Steven is a mortgage broker who receives referrals from a real estate agent on a regular basis. The real estate agent has told the Steven that she will be sending him several clients who may have trouble being approved because of their income. Steven is concerned that if he cannot get these clients approved the real estate agent will find another mortgage agent who can. Given this scenario which of the following statements is correct? Select one: a. The mortgage agent should consider each applicant on their own merits and do the ones he can ethically do b. The mortgage agent must not do these deals as they are likely fraudulent c. The mortgage agent must refer this situation to his principal broker since he knows they are fraudulent d. The mortgage agent should tell the real estate agent that he cannot do these deals because he would have to commit fraud
Steven is a mortgage broker who receives referrals from a real estate agent on a regular basis. The real estate agent has told the Steven that she will be sending him several clients who may have trouble being approved because of their income. Steven is concerned that if he cannot get these clients approved the real estate agent will find another mortgage agent who can. Given this scenario which of the following statements is correct? Select one: a. The mortgage agent should consider each applicant on their own merits and do the ones he can ethically do b. The mortgage agent must not do these deals as they are likely fraudulent c. The mortgage agent must refer this situation to his principal broker since he knows they are fraudulent d. The mortgage agent should tell the real estate agent that he cannot do these deals because he would have to commit fraud
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Steven is a mortgage broker who receives referrals from a real estate agent on a
regular basis. The real estate agent has told the Steven that she will be sending him
several clients who may have trouble being approved because of their income.
Steven is concerned that if he cannot get these clients approved the real estate
agent will find another mortgage agent who can. Given this scenario which of the
following statements is correct?
Select one:
a. The mortgage agent should consider each applicant on their own merits
and do the ones he can ethically do
b. The mortgage agent must not do these deals as they are likely fraudulent
c. The mortgage agent must refer this situation to his principal broker since he
knows they are fraudulent
d. The mortgage agent should tell the real estate agent that he cannot do
these deals because he would have to commit fraud
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