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 to both the borrower and the lender?

  1. The role of the brokerage MUST be disclosed to the borrower

  2. who the brokerage is working for, the borrower or the lender or both

  3. Comply with law and codes of conduct

  4. Integrity

The correct answer is: who the brokerage is working for, the borrower or the lender or both

Both the borrower and the lender must be informed about who the brokerage is working for, as it is essential for transparency and maintaining the trust of both parties. Option A is incorrect because while disclosing the role of the brokerage may be important, it is not a requirement that MUST be disclosed to both parties. Option C is incorrect because complying with laws and codes of conduct is a general expectation in any professional setting, but it does not specifically pertain to information that MUST be disclosed to both the borrower and the lender. Option D, integrity, is also incorrect because while it is important for all parties to operate with integrity, it is not a specific aspect that must be disclosed to both the borrower and the lender. Therefore, option B is the correct answer as it directly addresses the necessary information that MUST be disclosed to both parties.

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