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UNIT 10 UNIT QUESTIONS AND ANSWERS WITH SOLUTIONS
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UNIT 10 UNIT QUESTIONS AND ANSWERS WITH SOLUTIONS
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UNIT 10 UNIT QUESTIONS ANDANSWERS WITH SOLUTIONS 2024-2025
Lou, a real estate appraiser, is being pressured by a client to overstate the value of a residential property
in order for the mortgage financing to be approved. Which type of mortgage fraud scheme does this
situation describe? - ANSWER Mortgage assumption
If a real estate professional suspects mortgage fraud regarding a transaction, who should they approach
first? - ANSWER speak to the broker
what is meant by the term strawy buyer - ANSWER anyones who lets their identity be used to buy
property
From a brokerage perspective, what is is NOT a mortgage fraud prevention best practice? - ANSWER
Ensure the office policies and procedures for mortgage fraud detection and prevention are submitted to
RECA for review
Which of the following is NOT a mortgage fraud red flag related to the identity of a buyer during a real
estate transaction? - ANSWER the buyer provides photo identification when requested
Which statement best describes the seriousness of fraud for housing in relation to fraud for profit? -
ANSWER Fraud for housing and fraud for profit are both serious offences for all those involved
what is an example of contract kiting? - ANSWER two purcharse contracts are created and the lender
gets the one with the higher price
what is a trend in mortgage fraud - ANSWER technology is making mortgage fraud
Tia, who rents an apartment, wants to buy a townhouse, but does not earn enough money to qualify for
the mortgage. Her uncle agrees to provide an employment verification letter stating that she works at his
store part-time. Using this letter, Tia obtains the mortgage and buys the townhouse. - ANSWER tia
committed mortgage fraud because she fully intends to make the mortgage payments
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