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There is an answer key on the last page.  \n􀂃 This practice exam is modeled after the actual final exam in format and question style. These exact questions will not appear on your final exam.  \n􀂃 We suggest that you attempt the practice exam before you book your final examination with Mortgage Professionals Canada.  \n􀂃 Find a time when you are rested and can have an un-interrupted opportunity to complete the examination.  \n􀂃 Time yourself so that you will be better able to estimate the time required to complete the actual exam. You will have a maximum of 3 hours to complete your final exam – try to adhere to that timeframe foryour practice exam.  \n􀂃 The passing mark has been set by the regulator at 60%; this means that you will have to score 30/50 on the exam to pass.  \n􀂃 There is no penalty for guessing, so answer every question. The final exam is “closed book” so you should try to avoid referring to the text, the online course, or any notes when you write your practice exam.  \n􀂃 There is only one correct answer for each question. If you feel that there is more than one correct answer, you must choose the best, most accurate, or most true answer, or the answer closest to your own.  \nGood Luck!  \n1. Which of the following is a valid license category under the current MBLA Act, which governs Ontario Mortgage Brokers and Agents?  \na) Mortgage Specialist  \nb) Mortgage Agent Level 1 and Mortgage Agent Level 2  \nc) Mortgage Associate  \nd) Mortgage Consultant  \n2. A Mortgage Broker/Agent must notify FSRA of changes to his/her mailing address, e-mail address, telephone or fax number, and if he/she is no longer authorized to act on behalf of a Mortgage Brokerage. The regulator must be informed within:  \na) 3 business days  \nb) 5 business days  \nc) 7 business days  \nd) You do not need to inform FSRA  \n3. Under the MBLA Act, Mortgage Brokers and Agents are required to disclose which of the following to borrowers they represent?  \na) Material Risks  \nb) Potential Conflicts of Interest  \nc) Cost of Borrowing  \nd) All of the Above  \n4. Which of the following represent duties that a mortgage administrator or mortgage servicer would carryout?  \na) Reviewing the application  \nb) Calculating GDS, TDS & LTV  \nc) Preparing a property appraisal  \nd) Receiving P&I instalment payments  \n5. This entity was established in 1946 to administer the National Housing Act.  \na) The Bank Act  \nb) Mortgage Investment Corporation  \nc) Genworth Financial  \nd) Canada Mortgage and Housing Corporation  \n6. Who does the Office of the Superintendent of Financial Institutions (OSFI) regulate?  \na) All Canadian financial institutions  \nb) All Canadian credit unions  \nc) Provincially incorporated deposit-taking institutions  \nd) Federally incorporated deposit-taking institutions  \n7. Interest-only payment loans expose the lender to a considerable amount of:  \na) Equity  \nb) Principal risk  \nc) Extended amortizations  \nd) Lawsuits  \n8. In today’s environment, who is the main provider of mortgage funds in Canada?  \na) Private Lenders  \nb) Banks  \nc) Canadian Government  \nd) Caisses Populaires  \n9. Which of the following word pairings properly complete the sentence?  \nThe lender for a mortgage is referred to as the   , and the borrower in a mortgage is referred to as the   .  \na) Originator, servicer  \nb) Mortgagor, mortgagee  \nc) Mortgagee, mortgagor  \nd) Administrator, insurer  \n10. Which of the following is a demand factor affecting real estate?  \na) Government  \nb) Land-use regulations  \nc) Builders  \nd) Demographics  \n11. This term means that the land can be inherited, and that there is no qualification as to who can inherit it.  \na) Fee simple  \nb) Leasehold  \nc) Estate sale  \nd) Life interest  ","cbCaibk9ubUrB3I2","https://ap.wps.com/l/cbCaibk9ubUrB3I2","pdf",370069,"English","# Practice examination instructions\n## Exam rules and scoring\n# Sample questions (1-17 shown)","[{\"question\":\"How many questions are in this practice exam and where is the answer key?\",\"answer\":\"The practice exam contains 50 questions, and the answer key is on the last page.\"},{\"question\":\"What is the passing mark and what score is needed to pass?\",\"answer\":\"The passing mark is set at 60%, which means scoring 30 out of 50 to pass.\"},{\"question\":\"Are there penalties for guessing, and how should you treat the exam as “closed book”?\",\"answer\":\"There is no penalty for guessing, so answer every question. Because the final exam is “closed book,” avoid referring to the text, online course, or notes while answering.\"}]","Practice Examination - Mortgage Agent Licensing Course | PDF",1790421402,25]