MD State Law Assignment 2 of 2

Finder’s Fee Case Study

Read the following scenario and then answer the following multiple-choice questions:

Riley Bennet works as a mortgage broker for the Maryland Money Center.  Riley negotiated a residential mortgage loan for a borrower named Will in October 2015, and was super excited about receiving her finder’s fee because the loan amount is $224,000.00.   Will came back to Riley to refinance his mortgage in November of 2016.  Once the refinance went through, Will comes out of the deal with a little extra cash.  $30,000 extra in cash to be exact.  

1.     For the initial loan of $224,000.00 what is the maximum finder’s fee that Riley could legally expect to receive from the deal?

A.  $16,500

B.  $17,920

C.  $18,105

D.  $21,025

2.     What is the maximum amount that Riley legally expect to receive as a finder’s fee for the refinance?

A.  $1,900

B.  $2,100

C.  $2,400

D.  $2,900

3.     If Will had come back to refinance his home in November 2017 and the figures still worked out that he came out with $30,000.00 extra in his pocket, what is the maximum finder’s fee Riley could expect?

A.  $15,520

B.  $4,500

C.  $16,200

D.  $5,525

www.mymortgagetrainer.com