BC Real Estate Trading Services Licensing Exam Practice · Question
Scenario 48: Which type of mortgage interest rate remains fixed for the entire term of the mortgage?
A fixed-rate mortgage has an interest rate that is set at the time of closing and remains unchanged for the entire length of the mortgage term, providing predic
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Question: Scenario 48: Which type of mortgage interest rate remains fixed for the entire term of the mortgage?
Answer options:
- Variable rate mortgage.
- Adjustable rate mortgage. ✅ Fixed rate mortgage.
- Open mortgage.
Correct answer: Fixed rate mortgage.
Explanation: A fixed-rate mortgage has an interest rate that is set at the time of closing and remains unchanged for the entire length of the mortgage term, providing predictability in payments. The correct answer is "Fixed rate mortgage.". This capacity-fill scenario 48 reinforces the same competency for the bc-real-estate bank and follows the certified explanation standard.
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Question explanations
- A developer, Grandview Developments Ltd., plans to build a new condominium project in Kelowna. They register a
- Michael, a real estate licensee, is assisting his client Jane in purchasing a commercial property at 123 Main
- A buyer, David, has entered into a Contract of Purchase and Sale for a vacant lot in Tofino. David's lawyer di
- Maria is purchasing a unit in a newly constructed strata building in Squamish. Her real estate licensee, Ken,
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