The MBRCC Code of Conduct is designed primarily to deal with: Select one: a. Creating a national regulator b. Ensuring mortgage agents act legally at all times c. Creating enforeceable, mandatory national regulatory standards d. Creating standards for professional behaviour and conduct
The MBRCC Code of Conduct is designed primarily to deal with: Select one: a. Creating a national regulator b. Ensuring mortgage agents act legally at all times c. Creating enforeceable, mandatory national regulatory standards d. Creating standards for professional behaviour and conduct
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:The MBRCC Code of Conduct is designed primarily to deal with:
Select one:
a. Creating a national regulator
b. Ensuring mortgage agents act legally at all times
c. Creating enforeceable, mandatory national regulatory standards
d. Creating standards for professional behaviour and conduct

Transcribed Image Text:Chloe, a mortgage agent level 2. has a client who is about to be evicted from her
house as part of the power of sale process. In reviewing the situation, she has
learned that the client hasn't made any mortgage payments in the last five months,
is three years into a five-year term with an institutional lender with a low interest
rate in comparison to today's market rates, has 50% equity in her property and fell
behind on her payments due to losing her job. The client has since found a new job
and it appears she can easily afford her current mortgage once again. Chloe knows
that if she arranges a new private first mortgage to pay off the current first
mortgage, she will be able to charge a large brokerage fee. Given this scenario,
which of the following options should Chloe choose to recommend to her client?
Select one:
a. Allow the power of sale process to be completed and obtain the excess
funds from the sale of the property
b. Obtain a private first mortgage to pay off the existing mortgage
c. Sell the house and use the funds to rent an apartment until she can afford
to own a house
d. Obtain a private second mortgage to bring the first mortgage into good
standing
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