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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Under what circumstances would a Broker not have to supply a borrower with a borrower disclosure form?

If the brokerage is not a prescribed lender
If the borrower requests a verbal disclosure instead
If the lender provides its own disclosure with required information
If the brokerage is a large corporation

The correct answer is: If the lender provides its own disclosure with required information

A is incorrect because even if the brokerage is not a prescribed lender, it still must supply the borrower with a borrower disclosure form. B is incorrect because a verbal disclosure is not sufficient and the borrower must always be provided with a written disclosure form. D is incorrect because the size of the brokerage does not exempt them from providing the borrower with a disclosure form.