Mortgage agent final Study guides, Class notes & Summaries

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...

Mortgage Agent Final Exam Questions With Correct Answers Updated 2023/2024. Home Buyer's Tax Credit (HBTC) - ANSWER For 2011 and subsequent years, the federal government provides a non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home. The HBTC is calculated by multiplying the lowest personal income tax rate for the year by $5,000. The current maximum credit is $750. More information can be found on the Canada Revenue Agency (CRA) w...

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...

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...

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...

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...

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...

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...

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...

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...