Misc

Question 1

What is the mandate of the NSREC?

Answer 1

Their mandate is to protect the public. Hard stop.

So when you have this in mind while writing the exam, it will guide your hand well when answering questions. Just ask, “what will protect the public?”

Question 2

In NSREC’s eyes, what is the status of independent contractors to a brokerage?

Answer 2

In the eyes of NSREC, ALL salespeople in a brokerage are considered as EMPLOYEES.

Independent contractors in a brokerage really only means anything to CRA for taxation purposes. But in general, yeah, they’re all employees practicality.

Question 3

How do you remember who is the mortgagor and who is the mortgagee in terms of borrower/lender?

Answer 3

A mortgagor has two o’s like borrower.

A mortgagee has two e’s like lender.

Question 4

What is the trick for distinguishing between these two mortgage approval ratios:
GDS
TDS

Answer 4

GDS = Maximum you can receive

TDS = Maximum you can afford