Ontario Mortgage Agent Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Practice this question and more.

What is included in APR calculation?

Administrative charges including charges for services, transactions or any other activity in relation to the mortgage
Appraisal, inspection or survey costs payable by the borrower, when required by the lender
Insurance charges, excluding those below
Lawyer's fees, including disbursements, for a lawyer hired by the lender and paid by the borrower (the majority of cases)

The correct answer is: Lawyer's fees, including disbursements, for a lawyer hired by the lender and paid by the borrower (the majority of cases)

The APR calculation includes all charges related to the mortgage, including lawyer's fees and any disbursements paid by the borrower. Options A, B, and C are incorrect as they do not encompass all charges related to the mortgage and may vary depending on the individual lender's policies. Options A and B refer to administrative and appraisal fees, which may or may not be included in the APR calculation. Option C specifies insurance charges, but it does not mention all types of insurance that may be included in the APR calculation. Therefore, D is the most comprehensive and accurate option for what is included in APR calculation.