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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If an agent sells a mortgage at a higher rate than the lender's lowest, what must be disclosed?

The agent's commission rate
The address of the property
The agent's favorite lender
The disclosure must be made to the borrower

The correct answer is: The disclosure must be made to the borrower

The agent must make a disclosure to the borrower that the mortgage is being sold at a higher rate than the lender's lowest. This means that the borrower must be informed that they are paying a higher interest rate than they potentially could if they had gone directly to the lender. Options A and C are incorrect because they are not relevant to the disclosure that needs to be made. Option B is also incorrect as it is not related to the disclosure of the mortgage rate. The key concept is the disclosure of the higher rate, which is why option D is the correct answer.