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 must be disclosed by a brokerage regarding the number of lenders it acted for in the previous fiscal year?

The number of properties sold
The number of mortgage renewals
The number of lenders and if the brokerage was a lender itself
The total revenue earned

The correct answer is: The number of lenders and if the brokerage was a lender itself

A brokerage must disclose the number of lenders it acted for in the previous fiscal year because this information is important for clients to know when considering the brokerage's potential conflicts of interest. The number of properties sold (A) and mortgage renewals (B) do not necessarily indicate the number of lenders the brokerage has worked with. Additionally, the total revenue earned (D) is not relevant to disclosing information about lenders.