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 type of credit and how many months in arrears is indicated by an R3 rating on a credit bureau?

Revolving account, 1 month in arrears
Installment loan, 3 months in arrears
Revolving account, 2 months in arrears
Installment loan, 2 months in arrears

The correct answer is: Revolving account, 2 months in arrears

An R3 rating on a credit bureau indicates that a revolving account (such as a credit card) is 2 months in arrears. This means the individual has missed two consecutive payments on their revolving account. Options A and D are incorrect because they refer to installment loans rather than revolving accounts. Option B is incorrect because an R3 rating indicates 2 months in arrears, not 3 months.