Mortgage Agent Licensing Practice Exam · Question
Which of the following bodies is primarily responsible for regulating mortgage brokers and agents in Ontario?
FSRA is the provincial regulator responsible for the non-depository mortgage sector in Ontario, including the licensing and oversight of mortgage brokers and ag
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Question: Which of the following bodies is primarily responsible for regulating mortgage brokers and agents in Ontario?
Answer options: ✅ Financial Services Regulatory Authority of Ontario (FSRA)
- Canada Mortgage and Housing Corporation (CMHC)
- Office of the Superintendent of Financial Institutions (OSFI)
- Real Estate Council of Ontario (RECO)
Correct answer: Financial Services Regulatory Authority of Ontario (FSRA)
Explanation: FSRA is the provincial regulator responsible for the non-depository mortgage sector in Ontario, including the licensing and oversight of mortgage brokers and agents. CMHC is a crown corporation, OSFI regulates federally chartered financial institutions, and RECO regulates real estate professionals.
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Question explanations
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
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