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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What is the impact of a judgment on property ownership?

Judgment nullifies property ownership
Judgment requires property use restriction
Judgment results in property sale
Judgment can affect property lending and ownership transfer

The correct answer is: Judgment can affect property lending and ownership transfer

A judgment does not nullify property ownership, as ownership still exists even if a judgment is placed on the property. Additionally, a judgment does not necessarily require a property use restriction. Rather, a judgment affects the ability to transfer ownership or obtain lending for the property. Therefore, the correct answer is D, as a judgment can impact the ownership transfer and lending process for a property.