1 | Page
Chapter 2 - The Mortgage Brokers Act and
Professional Ethics Questions and Correct
Answers
Mortgage Broker Act
Mortgage Brokers Act Regulations Ans: are statutes that regulate
the conduct of all persons who deal in mortgages in British
Columbia (2)
Provincial Ans: The mortgage broker Act and regulations are
provincial or federal statutes?
Business Practices and Consumer Protection Act Ans: what
additional act contains provisions governing mortgage broker
conduct
BC Financial Services Authority (BCFSA) Ans: an independent
Crown regulatory agency that administers a number of statutes
and regulations. It's provincial regulatory jurisdiction extends to
credit unions and trust companies, insurance, pensions, and
mortgage brokerage.
3 Ans: Which section of the Act requires mortgage brokers and
sub mortgage brokers to be registered in the mortgage broker
register, which is maintained by the Registrar
Ensuring competency
Ensuring appropriopriate conduct
© 2025 All rights reserved
, 2 | Page
Maintaining registry of professionals Ans: Purposes of the act (3)
Only mortgage broker Ans: Can companies be registered as a
mortgage broker or submortage broker?
FABMLC
1. facilitating mortgages as a business
2. Advertising self as a mortgage broker
3. Buying or selling mortgages
4. Makes =>$1000 for arranging mortgages
5. Lends money on 10 or more mortgages
6. Collects money secured by mortgages as a business Ans: What
are any actions that define a mortgage broker? (6)
arranging mortgages Ans: include any essential activity which is
part of the process of a borrower obtaining a mortgage from a
lender
from the time they begin to communicate with a prospective
borrower Ans: When does an individual begin the process of
arranging a mortgage with a client?
submortgage broker Ans: means any person who, in British
Columbia, actively engages in any of the things referred to in the
definition of mortgage broker and is employed, either generally or
in a particular case, by, or is a director or a partner of, a mortgage
broker.
© 2025 All rights reserved
Chapter 2 - The Mortgage Brokers Act and
Professional Ethics Questions and Correct
Answers
Mortgage Broker Act
Mortgage Brokers Act Regulations Ans: are statutes that regulate
the conduct of all persons who deal in mortgages in British
Columbia (2)
Provincial Ans: The mortgage broker Act and regulations are
provincial or federal statutes?
Business Practices and Consumer Protection Act Ans: what
additional act contains provisions governing mortgage broker
conduct
BC Financial Services Authority (BCFSA) Ans: an independent
Crown regulatory agency that administers a number of statutes
and regulations. It's provincial regulatory jurisdiction extends to
credit unions and trust companies, insurance, pensions, and
mortgage brokerage.
3 Ans: Which section of the Act requires mortgage brokers and
sub mortgage brokers to be registered in the mortgage broker
register, which is maintained by the Registrar
Ensuring competency
Ensuring appropriopriate conduct
© 2025 All rights reserved
, 2 | Page
Maintaining registry of professionals Ans: Purposes of the act (3)
Only mortgage broker Ans: Can companies be registered as a
mortgage broker or submortage broker?
FABMLC
1. facilitating mortgages as a business
2. Advertising self as a mortgage broker
3. Buying or selling mortgages
4. Makes =>$1000 for arranging mortgages
5. Lends money on 10 or more mortgages
6. Collects money secured by mortgages as a business Ans: What
are any actions that define a mortgage broker? (6)
arranging mortgages Ans: include any essential activity which is
part of the process of a borrower obtaining a mortgage from a
lender
from the time they begin to communicate with a prospective
borrower Ans: When does an individual begin the process of
arranging a mortgage with a client?
submortgage broker Ans: means any person who, in British
Columbia, actively engages in any of the things referred to in the
definition of mortgage broker and is employed, either generally or
in a particular case, by, or is a director or a partner of, a mortgage
broker.
© 2025 All rights reserved
