Fundamentals of Mortgage Brokerage
Exam Actual Questions and Answers
2026
AACI -
correct answer ✅Accredited Appraiser Canadian Institute -
designation granted by Appraisal Institute of Canada
Accelerated Payments -
correct answer ✅payment options stream whereby the monthly
mortgage payment is either split in half or in quarters and is paid
every two weeks (bi-weekly) or every week (weekly)
Accredited Mortgage Professional - AMP -
correct answer ✅national designation for mortgage professionals
in Canada issued by the Canadian Association of Accredited
Mortgage Professionals
Adjustable Rate Mortgage - ARM -
correct answer ✅mortgage where the interest rate and payments
are increased or decreased at predetermined intervals based on a
rate market review conducted by the lender. The interest rate
charged on the mortgage may be linked to the lender's prime rate
or a pre-selected index rate
,Fundamentals of Mortgage Brokerage
Exam Actual Questions and Answers
2026
Adjustments -
correct answer ✅financial calculations made regarding the costs
for the respective parties associated with a mortgage or real estate
transaction at the time of closing (eg. property taxes)
Affidavit -
correct answer ✅formal written statement of fact sworn to or
affirmed by the author and witnessed as to the authenticity of the
author's signature before a person such as a notary or
commissioner of oaths who is authorized to administer an oath
Affordability -
correct answer ✅ability of an individual to carry the cost of
ownership of a property in relation to his or her available income
Agency -
correct answer ✅consensual relationship created by contract or
law where one party, the principal, grants authority for another
party, the agent, to act on behalf of and under the control of the
principal to deal with a third party and where the agent accepts
responsibility for representing the principal
,Fundamentals of Mortgage Brokerage
Exam Actual Questions and Answers
2026
Agent -
correct answer ✅industry member who is expressly or implicitly
authorized to act or represent another person
Agreement for Sale -
correct answer ✅A financial arrangement between a seller and
buyer in which the seller carries the financing for the buyer's
purchase of the property. However, the title remains in the name of
the seller until such time as the funds are re-paid by the buyer
Appraisal Institute of Canada - AIC -
correct answer ✅national, member-based association that offers
real estate appraiser designations in Canada
AIDA -
correct answer ✅Attention, Interest, Desire, Action - design of
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Alberta Land Surveyor's Association - ALSA -
correct answer ✅self-governing professional association legislated
under the Land Surveyors' Act of Alberta that regulates the practice
, Fundamentals of Mortgage Brokerage
Exam Actual Questions and Answers
2026
of land surveying for the protection of the public and the
administration of the profession
Alberta Mortgage Brokers Association -
correct answer ✅Alberta's professional association of licensed
mortgage brokers and mortgage associates
Alberta Real Estate Foundation - AREF -
correct answer ✅organization created under Alberta's Real Estate
Act to promote the development of educational initiatives for real
estate industry members and consumers, support law reform and
research in respect of the real estate industry, and other projects
and activities to advance and improve the real estate industry
Alberta Securities Commission - ASC -
correct answer ✅regulatory agency responsible for administering
the province's securities laws and ensuring that persons who sell
securities in Alberta are registered and conduct themselves
according to applicable laws and professional standards
Exam Actual Questions and Answers
2026
AACI -
correct answer ✅Accredited Appraiser Canadian Institute -
designation granted by Appraisal Institute of Canada
Accelerated Payments -
correct answer ✅payment options stream whereby the monthly
mortgage payment is either split in half or in quarters and is paid
every two weeks (bi-weekly) or every week (weekly)
Accredited Mortgage Professional - AMP -
correct answer ✅national designation for mortgage professionals
in Canada issued by the Canadian Association of Accredited
Mortgage Professionals
Adjustable Rate Mortgage - ARM -
correct answer ✅mortgage where the interest rate and payments
are increased or decreased at predetermined intervals based on a
rate market review conducted by the lender. The interest rate
charged on the mortgage may be linked to the lender's prime rate
or a pre-selected index rate
,Fundamentals of Mortgage Brokerage
Exam Actual Questions and Answers
2026
Adjustments -
correct answer ✅financial calculations made regarding the costs
for the respective parties associated with a mortgage or real estate
transaction at the time of closing (eg. property taxes)
Affidavit -
correct answer ✅formal written statement of fact sworn to or
affirmed by the author and witnessed as to the authenticity of the
author's signature before a person such as a notary or
commissioner of oaths who is authorized to administer an oath
Affordability -
correct answer ✅ability of an individual to carry the cost of
ownership of a property in relation to his or her available income
Agency -
correct answer ✅consensual relationship created by contract or
law where one party, the principal, grants authority for another
party, the agent, to act on behalf of and under the control of the
principal to deal with a third party and where the agent accepts
responsibility for representing the principal
,Fundamentals of Mortgage Brokerage
Exam Actual Questions and Answers
2026
Agent -
correct answer ✅industry member who is expressly or implicitly
authorized to act or represent another person
Agreement for Sale -
correct answer ✅A financial arrangement between a seller and
buyer in which the seller carries the financing for the buyer's
purchase of the property. However, the title remains in the name of
the seller until such time as the funds are re-paid by the buyer
Appraisal Institute of Canada - AIC -
correct answer ✅national, member-based association that offers
real estate appraiser designations in Canada
AIDA -
correct answer ✅Attention, Interest, Desire, Action - design of
advertisements
Alberta Land Surveyor's Association - ALSA -
correct answer ✅self-governing professional association legislated
under the Land Surveyors' Act of Alberta that regulates the practice
, Fundamentals of Mortgage Brokerage
Exam Actual Questions and Answers
2026
of land surveying for the protection of the public and the
administration of the profession
Alberta Mortgage Brokers Association -
correct answer ✅Alberta's professional association of licensed
mortgage brokers and mortgage associates
Alberta Real Estate Foundation - AREF -
correct answer ✅organization created under Alberta's Real Estate
Act to promote the development of educational initiatives for real
estate industry members and consumers, support law reform and
research in respect of the real estate industry, and other projects
and activities to advance and improve the real estate industry
Alberta Securities Commission - ASC -
correct answer ✅regulatory agency responsible for administering
the province's securities laws and ensuring that persons who sell
securities in Alberta are registered and conduct themselves
according to applicable laws and professional standards
