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.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Pls help ASAP for both
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52052328-5a34-4195-86aa-03a6e2c9ba62%2F37108bdc-7344-4c29-ace3-52131914252c%2Fl1gv68j.png&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52052328-5a34-4195-86aa-03a6e2c9ba62%2F37108bdc-7344-4c29-ace3-52131914252c%2Fd25b42j_processed.png&w=3840&q=75)
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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