Mortgage Brokerages Flashcards
1
Q
The NYS Department of Financial Services registers and licenses all…
A
companies and individuals who conduct mortgage related services in New York.
- This includes mortgage broker licenses.
2
Q
When a mortgage broker representing the buyer is also the real estate broker representing the seller in the same transaction, a ____ ______ is created.
A
dual agency.
3
Q
The dual agency relationship must be disclosed at the…
A
first substantive contact between the mortgage broker and the prospective buyer.
4
Q
The buyer/borrower and the seller must sign a
A
Mortgage Broker Disclosure Form.
