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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How much time must an investor/lender be given before committing to lend?

24 hours
48 hours
72 hours
1 week

The correct answer is: 48 hours

The correct answer is B, 48 hours. This is because lenders or investors typically need some time to properly evaluate a lending opportunity before committing to it. 24 hours (A), although a reasonable amount of time, may not be enough for a lender/investor to conduct a thorough analysis and make an informed decision. 72 hours (C) and 1 week (D) may be too much time as it could delay the lending process and potentially miss out on other opportunities. Therefore, 48 hours strikes a balance between giving enough time for evaluation and not causing significant delays in the lending process.