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 information must a brokerage disclose in writing upon request about its mortgage activities?

  1. The number of employees in the brokerage

  2. The brokerage's profit margin

  3. Details of the brokerage's stock portfolio

  4. Whether the brokerage was the lender for over 50% of mortgages completed

The correct answer is: Whether the brokerage was the lender for over 50% of mortgages completed

Upon request, a brokerage must disclose in writing whether they were the lender for over 50% of mortgages completed. This is important information for potential borrowers to know, as it helps them understand the potential bias the brokerage may have in promoting certain mortgage products. Options A, B, and C are not relevant information for this question and are incorrect choices. The number of employees, profit margin, and stock portfolio do not directly pertain to the brokerage's mortgage activities and would not provide helpful information for borrowers.

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