Ontario Mortgage Agent Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Practice this question and more.

What role does FSCO play in the mortgage industry?

Handles property inspections
Provides mortgage financing
Enforces Mortgage Brokerages, Lenders and Administrators Act
Manages property rentals

The correct answer is: Enforces Mortgage Brokerages, Lenders and Administrators Act

FSCO, the Financial Services Commission of Ontario, is responsible for regulating and enforcing the Mortgage Brokerages, Lenders and Administrators Act in Ontario. This act sets out rules and regulations for mortgage professionals, ensuring that consumers are protected when obtaining mortgage services. Thus, B, D, and A are incorrect because they do not align with the specific role of regulating and enforcing this act.