Reference no: EM133055952
Q1. A Mortgage Agent has been given a choice by her lender to offer her client a rate of 6% compounded semi-annually or an annual rate of 5.95% compounded monthly. Which one of the following statements best reflects this offer?
-The rate of 6% compounded semi-annually is lower than 5.95%
-The rate of 5.95% compounded monthly is lower than 6%
-6% compounded semi-annually and 5.95% compounded monthly are equivalent
-The two rates cannot be compared due to different compounding periods
Q2. The amounts owed on trade lines account for approximately:
-35% of a credit score
-30% of a credit score
-15% of a credit score
-10% of a credit score
Q3. Which one of the following statements is most correct with regards to appraisers in Ontario?
-They must be licensed by the federal government
-They must be accredited by the provincial government
-They must be licensed by provincial government
-There are no licensing requirements
Q4. When taking a mortgage application you should obtain the applicant's previous address if the applicant has lived at his current address:
-2 years or less
-5 years or less
-8 years or less
-11 years or less
Q5. Mohammad has received a T4 as income verification from his client. Upon close investigation of this document he has found that the SIN consists of nine zeroes. Given this scenario which one of the following statements is the most correct next step?
-Decline the application since this T4 is definitely a forgery
-Use this T4 since the borrower didn't provide his or her SIN to his or her employer
-Verify that this document is not a forgery as it may be legitimate
-Tell the borrower that you cannot use this T4
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