BC Real Estate Trading Services Licensing Exam Practice · Question
Scenario 57: Which of the following is NOT a component of a 'mortgage payment'?
A standard mortgage payment typically comprises principal (repaying the loan) and interest. Property taxes and sometimes home insurance (P.I.T.) may be collecte
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Question: Scenario 57: Which of the following is NOT a component of a 'mortgage payment'?
Answer options:
- Principal.
- Interest.
- Property taxes. ✅ Appraisal fees.
Correct answer: Appraisal fees.
Explanation: A standard mortgage payment typically comprises principal (repaying the loan) and interest. Property taxes and sometimes home insurance (P.I.T.) may be collected by the lender with the mortgage payment, but appraisal fees are a one-time cost incurred during the mortgage application process, not a recurring payment component. The correct answer is "Appraisal fees.". This capacity-fill scenario 57 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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