Reference no: EM133075975

A. Your client has applied with you, a licensed Mortgage Agent for a mortgage on a property he is purchasing for $920,000. He has told you that he only has access to 15% as a down payment. After reviewing his application, you have determined that the best option is to submit his application to TD Canada Trust, which offers a rate of 4.95% for a term of 5 years, amortized over 25 years with monthly payments, but only can get him 80% LTV Mortgage. Given this scenario which of the following statements is most correct?

-He cannot afford this property under any circumstances.

-Ask the client if he can come up with additional 5% as a Down payment

-Take the deal from TD and go to a Private lender as the client can only come up with 15% Down payment

-Try to take the deal to another lender and see if they will do the deal at 85%LTV and failing that try and get the client 5% more to use as a Down payment.

B. When developing a marketing strategy for a Mortgage Broker/Agent, which of the following statements is most correct? The marketing should focus on techniques used to market:

-Rates
-Intangibles
-Products
-Fees

C. An example of niche marketing would be:

-The medical profession
-Billboards
-Emails
-Flyers

D. Which of the following statements is most correct regarding the Mortgage Brokerages, Lenders and Administrators Act's impact on an Agent's marketing?

-The Act does not address marketing for Brokers, Agents or Brokerages
-The Act regulates the use of the cost of borrowing in marketing materials
-The Act prohibits marketing by Mortgage Agents; it is only allowed by the Brokerage
-The Act prohibits marketing by Agents or Brokers; it is only allowed by the Brokerage

E. This can best be defined as "a plan for companies and people to accomplish the goals they set. It is designed to shape the company or individual's identity and is typically based on a vision, goal, or ethics".

-Vision Statement
-Network marketing
-Mission Statement
-Niche marketing