Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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According to Regulation 188/08, what must be disclosed regarding risks to a potential borrower?

Historical interest rates
Current housing market prices
Material risks of each mortgage or investment
Brokerage overhead costs

The correct answer is: Material risks of each mortgage or investment

According to Regulation 188/08, potential borrowers must be informed of any material risks associated with the mortgage or investment. This means that information about the potential risks of the loan or investment, such as market volatility or interest rate changes, must be disclosed. Options A, B, and D are incorrect because they do not pertain to risks and are not required to be disclosed by the regulation. Historical interest rates and current housing market prices may be important information to consider, but they are not specifically related to risks. Brokerage overhead costs are also not relevant to the risks associated with the loan or investment. Therefore, option C is the most accurate answer.