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 makes a principal broker vital in a brokerage?

Ensuring proper property maintenance
Overseeing agent disputes
Supervising compliance with regulations
Handling tenant complaints

The correct answer is: Supervising compliance with regulations

A principal broker plays an important role in a brokerage by overseeing compliance with regulations. This includes ensuring that all agents are following laws and regulations within the real estate industry, maintaining proper records, and upholding ethical practices. A principal broker is not directly responsible for property maintenance, handling tenant complaints, or resolving agent disputes. These tasks may be delegated to other team members within the brokerage, but it is ultimately the principal broker's responsibility to ensure compliance and maintain the integrity of the brokerage. Therefore, overseeing compliance with regulations makes a principal broker vital in a brokerage.