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 purpose of the Length of Credit History in calculating a credit score?

To determine the number of credit inquiries
To indicate the individual's monthly payment amounts
To assess the variety of credit accounts
To measure the duration of credit use and payment history

The correct answer is: To measure the duration of credit use and payment history

The purpose of the Length of Credit History is to indicate the duration of credit use and payment history. This is an important factor in calculating a credit score as it reflects an individual's financial responsibility and creditworthiness. The other options, including credit inquiries (A), monthly payment amounts (B), and variety of credit accounts (C), are also taken into consideration when calculating a credit score, but they are not the main purpose of the Length of Credit History. The focus is on an individual's history of credit use and payment, rather than the number of inquiries, payment amounts, or types of credit accounts they have. Therefore, option D is the most accurate and relevant answer.