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 step follows delivering a Notice of Sale in the power of sale process?

The lender takes immediate possession of the property
The lender files a statement of defence
The borrower obtains a redemption period
The borrower has an opportunity to pay the arrears plus costs

The correct answer is: The borrower has an opportunity to pay the arrears plus costs

After delivering a Notice of Sale in the power of sale process, the next step is for the borrower to have an opportunity to pay the arrears plus any applicable costs. This means the borrower has a chance to catch up on missed payments and potentially prevent the property from being sold at a foreclosure auction. Options A, B, and C are incorrect because they do not describe the immediate next step in this process. Option A, about the lender taking possession of the property, occurs after the foreclosure sale if the property is not redeemed by the borrower. Option B, regarding the lender filing a statement of defense, is not a step in the power of sale process. Option C, pertaining to the borrower obtaining a redemption period, may happen later in the process if the borrower takes legal action or applies for a postponement of the foreclosure sale.