AS progress question 2/12 You hold a mortgage loan on your primary residence from an SEC restricted entity (Companies Act restrictions do not apply). You were not a covered person at the time you obtained the loan, but you are about to become a covered person due to serving on the audit engagement team. What are the independence implications? You must pay off your mortgage loan before you join the audit engagement team Your mortgage loan is considered grandfathered and is exempt from all independence restrictions Your mortgage loan is considered grandfathered and you can continue holding it as long as you do not make any changes to the terms of the loan and keep it current Your mortgage loan cannot be grandfathered because it is on your primary residence Next