Quebec Real Estate Licensing Exam Practice · Question
Marie is purchasing a condo in Québec City for $350,000. She obtains a mortgage loan of $280,000. What is the Loan-to-Value (LTV) ratio for her mortgage?
The Loan-to-Value (LTV) ratio is calculated by dividing the mortgage amount by the purchase price: ($280,000 / $350,000) * 100% = 80%. This ratio is crucial for
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Question: Marie is purchasing a condo in Québec City for $350,000. She obtains a mortgage loan of $280,000. What is the Loan-to-Value (LTV) ratio for her mortgage?
Answer options:
- 75% ✅ 80%
- 70%
- 85%
Correct answer: 80%
Explanation: The Loan-to-Value (LTV) ratio is calculated by dividing the mortgage amount by the purchase price: ($280,000 / $350,000) * 100% = 80%. This ratio is crucial for lenders to assess risk and determine if high-ratio insurance (like CMHC) is required.
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