Ontario Mortgage Agent Practice Exam

Under what circumstances would a Broker not have to supply a borrower with a borrower disclosure form?

1. If the brokerage is not a prescribed lender

2. If the borrower requests a verbal disclosure instead

3. If the lender provides its own disclosure with required information

4. If the brokerage is a large corporation

The correct answer is: If the lender provides its own disclosure with required information

A is incorrect because even if the brokerage is not a prescribed lender, it still must supply the borrower with a borrower disclosure form. B is incorrect because a verbal disclosure is not sufficient and the borrower must always be provided with a written disclosure form. D is incorrect because the size of the brokerage does not exempt them from providing the borrower with a disclosure form.