PSI Oklahoma Real Estate Practice Test

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Prepare for the Oklahoma Real Estate Exam with our quiz. Test your knowledge with flashcards and multiple-choice questions, each providing hints and detailed explanations. Ace your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which of the following best describes the role of a mortgage broker?

Directly services loans to borrowers
Acts as a lender for buyers
Facilitates the loan process between borrowers and lenders
Provides legal advice on property transactions

The correct answer is: Facilitates the loan process between borrowers and lenders

The role of a mortgage broker is to facilitate the loan process between borrowers and lenders. This involves acting as an intermediary who helps borrowers find the best mortgage products available to fit their specific financial situations and needs. The mortgage broker does not provide the funds or directly service the loans; instead, they connect borrowers with lenders and help navigate the various options, terms, and conditions available in the market. By understanding borrower qualifications, including credit scores and financial history, brokers can present appropriate lending options from a range of financial institutions, ensuring that borrowers have access to the most suitable financing. Their expertise can simplify the mortgage application process, enabling borrowers to make informed decisions without having to approach each lender individually. In contrast, directing loans to borrowers, acting as lenders, or providing legal advice falls outside the standard role of a mortgage broker. These tasks are typically handled by respective loan servicers, lending institutions, and legal professionals in real estate transactions.