Ontario Mortgage Agent Practice Exam

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Prepare for the Ontario Mortgage Agent Exam. Study with comprehensive quizzes, multiple-choice questions, and hints that enhance your understanding of mortgage regulations and practices in Ontario. Get ready to succeed in your mortgage agent licensing journey!

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If an agent sells a mortgage at a higher rate than the lender's lowest, what must be disclosed?

  1. The agent's commission rate

  2. The address of the property

  3. The agent's favorite lender

  4. The disclosure must be made to the borrower

The correct answer is: The disclosure must be made to the borrower

The agent must make a disclosure to the borrower that the mortgage is being sold at a higher rate than the lender's lowest. This means that the borrower must be informed that they are paying a higher interest rate than they potentially could if they had gone directly to the lender. Options A and C are incorrect because they are not relevant to the disclosure that needs to be made. Option B is also incorrect as it is not related to the disclosure of the mortgage rate. The key concept is the disclosure of the higher rate, which is why option D is the correct answer.

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