Ontario Mortgage Agent Practice Exam

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List the types of information (e.g., risks) that must be included in a borrower disclosure form.

  1. The number of lenders the brokerage represented during the previous year

  2. Estimated costs

  3. The risks associated with the proposed mortgage

  4. The terms and conditions of the proposed mortgage

The correct answer is: The risks associated with the proposed mortgage

A This option is incorrect because it refers to the number of lenders represented by the brokerage, which is not necessary information for a borrower disclosure form. B: This option is incorrect because estimated costs may be important for a borrower to know, but they are not a required part of a disclosure form. D: This option is incorrect because the terms and conditions of the proposed mortgage may be included in the borrower disclosure form, but it is not the main focus of the form. The main purpose of the borrower disclosure form is to inform borrowers about the risks associated with the mortgage, making option C the correct answer.

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