Mortgage Agent Licensing Practice Exam · Question
Which of the following activities requires a mortgage agent to be licensed in Ontario?
Any individual who 'deals in mortgages' – meaning negotiating, arranging, or renewing mortgage loans – on behalf of a brokerage must be licensed as a mortgage a
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Question: Which of the following activities requires a mortgage agent to be licensed in Ontario?
Answer options:
- Providing general financial planning advice.
- Referring a friend to a real estate agent for a commission. ✅ Dealing in mortgages, which includes negotiating, arranging, or renewing a mortgage.
- Selling property insurance to clients.
Correct answer: Dealing in mortgages, which includes negotiating, arranging, or renewing a mortgage.
Explanation: Any individual who 'deals in mortgages' – meaning negotiating, arranging, or renewing mortgage loans – on behalf of a brokerage must be licensed as a mortgage agent or broker by FSRA.
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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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