Mortgage agent Study guides, Class notes & Summaries

Mortgage Agent Final Exam Prep Questions with Answers 2023/2024 (Graded A+). What is a Certificate of Independent Legal Advice and under what circumstances would it be required? - ANSWER This document proves that an individual has been given advice by his or her lawyer with regards to the proposed mortgage. It is usually required when the proceeds of a refinance are being provided to a third party and not the Borrower or if the loan is a reverse mortgage. On a T4A slip in Box 61 what inform...

Mortgage Agent Final Exam Prep With Complete Questions and Answers...

The final step a licensee will take when preparing a CMA is: 1. Choosing comparables 2. Estimating a reasonable selling price range 3. Making adjustments to comparables 4. Collecting and analyzing information - Answer- CORRECT ANSWER: Estimating a reasonable selling price range A broker price opinion must include what the price was based on and: 1. License number 2. The broker's phone number 3. Applicable market data 4. A legal description - Answer- CORRECT ANSWER: Applic...

California Real Estate Exam: Questions & Answers Latest Update 2023/2024 100% Verified. Reed vs. King Case (Ans- Must disclose death (and manner of death) on a property if occurs within 3 years, except AIDS Jones vs. Mayer Supreme Court Decision (1968) (Ans- Racial discrimination not allowed (whether selling or buying) in all PRIVATE property transactions (based on Civil Rights Act of 1968) Easton vs Strassburgar (Ans- Seller disclosures to third parties AND agent visual inspection of all...

Which of the following would create legally binding acceptance of a written offer? -The seller's agent emails the buyer's agent that the seller signed the offer as written. A broker is preparing a comparative market analysis (CMA) for a subject property with 3200 square feet. A comparable property has 2750 square feet. The estimated value of 450 additional square feet is $22,500. The broker should... -Add $22,500 to the sales price of the comparable property. An option to purchase has bee...

CA LIFE INSURANCE EXAM QUESTIONS AND ANSWERS LATEST J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request to add more insu...

Mortgage Agent Final Exam prep 2024/2025 1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. - answera) T4: typically when a Borrower has salaried or hourly employment income b) T4A: typically when a Borrower has commission income c) Job Letter: typically when a Borrower's income or position information is required d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YT...

Mortgage Agent Final Exam prep 2023 Graded A+ 1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. a) T4: typically when a Borrower has salaried or hourly employment income b) T4A: typically when a Borrower has commission income c) Job Letter: typically when a Borrower's income or position information is required d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD i...

Mortgage Agent Final Exam prep 2023 Graded A+ 1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. a) T4: typically when a Borrower has salaried or hourly employment income b) T4A: typically when a Borrower has commission income c) Job Letter: typically when a Borrower's income or position information is required d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD i...

Mortgage Agent Final Exam Practice Questions with 100% Correct Answers 2023/2024. What information must be in a Job Letter for it to be acceptable to a Lender? - ANSWER It should be on company letterhead, have the company address and contact information, list the Borrower's position, income, how it is paid (i.e. salary or hourly), the frequency of payment (i.e. weekly), if the person is full or part-time and/or on probation, the start date and the writer's information and contact informat...