Ontario Mortgage Agent Practice Exam 2025 – Your All-in-One Guide to Exam Success!

Question: 1 / 400

What condition precedent is most common in real estate transactions?

A condition for financing which allows the Borrower to cancel the contract if he or she cannot obtain mortgage financing

In real estate transactions, the most common condition precedent is a condition for financing. It allows the buyer to cancel the contract if they are unable to obtain mortgage financing. This is important because securing financing is a crucial step in the home buying process and without it, the buyer may not be able to proceed with the transaction. Option B is incorrect because a court order is not a condition precedent, but rather a legal remedy. Option C and D are also incorrect because they refer to administrative and insurance charges, which are not related to conditions precedent in real estate transactions.

Get further explanation with Examzify DeepDiveBeta

A court order that prohibits a party from doing something or acting in a certain manner

Administrative charges including charges for services, transactions or any other activity in relation to the mortgage

Insurance charges, excluding those below

Next Question

Report this question

Download Ontario Mortgage Agent Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy