Mortgage broker canada - Study guides, Class notes & Summaries

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

Comparative Market Analysis What does CMA stand for? - The Appraisal Institute of Canada (AIC) - The Canadian National Association of Real Estate Appraisers What are the 2 organizations that designate appraisers in Canada? Canadian Residential Appraiser (CRA): - Qualified to undertake any valuation and consulting assignment on dwellings containing not more than 4 self-contained family housing units or on residential dwelling sites. Accredited Appraiser Canadian Institute (...

Main purpose of Insurance - Answer Allow the spread of risk Definition of Insurance - Answer -Payment's made only when a certain peril has damaged the insured object -Payment's limited to actual amount of loss, no more and no less -There's no payment for losses that are deliberately caused by an insured. Five important points to the definition of insurance: - Answer -Spread of Risk -Basis of Credit System -Eliminates Worry/Encourages Entrepreneurship -Loss Prevention and Loss Reduc...

Real Estate Marketing: Commercial Real Estate (SAE), Champions Commercial Real Estate- SAE General Lien (also Statatory) - CORRECT ANSWER attaches to all the property of the debtor, not exempt from forced sale (Example: a judgment or IRS lien) Diplomacy - CORRECT ANSWER the ability to handle clients and situations in a sensitive and effective way - is critical in commercial real estate, and a lack of it can expose you immediately as a beginner. DTPA - CORRECT ANSWER The Deceptive Trade ...

The term 'Act' is The Real Estate Act of Alberta, which is the legislation governing residential, commercial, property management, condo management and mortgage brokers. RECA administers the Act on behalf of the Alberta government The term 'VBRP' is Voluntary Brokers Resolution Process. As a result the broker has the control over the timing and location of the process. Whether they want to proceed with a negotiation on their own directly with the dissatisfied client or customer, or ...

TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) An asset's liquidity is determined by how readily the asset can be converted to an appropriate amount of cash. Answer: True False 2) The principal reason for excluding many intangible assets from the balance sheet is that they are difficult to value. Answer: True False 3) Based on generally accepted accounting principles, assets are recorded on the balance at their current market value. Answer: Tr...

The purposes of RECA according to the Act is the following... - Answer- 1. Set and enforce rules for industry members to follow, to promote integrity, and protect the consumer from mortgage fraud. 2. Provide services that help industry professionals in the industry. 3. Administer (enforce) the Act through the Rules, Regulations & Bylaws Describe and explain the differences between the Rules, Regulations & Bylaws - Answer- 1: Rules are a set of instructions to be followed by all industry pro...

The purposes of RECA according to the Act is the following... - ANSWER 1. Set and enforce rules for industry members to follow, to promote integrity, and protect the consumer from mortgage fraud. 2. Provide services that help industry professionals in the industry. 3. Administer (enforce) the Act through the Rules, Regulations & Bylaws Describe and explain the differences between the Rules, Regulations & Bylaws - ANSWER 1: Rules are a set of instructions to be followed by all industry profe...

Protect the public and industry - ANS The primary purpose of the Idaho real estate commission is to: Idaho real estate commission - ANS Initial application for a real estate license is administrated by All licensees - ANS Where does the money come from to operate the Idaho real estate commission 4 - ANS The Idaho real estate commission consists of how many member commissioners Monthly - ANS The Idaho real estate generally meets: Any pre-license courses - ANS Course mak...