Mortgage Brokerage fully solved(rated A+)

Mortgage Brokerage
A person registered by the New York State Banking Department who engages in the business of
soliciting, processing, placing or negotiating mortgage loans for others is called a
____________________ _________________. - correct answer ✔✔Mortgage broker



Under what circumstances must a mortgage broker use a dual agency disclosure form? - correct answer
✔✔If mortgage broker is also RE broker in same transaction.



A person, corporation or firm licensed by the New York Banking Department to make residential
mortgage loans is called a ___________________ _________________. - correct answer ✔✔Mortgage
banker



This person's role is to act as an intermediary between the borrower and the lender.



A. Mortgage banker

B. Mortgage broker - correct answer ✔✔B. Mortgage broker



Who supervises and regulates all mortgage brokers working within the State? - correct answer ✔✔State
of NY Banking Dept.



Gina is a licensed real estate broker. She is also registered as a mortgage broker in NY. She is representing
Mary and Bob Jones in the sale of their home and is negotiating a mortgage for the buyers. In what
capacity is Gina acting?



A. Single agent

B. Dual agent

C. Buyer broker

D. Seller agent only - correct answer ✔✔B. Dual agent