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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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.