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 is the role of Lender's Assumptions in a mortgage transaction?

To identify potential solutions for borrowers
To act in the best interest of the industry
To provide appropriate protection against fraud
To facilitate the successful completion of a transaction

The correct answer is: To facilitate the successful completion of a transaction

Lender's Assumptions are important in a mortgage transaction because they facilitate the successful completion of the transaction. They are not focused on identifying potential solutions for borrowers (A), acting in the best interest of the industry (B), or providing protection against fraud (C). While these may be components of the role of a lender, they are not the main purpose of assumptions in a mortgage transaction. The main role of Lender's Assumptions is to ensure that the transaction is successfully completed, which involves assessing the borrower's creditworthiness, determining the loan terms, and managing the overall process.