Mortgage Broker Licensing Practice Exam · Question
How many business days before the borrower is required to make a decision must written cost-of-credit and conflict disclosure generally be delivered?
Ontario requires the disclosure to be delivered at least 2 business days before the borrower commits, unless the borrower waives in writing.
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Question: How many business days before the borrower is required to make a decision must written cost-of-credit and conflict disclosure generally be delivered?
Answer options:
- At least 1 business day ✅ At least 2 business days
- At least 5 business days
- Same day is acceptable
Correct answer: At least 2 business days
Explanation: Ontario requires the disclosure to be delivered at least 2 business days before the borrower commits, unless the borrower waives in writing.
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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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