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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

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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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: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
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
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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