Mortgage Agent Licensing Practice Exam · Question
What is the primary function of Land Transfer Tax (LTT) in Ontario for residential property purchases?
Land Transfer Tax (LTT) is a provincial tax levied on the fair market value of the property being transferred, payable by the purchaser (buyer) at the time of c
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
Question: What is the primary function of Land Transfer Tax (LTT) in Ontario for residential property purchases?
Answer options:
- It funds public transportation projects.
- It is an additional fee paid to the mortgage lender. ✅ It is a provincial tax payable by the purchaser upon closing of a property transaction.
- It is an annual tax homeowners pay to the municipality.
Correct answer: It is a provincial tax payable by the purchaser upon closing of a property transaction.
Explanation: Land Transfer Tax (LTT) is a provincial tax levied on the fair market value of the property being transferred, payable by the purchaser (buyer) at the time of closing an equity property transaction in Ontario.
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
More about Mortgage Agent Licensing Practice Exam
Related Questions
- 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?
- Which type of lender typically offers the most flexible underwriting criteria but often at higher interest rat
- Which of the following bodies is primarily responsible for regulating mortgage brokers and agents in Ontario?
More for Mortgage Agent Licensing Practice Exam candidates
FAQs
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?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Mortgage Agent Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.