Bonifacio is the principal broker of his brokerage, and after the latest strategic meeting with the management team he has been tasked with researching the licensing process for creating a new mortgage administration company. Out of the following list, what is a requirement for getting licensed as a mortgage administrator? Select one: a. Have at least 2 years' experience administering mortgages b. Have at least $25,000 in unencumbered capital c. Complete the mortgage administrator's course d. Have at least 5 years' experience as a mortgage broker In Ontario, a mortgage administrator is required to have a financial guarantee in an amount equal to: Select one: a. $500,000 b. $25,000 C. $100,000 d. $50,000
Bonifacio is the principal broker of his brokerage, and after the latest strategic meeting with the management team he has been tasked with researching the licensing process for creating a new mortgage administration company. Out of the following list, what is a requirement for getting licensed as a mortgage administrator? Select one: a. Have at least 2 years' experience administering mortgages b. Have at least $25,000 in unencumbered capital c. Complete the mortgage administrator's course d. Have at least 5 years' experience as a mortgage broker In Ontario, a mortgage administrator is required to have a financial guarantee in an amount equal to: Select one: a. $500,000 b. $25,000 C. $100,000 d. $50,000
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:Bonifacio is the principal broker of his brokerage, and after the latest strategic
meeting with the management team he has been tasked with researching the
licensing process for creating a new mortgage administration company. Out of the
following list, what is a requirement for getting licensed as a mortgage
administrator?
Select one:
a. Have at least 2 years' experience administering mortgages
b. Have at least $25,000 in unencumbered capital
c. Complete the mortgage administrator's course
d. Have at least 5 years' experience as a mortgage broker
Transcribed Image Text:In Ontario, a mortgage administrator is required to have a financial guarantee in an
amount equal to:
Select one:
a. $500,000
b. $25,000
C. $100,000
d. $50,000
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