BC Sub-mortgage Broker Practice Questions - BC Mortgage Broker (Sub-mortgage Broker) Course Exam

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If a mortgage broker holds client funds in a pooled trust account, what happens to the interest earned on those funds, according to the Mortgage Brokers Act?

The interest must be donated to a registered charity of the broker's choice. The interest, less reasonable service charges, must be remitted to the Real Estate Foundation of BC. The interest can be retained by the mortgage broker as income. The interest must be paid to the client who owns the funds.

Correct Answer:

The interest, less reasonable service charges, must be remitted to the Real Estate Foundation of BC.

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