Ontario Mortgage Agent Practice Exam

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Prepare for the Ontario Mortgage Agent Exam with our comprehensive quiz that includes multiple-choice questions, in-depth explanations, and valuable study tips. Build your confidence and knowledge to succeed on your licensing exam!

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If a prospective mortgage was default insured by CMHC, the insurance fee would have to be included in the cost of borrowing.

  1. False - only the PST on the insurance fee must be included in the cost of borrowing

  2. Integrity

  3. Positive attitude toward work and learning

  4. Belief in the development of whole self, including a healthy balance of mental, social/emotional and physical well-being

The correct answer is: False - only the PST on the insurance fee must be included in the cost of borrowing

If a prospective mortgage was default insured by CMHC, the insurance fee would have to be included in the cost of borrowing. This means that the insurance fee would be added to the total cost of the mortgage. Option A is correct because it states that only the PST (provincial sales tax) on the insurance fee needs to be included in the cost of borrowing, not the entire fee itself. Options B, C, and D are unrelated and do not provide any relevant information about the question. They are not correct because they do not address the specific criteria of the question and are unrelated to the topic of mortgage insurance.

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