social Insurance Number (SIN) card issued by the Government of Canada
- Certificate of Canadian Citizenship
- Birth certificate issued in Canada (correct)
- Driver's license from any country
What criteria must be met for identification to be considered authentic for identity verification?
What criteria must be met for identification to be considered authentic for identity verification?
- Include a photo of the person (correct)
- Must be expired to show it was previously valid
- Include a signature of the person
- Should be issued by any organization
In the case of Mary reviewing an Ontario driver's license, why should she not accept the identification?
In the case of Mary reviewing an Ontario driver's license, why should she not accept the identification?
- The license number is too long with 16 digits (correct)
- The hologram is not visible
- The expiration date is missing
- The license number is too short with 12 digits
Which of the following would not be classified as secondary identification?
Which of the following would not be classified as secondary identification?
What distinguishes a co-applicant from a co-signer and a guarantor?
What distinguishes a co-applicant from a co-signer and a guarantor?
Which of the following is a requirement for identification to be considered authentic?
Which of the following is a requirement for identification to be considered authentic?
How many pieces of identification are typically required by lenders to comply with Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)?
How many pieces of identification are typically required by lenders to comply with Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)?
Which of the following is NOT a form of primary identification according to the text?
Which of the following is NOT a form of primary identification according to the text?
Which of the following statements is TRUE according to the text?
Which of the following statements is TRUE according to the text?
Which of the following is a form of primary identification according to the text?
Which of the following is a form of primary identification according to the text?
What is the purpose of the identification requirement mentioned in the text?
What is the purpose of the identification requirement mentioned in the text?
Which of the following combinations of identification is acceptable according to the text?
Which of the following combinations of identification is acceptable according to the text?
What is the main difference between a co-applicant and a co-signer?
What is the main difference between a co-applicant and a co-signer?
Why might a co-signer be required for a mortgage application?
Why might a co-signer be required for a mortgage application?
What is the role of a guarantor in a mortgage application?
What is the role of a guarantor in a mortgage application?
Why might a guarantor be required in a mortgage application?
Why might a guarantor be required in a mortgage application?
How is a personal covenant different from a legal covenant tied to a property?
How is a personal covenant different from a legal covenant tied to a property?
In what circumstance would a co-applicant's income and debts NOT be included in mortgage calculations?
In what circumstance would a co-applicant's income and debts NOT be included in mortgage calculations?
What does a mortgage borrower in Canada pledge as collateral?
What does a mortgage borrower in Canada pledge as collateral?
What does the 'Character' component of the 5 Cs of Credit refer to?
What does the 'Character' component of the 5 Cs of Credit refer to?
Why is a borrower's failure to pay child support considered a negative factor in the 'Character' component?
Why is a borrower's failure to pay child support considered a negative factor in the 'Character' component?
What is the purpose of a budget according to the Financial Consumer Agency of Canada?
What is the purpose of a budget according to the Financial Consumer Agency of Canada?
Why is creating a budget important for a potential mortgage borrower?
Why is creating a budget important for a potential mortgage borrower?
What are the 5 Cs of Credit?
What are the 5 Cs of Credit?
