Ontario Mortgage Agent Practice Exam

How much time must an investor/lender be given before committing to lend?

1. 24 hours

2. 48 hours

3. 72 hours

4. 1 week

The correct answer is: 48 hours

The correct answer is B, 48 hours. This is because lenders or investors typically need some time to properly evaluate a lending opportunity before committing to it. 24 hours (A), although a reasonable amount of time, may not be enough for a lender/investor to conduct a thorough analysis and make an informed decision. 72 hours (C) and 1 week (D) may be too much time as it could delay the lending process and potentially miss out on other opportunities. Therefore, 48 hours strikes a balance between giving enough time for evaluation and not causing significant delays in the lending process.