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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When is a Property Tax Bill typically required in a mortgage application process?

  1. A) During a new lease agreement

  2. B) When conducting a home inspection

  3. C) During a property assessment

  4. D) In a switch or refinance to confirm tax payments

The correct answer is: D) In a switch or refinance to confirm tax payments

A Property Tax Bill is typically required in a mortgage application process when there is a switch or refinance as it confirms that all necessary tax payments have been made on the property. Option A is incorrect because a new lease agreement is not relevant in the mortgage application process. Option B is incorrect because a home inspection is not directly related to the property tax bill. Option C is incorrect because a property assessment is not the same as a property tax bill. Therefore, option D is the correct answer.

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