Mortgage Broker Licensing Practice Exam · Question
IRD (Interest Rate Differential) penalty:
Lender-calculated.
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Question: IRD (Interest Rate Differential) penalty:
Answer options: ✅ Common for breaking fixed mortgages
- For variable
- Renewal only
- HELOC only
Correct answer: Common for breaking fixed mortgages
Explanation: Lender-calculated.
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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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