Mortgage Agent Licensing Practice Exam · Question
A mortgage agent's license in Ontario is issued by FSRA for a specific term. What is the typical duration of a mortgage agent's license under the MBLAA?
Under the MBLAA, a mortgage agent's license is typically issued for a one-year term. Licenses must be renewed annually, provided the agent continues to meet all
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Question: A mortgage agent's license in Ontario is issued by FSRA for a specific term. What is the typical duration of a mortgage agent's license under the MBLAA?
Answer options:
- 6 months ✅ 1 year
- 2 years
- 5 years
Correct answer: 1 year
Explanation: Under the MBLAA, a mortgage agent's license is typically issued for a one-year term. Licenses must be renewed annually, provided the agent continues to meet all eligibility requirements set out 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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