MSR Upskilling 004

Bridge Financing must be for a period of

• 50 days or more

• 1 year

• 120 days or less

• 100 days or less

The borrower should have what percentage to contribute to avoid a high ratio mortgage?

• 30% or more

• 20% or more

• 20% or less

• 30% or less

With an all purpose collateral mortgage, the borrower may qualify to re-borrow against the equity of the property

• Without approval

• with approval and certain conditions met

• With additional legal fees

• With additional collateral

If a person or couple doesn’t have 20% to use as a down payment they can get help from Canadian Mortgage Housing Corporation. What does CMHC provide?

• Credit Score

• Counsel

• Investigation of Title

• Insurance

Which type of personal loans are considered higher risk and are therefore priced at higher interest rates?

• Secured

• Fixed

• Unsecured

• Closed

An item of value that members have pledged as security for the repayment of a loan in the event of a default is called?

• Pledge

• IOU

• Collateral

• Security

A personal line of credit can be secured by

• Antique Car

• Kindred GIC or Kindred High interest savings

• 18k Gold Trinket

• Limited edition Harley Davidson Motor Bike

The security code "MTE" stands for?

• Maximum Termed Equipment

• Medium Term Evaluation

• Mortgage

• Master Term Entry

How old must a borrower be to apply for a personal loan?

• 20

• 21

• 30

• 18

The interest rate on a term loan that is set for the length of the term is said to be - ?

• Fixed

• Variable

• Open

• Closed