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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Complying with the MBLAA and it's regulations what SHOULD be included in the disclosure document?

Integrity
The document should include the lender's terms and conditions
Honesty
Positive attitude toward work and learning

The correct answer is: The document should include the lender's terms and conditions

A, C, and D are incorrect because they are not relevant to the MBLAA and its regulations. The document should not only include integrity, honesty, and a positive attitude, it should also include the lender's terms and conditions to comply with the regulatory requirements. These terms and conditions include details about interest rates, fees, repayment options, and any other important information that the borrower should be aware of before entering into a loan agreement. Failing to include these crucial details could result in legal consequences for the lender. Therefore, option B is the correct answer as it directly pertains to the MBLAA and its regulations.