Ontario Mortgage Agent Practice Exam

The borrower disclosure document is a vital component in the process of borrowing money. It is a legal document that outlines the terms and conditions of the loan agreement between the borrower and the brokerage. Each section of the document serves a specific purpose, and thus, it is essential to include all necessary details to avoid any confusion or misunderstandings. Option A may seem like a potential answer since it mentions the relationship between the brokerage and the borrower. However, while this information may be relevant, it is not considered a crucial component in the borrower disclosure document. Similarly, option C, which states to comply with laws and codes of conduct, is a necessary practice for all businesses, including brokerages. However, it is not exclusive to the borrower disclosure document and thus does not answer the question appropriately. Option D mentions the inclusion of lawyer's fees, which may also be a relevant piece of information. However, it pertains to a specific aspect of the borrowing process and is not a requirement for the borrower disclosure document. The correct answer, option B, emphasizes the importance of disclosing the brokerage fee to the borrower. It is a key element that must be included in the document as it directly impacts the cost of borrowing for the borrower. Therefore, this choice provides the