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What is the role of a mortgage broker in a private mortgage transaction? Select one: a. To provide legal advice to the borrower. b. To act as an intermediary between the borrower and the lender. c. To lend money to the borrower. d. To conduct a property appraisal.

What is the role of a mortgage broker in a private mortgage transaction? Select one: a. To provide legal advice to the borrower. b. To act as an intermediary between the borrower and the lender. c. To lend money to the borrower. d. To conduct a property appraisal.

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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What is the role of a mortgage broker in a private mortgage transaction? Select one: a. To provide legal advice to the borrower. b. To act as an intermediary between the borrower and the lender. c. To lend money to the borrower. d. To conduct a property appraisal.
Transcribed Image Text:What is the role of a mortgage broker in a private mortgage transaction? Select one: a. To provide legal advice to the borrower. b. To act as an intermediary between the borrower and the lender. c. To lend money to the borrower. d. To conduct a property appraisal.
Janet is speaking to Faisal, a potential client, about his need for private mortgage financing for $50,000 due to some outstanding collections on his credit report. Faisal has a property that is valued at. in his opinion, $650,000 and has a mortgage with TD Canada Trust with an outstanding balance of $580,000. Given this scenario. which of the following statements is most correct? Select one: a. Janet needs to find a private investor who has a moderate risk profile b. Faisal needs to provide Janet with a job letter c. Janet needs to confirm the value of Faisal's property d. Janet's next step is to determine Faisal's employment status
Transcribed Image Text:Janet is speaking to Faisal, a potential client, about his need for private mortgage financing for $50,000 due to some outstanding collections on his credit report. Faisal has a property that is valued at. in his opinion, $650,000 and has a mortgage with TD Canada Trust with an outstanding balance of $580,000. Given this scenario. which of the following statements is most correct? Select one: a. Janet needs to find a private investor who has a moderate risk profile b. Faisal needs to provide Janet with a job letter c. Janet needs to confirm the value of Faisal's property d. Janet's next step is to determine Faisal's employment status
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