Mortgage Broker Licensing Practice Exam · Question
A mortgage has an outstanding balance of $150,000 at an interest rate of 4.00% compounded semi-annually. The original amortization period was 25 years. After 10 years, what is the remaining amortization period if early payments have not altered the original schedule?
The remaining amortization period is simply the original amortization period minus the number of years that have passed, assuming no changes to the schedule. 25
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Question: A mortgage has an outstanding balance of $150,000 at an interest rate of 4.00% compounded semi-annually. The original amortization period was 25 years. After 10 years, what is the remaining amortization period if early payments have not altered the original schedule?
Answer options:
- 10 years ✅ 15 years
- 20 years
- 25 years
Correct answer: 15 years
Explanation: The remaining amortization period is simply the original amortization period minus the number of years that have passed, assuming no changes to the schedule. 25 years - 10 years = 15 years.
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Question explanations
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
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