Ontario Mortgage Broker Practice Questions - Ontario Mortgage Broker Licensing Exam

Which of the following activities is NOT permitted for a mortgage brokerage's trust account under FSRA regulations?

Using trust account funds to cover general operating expenses temporarily. Holding client application fees prior to services being rendered. Collecting funds for a private mortgage investor as directed by an agreement. Depositing funds received from a lender on behalf of a borrower.

Correct Answer:

Using trust account funds to cover general operating expenses temporarily.

Access more questions from this quiz

Continue to Ontario Mortgage Broker Practice Questions - Ontario Mortgage Broker Licensing Exam for more practice questions and the full quiz experience.

Access More Questions