Mortgage agent final exam Study guides, Class notes & Summaries
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MORTGAGE AGENT FINAL EXAM PREP | WITH 100% CORRECT ANSWERS | LATEST UPDATE | GRADED A+
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1. Briefly describe when a Mortgage Agent would be required to obtain the 
following documents from an applicant. 
a) T4: typically when a Borrower has salaried or hourly employment income 
b) T4A: typically when a Borrower has commission income 
c) Job Letter: typically when a Borrower's income or position information is required 
d) Paystub: typically in addition to a Job Letter to confirm that the individual is still 
employed and that the YTD income matches the Job Letter 
e) NOA: typical...
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Mortgage Agent Final Exam Prep Questions with Answers 2023/2024 (Graded A+)
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Mortgage Agent Final Exam Prep Questions with Answers 2023/2024 (Graded A+). What is a Certificate of Independent Legal Advice and under what circumstances 
would it be required? - ANSWER This document proves that an individual has 
been given advice by his or her lawyer with regards to the proposed mortgage. It is 
usually required when the proceeds of a refinance are being provided to a third 
party and not the Borrower or if the loan is a reverse mortgage. 
On a T4A slip in Box 61 what inform...
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Mortgage Agent Final Exam prep 2023 Graded A+
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Mortgage Agent Final Exam prep 2023 Graded A+ 
 
1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. 
a) T4: typically when a Borrower has salaried or hourly employment income 
b) T4A: typically when a Borrower has commission income 
c) Job Letter: typically when a Borrower's income or position information is required 
d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD i...
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RECA Fundamentals Exam Questions and Answers Already Passed
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RECA Fundamentals Exam Questions and Answers Already Passed 
Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) 
Which entity has the authority to amend the Real Estate Act Provincial Legislature 
Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) 
Which of the following will occur to the supply of a good when ther...
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Mortgage Agent Final Exam Questions With Answers 2023/2024 (100% Correct)
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Mortgage Agent Final Exam Questions With Answers 2023/2024 (100% Correct). Equity - ANSWER The difference, in dollars, between the value of the property 
and the amount of financing currently on the property. 
Value - Financing = Equity 
Balloon Payment - ANSWER The amount repayable at the end of the term 
Chattel - ANSWER Personal property, movable property and other property not 
deemed to be fixtures. 
Equity Take-Out (ETO) - ANSWER The removal of equity by refinancing of the 
property. An eq...
Too much month left at the end of the money?
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Mortgage Agent Final Exam Prep 2023 | Questions with 100% Correct Answers
- Exam (elaborations) • 22 pages • 2023
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Mortgage Agent Final Exam Prep 2023 | Questions with 100% Correct Answers. Briefly describe when a Mortgage Agent would be required to obtain the 
following documents from an applicant. - ANSWER a) T4: typically when a 
Borrower has salaried or hourly employment income 
b) T4A: typically when a Borrower has commission income 
c) Job Letter: typically when a Borrower's income or position information is 
required 
d) Paystub: typically in addition to a Job Letter to confirm that the individual is...
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California Legal Aspects of Real Estate Final Exam (Already Graded with a pass rate of 97%)
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California Legal Aspects of Real Estate Final Exam (Already Graded with a pass rate of 97%) 
California Legal Aspects of Real Estate Final 
Exam (Already Graded with a pass rate of 
97%) 
A promissory note is: 
a. evidence of the debt 
b. evidence of a sale 
c. a security interest in the property for the lender 
d. the same as a mortgage or trust deed 
a. evidence of the debt 
In order to be considered an emancipated minor and have the capacity to contract, 
a minor must: 
a. be married, widow...
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Mortgage Agent Final Exam prep | 101 questions and answers 2023/24
- Exam (elaborations) • 11 pages • 2023
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Mortgage Agent Final Exam prep | 101 questions and answers 2023/24 
 
1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. - a) T4: typically when a Borrower has salaried or hourly employment income 
b) T4A: typically when a Borrower has commission income 
c) Job Letter: typically when a Borrower's income or position information is required 
d) Paystub: typically in addition to a Job Letter to confirm that the individual is still empl...
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Mortgage Agent Final Exam prep 2023 Graded A+
- Exam (elaborations) • 12 pages • 2023
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Mortgage Agent Final Exam prep 2023 Graded A+ 
 
1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. 
a) T4: typically when a Borrower has salaried or hourly employment income 
b) T4A: typically when a Borrower has commission income 
c) Job Letter: typically when a Borrower's income or position information is required 
d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD i...
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Mortgage Agent Final Exam Practice Questions with 100% Correct Answers 2023/2024.
- Exam (elaborations) • 22 pages • 2023
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Mortgage Agent Final Exam Practice Questions with 100% Correct Answers 2023/2024. What information must be in a Job Letter for it to be acceptable to a Lender? - 
ANSWER It should be on company letterhead, have the company address and 
contact information, list the Borrower's position, income, how it is paid (i.e. salary 
or hourly), the frequency of payment (i.e. weekly), if the person is full or part-time 
and/or on probation, the start date and the writer's information and contact 
informat...
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