Mortgage broker - Study guides, Class notes & Summaries

chapter 2 of mortgage broker course correctly answered

Fundamentals Of Mortgage Brokerage Practice Questions Exam Questions And Answers 2025 Torrens system - ANSWER-(Definition from internet). Operates on the principle of "title by registration" rather than "registration of title". A buyer can only receive a title if it is first registered, rather than buying a piece of land and then register it later Mirror principle - ANSWER-Means that a current Certificate of Title accurately reflects the current facts about the property. Therefore,...

RECA Mortgage Broker Exam Questions and Answers 100% Verified.

Question: A sublessee is a(n) correct answers . Tenant Question: A major disadvantage of owning investment property might be correct answers Lack of Liquidity Question: The most favorable thing about a VA loan is that correct answers VA loans guarranty gives the veteran favorable financing terms because the lender is protected from loss Question: Once the funds of a construction loan are disbursed to the contractor, and if the sub-contractor is not paid, correct answers . The sub-contra...

Colibri Real Estate Practice Final Exam 2024 Questions with 100% Verified Correct Answers Rated A+ Why is the condition of bearing walls more important than non bearing walls? - Correct Answer Bearing walls support the ceiling and the roof. Owner Tom decided to lease out his basement to a college student. By leasing the basement, Tom has - Correct Answer transferred a portion of his bundle of rights What is a forecast of income and expenses that can be projected over five years? - Correc...

Colibri Real Estate (Real Estate Express) Final Exam Review (UPDATED) Fully Solved Assured A+. Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife of one of her licensees who was recently killed in an auto accident. The deceased licensee had earned the commission prior to his death. C) Jane paid a commission p...

Fundamentals of Mortgage Brokerage 2024 Graded A+ Which of the following is part of RECA's commitment to consumer protection? What are some benefits that mortgage brokerage trade associations offer their members? Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? Previous Fiscal year In addition to mor...

According to the Dower Act, what is NOT one of the criteria used to determine if Dower applies? - Answer-The property is mortgaged in the name of one party According to the Dower Act, which of the following would be considered disposition of the property?I. Selling the propertyII. Leasing the propertyIII. Placing a mortgage on the propertyIV. Getting a line of credit against the property - Answer-All of the above Explanation Disposition of the property includes:Selling the propertyLeasing ...

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RECA Mortgage broker; Questions and Answers 100% Solved How are representation relationships typically established? Correct answer Estoppel Representation relationships can be established by: agreement, implication, ratification, estoppel, or operation of law What is the highest form of private land ownership in Alberta? Correct answer Fee simple Fee simple ownership is the highest form of private land ownership as it gives the owner the most ownership rights, and the owner controls...