If you are preparing for your Mortgage Brokerage Exam in Alberta and wish to become a Licensed Mortgage Associate in Alberta, one of the biggest questions you must be pondering on would be – What to expect in the Mortgage Brokerage Exam in Alberta?
We are here to tell you everything you need to know before appearing for the Exam – from the Types of Questions and Number of Questions you can expect to Updated Exam Weightings for the Mortgage Brokerage Exam as well as Time Management Tips to Pass the Mortgage Brokerage Exam in the first attempt. With the help of our advice and suggestions, you can give your best shot!
Did You Know?
Generally, the term Mortgage Broker is used for the actual designation of a Mortgage Associate. Actually, they are both very different designations. When you pass the Mortgage Brokerage Course from AMBA – you become a Licensed Mortgage Associate and NOT a Mortgage Broker.
Steps to Become a Mortgage Associate in Alberta
Each province has certain specific rules and guidelines when it comes to eligibility requirements for becoming a broker. Alberta has its own set of rules that abide by Alberta Mortgage Brokers Association (AMBA).
Now, when it comes to education, RECA (Real Estate Council of Alberta) is the Educational Institution for issuing all the Real Estate and Mortgage Licensing rules in Alberta. For Mortgage Brokerage Exams, both RECA and AMBA are authorized to issue licensing exams.
In order to become a Licensed Mortgage Associate, there are 2 exams that you need to pass. They are:
- Fundamentals of Mortgage Brokerage Course – Issued by RECA
- Practice of Mortgage Brokerage Course – Issued by AMBA
One needs to complete the Mortgage Brokerage Courses by RECA and AMBA and pass both the exams in order to get a License for Mortgage Brokerage in Alberta.
Today, we will discuss the Exam Weightings with unit-wise distribution of marks for the Fundamentals of Mortgage Brokerage Course in Alberta.
Take a look at the Video for the Exam Weightings –
Weightage of Fundamentals of Mortgage Brokerage in the RECA Exam
Number of Questions: There are a total number of 100 Questions in the Fundamentals of Mortgage Brokerage Exam.
Question Format: All the questions are multiple-choice. You can select the best option that you think is right from a given list of 4 options.
Time allotted per Question: The total duration of the Exam is 3 hours. For ideal and expected results, you can allot an average of 1.90 minutes to each question to complete the exam in the stipulated time.
Weightage Distribution by Unit
We will also understand the marginal distribution of the sub-topics that are covered under the topic Fundamentals of Mortgage Brokerage. It will also include the weightage given to each of the topics by the Real Estate Council of Alberta (RECA) in its real estate exams.
The Fundamental of Real Estate Course is parted into 9 Units.
Each of them has different weightage criteria in the RECA exam. Have a look at the image to understand the segregation of questions and their weightage in the exam based on Course Units –
Minimum Passing Requirements for the Fundamentals of Real Estate Exam
- Passing Percentage – The minimum passing percentage for the Fundamentals of Real Estate Exam is 70%.
- Passing Marks – The minimum number of marks required to pass the exam is 101.5.
These are some important tips for fresh applicants who are planning to appear for the Fundamentals of Mortgage Brokerage Exam by RECA but have minimal knowledge of the distribution of marks and emphasis given to each of the topics in the exam.
These will help you to plan your studies as well as the exams with a better understanding of the topics involved. You can anticipate accurate results when you are aware of these small details while you prepare for Fundamentals of Mortgage Brokerage Exam in Alberta.
Check out our Step-by-Step Guide on
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