I am a registered Real Estate Broker. Do I need a Mortgage Broker licence to arrange vendor take-back mortgages?
Real Estate Brokerages, Brokers or salespersons who are registered with the Real Estate Council of Ontario (RECO) are exempt from the requirement to have a licence under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act), when arranging vendor take-back mortgages as part of a real estate trade. This exemption only applies if the Real Estate Brokerage, Broker or salesperson does not hold himself/herself out to be dealing in mortgages, and does not engage in any other activities that require a licence under the Act.
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