Mortgage Broker Licensing Practice Exam · Question
Interest Act of Canada — penalty on closed mortgages over 5 years:
S.10 Interest Act.
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Question: Interest Act of Canada — penalty on closed mortgages over 5 years:
Answer options: ✅ Cannot exceed 3 months interest after 5 years
- No limit
- 6 months always
- 1%
Correct answer: Cannot exceed 3 months interest after 5 years
Explanation: S.10 Interest Act.
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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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