You are a new mortgage agent and need business cards. Your broker has told you that you can have your own cards printed however you like, but they must comply with the MBLA. To comply with this legislation, which of the following must be included in your business card?

Select one:

1. Your FSCO license number
2. Your brokerage's name and address
3. Your brokerage's license number
4. Your complete mailing address

You are meeting with John, a new client who is applying for a private second mortgage. In discussing his situation with him, you have told him that you will be charging a $1,200 brokerage fee to arrange this mortgage, which will be deducted from the mortgage on closing. You have made a note of this in his application. At the end of the meeting John signed the application and initialed the note that you made. Based on this scenario which of the following statements is most correct?

Select one:

1. This document is not a valid contract because it lacks legal intent
2. This is a valid contract and John must pay the brokerage fee whether the mortgage funds or not

c. This is a valid contract but John must only pay the brokerage fee if the mortgage funds

d. This document is not a valid contract because you, the mortgage agent, did not sign it

Candice, a realtor who refers you clients, has sent you a couple who wish to purchase a unit in a high rise condominium.

Before meeting with these potential clients you need to tell them the documents that the lender will require before closing. Because this is a condominium, which of the following documents will a lender require?

Select one.

1. A full appraisal
2. The mortgage statement
3. The condominium bylaws
4. The status certificate

Bus/ID Code

Staples (999) 999-9999

650DC16

Rptd

Opnd

HC

Terms

BAL

PDA

04/2008

01/1997

3540

78

2850

156

Given this scenario, which of the following statements would be most correct?

Select one:

1. The number recorded in the MR section is incorrect
2. The amount recorded in the P/D section is incorrect
3. The date recorded in the DLA section in incorrect
4. The date recorded in the OPND section is incorrect