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!

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What distinguishes Schedule 1 banks in Canada?

Schedule 1 banks are branches or subsidiaries of foreign banks
Schedule 1 banks are Canadian owned banks
Schedule 1 banks are foreign owned operating in Canada
Schedule 1 banks are credit unions

The correct answer is: Schedule 1 banks are Canadian owned banks

Schedule 1 banks in Canada are designated by the Office of the Superintendent of Financial Institutions (OSFI) as domestic banks, meaning they are owned and operated within Canada. Option A is incorrect because it states that Schedule 1 banks are branches or subsidiaries of foreign banks, which is the definition of Schedule 3 banks. Option C is incorrect because it states that Schedule 1 banks are foreign owned operating in Canada, which is the definition of Schedule 2 banks. Option D is incorrect because it states that Schedule 1 banks are credit unions, which are a separate type of financial institution in Canada. It is important to note that the designation of a bank as a Schedule 1 bank does not necessarily indicate its financial stability or success.