Glossary of terms

Statement of Adjustment: A closing statement in a real property transaction
whose format is structured by debits and credits.

Sub-Mortgage Broker: A defined term in the Mortgage Broker Act. Basically, An
individual employed by the mortgage broker who satisfies any one of the
following requirements:

  • carries on a business of lending money secured in whole or in part of
    mortgages, whether the money is his own or that of another person.
  • Holds himself out as, or by an advertisement, notice or sign indicates that
    he is, a mortgage broker
  • Carries on a business of buying and selling mortgages or agreements of
  • In any one year, receives an amount of $1000.00 or more in fees or other
    consideration, excluding legal fees for arranging mortgages fro other
  • During any one year, lends money on the security of 10 or more mortgages.
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