Ontario Mortgage Agent Practice Exam 2025 - Free Mortgage Agent Practice Questions and Study Guide

Question: 1 / 400

What is included in APR calculation?

Administrative charges including charges for services, transactions or any other activity in relation to the mortgage

Appraisal, inspection or survey costs payable by the borrower, when required by the lender

Insurance charges, excluding those below

Lawyer's fees, including disbursements, for a lawyer hired by the lender and paid by the borrower (the majority of cases)

The APR calculation includes all charges related to the mortgage, including lawyer's fees and any disbursements paid by the borrower. Options A, B, and C are incorrect as they do not encompass all charges related to the mortgage and may vary depending on the individual lender's policies. Options A and B refer to administrative and appraisal fees, which may or may not be included in the APR calculation. Option C specifies insurance charges, but it does not mention all types of insurance that may be included in the APR calculation. Therefore, D is the most comprehensive and accurate option for what is included in APR calculation.

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