Mortgage Agent Licensing Practice Exam · Question
What is the primary difference between a mortgage agent and a mortgage broker in Ontario?
In Ontario, a mortgage broker holds a higher license and can operate a brokerage and supervise mortgage agents. A mortgage agent must be employed by a licensed
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Question: What is the primary difference between a mortgage agent and a mortgage broker in Ontario?
Answer options:
- Agents can work independently, while brokers must work for a brokerage. ✅ Brokers can supervise agents and operate their own brokerage; agents cannot.
- Agents deal only with residential mortgages, while brokers deal with commercial mortgages.
- Brokers only work for banks, while agents work for credit unions.
Correct answer: Brokers can supervise agents and operate their own brokerage; agents cannot.
Explanation: In Ontario, a mortgage broker holds a higher license and can operate a brokerage and supervise mortgage agents. A mortgage agent must be employed by a licensed brokerage and cannot supervise other agents or operate independently.
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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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