Can I be real estate agent and mortgage specialist the same time ? I am in toronto,Canada?
Simon Z asked:
I have real estate license . I am planning to get a mortgage license as well . Would I be able to do real estate transactions and arranging mortgage for the same client ?
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I have real estate license . I am planning to get a mortgage license as well . Would I be able to do real estate transactions and arranging mortgage for the same client ?
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April 17th, 2010 at 3:47 pm
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I’m not sure about Canada but in the United States the answer in NO. Conflict of interest. You can be one of those sources and refer to the other but you cannot sell a house and be the broker on the loan side.
April 20th, 2010 at 11:14 pm
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yes ,you can get mortgage license.
April 24th, 2010 at 6:13 am
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You really should talk to your broker about this. If you are licensed for both, I would guess you could act in both capacities. But as an Ontario realtor I must disclose to all clients any funds I may obtain from anyone associated with the transaction. That’s why I don’t accept any perks from lawyers, inspectors, surveyors, appraisers, mortgage brokers, insurance companies.
Both mortgage brokers and realtors are often regarded as somewhat below loan sharks. Although Canada isn’t as ligitiginous as the US I wouldn’t take it on. If you do make sure your E and O’s insurance covers it.