Reference no: EM133058416

Q1. The most widely known and accepted designations obtained by appraisers in Ontario today are the:

1. DAR and DAC
2. MVA and FRI
3. AACI and CRA
4. CMAR and CAR

Q2. In a mortgage application, which one of the following list must always be included as a liability?

1. Personal loan 
2. Voluntary weekly RRSP contribution
3. Property insurance payment
4. Mortgage creditor insurance premium

Q3. Your client is self employed.  The lender to whom you have submitted this application wants you to provide the borrower's financial statements.  Given this requirement which one of the following sets of documents must you provide?

1. Balance Sheet
2. Income Statement
3. Balance Sheet and Income Statement
4. Accountant's Letter of Opinion

Q4. Mr. Jackson has applied to you, his local Mortgage Agent, for a mortgage. In taking his application you have discovered that he has a weekly income of $855, a monthly truck payment of $550 per month, credit card payments of $310 per month, car insurance payments of $180 per month, $75 per month to heat his house, and $60 per week in GIC contributions.  You have calculated his proposed mortgage payment will be $350, bi-weekly and the property taxes are $2,800 per year.  Given this scenario, which one of the following is correct? 

1. Mr. Jackson's GDS is 27.22%
2. Mr. Jackson's GDS cannot be calculated without additional information
3. Mr. Jackson's GDS is 28.79%
4. Mr. Jackson's GDS is 57.2%

Q5. You have recently pulled a credit report on your client and discovered that he has one account rated as an I9.  Given this scenario which one of the following statements is most correct?

1. This rating does not exist
2. This means that his account is in collections
3. This means that he is in a consumer proposal
4. This means that his account is over 120 days late