Final answer:
If an individual with a real estate broker license wants to become a mortgage broker, they must disclose their dual role to the lending institution. This ensures transparency and avoids conflicts of interest.
Step-by-step explanation:
If an individual who holds a real estate broker license wants to become a mortgage broker, they must disclose the dual role to the lending institution handling the loan. This is important to ensure transparency and avoid conflicts of interest.
Mortgage brokers are responsible for connecting borrowers with lenders and assisting them throughout the mortgage process. By disclosing their dual role, the lending institution can assess the situation and determine if any additional steps need to be taken to maintain fairness and objectivity.
It's worth noting that the requirements may vary depending on the jurisdiction. It is advisable for the individual to familiarize themselves with the specific regulations and licensing requirements in their area.