Georgia Real Estate Post-License Practice Exam

A licensed mortgage broker is prohibited by law from quoting an unavailable rate. This means that they cannot advertise or provide information about loan rates that are not currently accessible or that they cannot guarantee will be available at the time the borrower is looking to secure financing. It is crucial for mortgage brokers to provide accurate and truthful information to their clients, as quoting an unavailable rate can lead to misunderstandings and can be deemed deceptive practices under mortgage lending laws. This regulation is designed to protect consumers and ensure transparency in the lending process, allowing borrowers to make informed decisions based on accurate data.

In contrast, offering multiple rates is not prohibited, as brokers often present various options to their clients to help them find the best fit for their financial situation. Changing rates after approval may occur due to market fluctuations, as lenders sometimes adjust terms based on changing economic conditions or borrower profiles. Requiring documentation is a fundamental part of the mortgage application process, and while it should be reasonable and not excessive, it is generally necessary to comply with underwriting standards and regulations.