Ontario Mortgage Agent Practice Exam

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What must be disclosed by a brokerage regarding the number of lenders it acted for in the previous fiscal year?

  1. The number of properties sold

  2. The number of mortgage renewals

  3. The number of lenders and if the brokerage was a lender itself

  4. The total revenue earned

The correct answer is: The number of lenders and if the brokerage was a lender itself

A brokerage must disclose the number of lenders it acted for in the previous fiscal year because this information is important for clients to know when considering the brokerage's potential conflicts of interest. The number of properties sold (A) and mortgage renewals (B) do not necessarily indicate the number of lenders the brokerage has worked with. Additionally, the total revenue earned (D) is not relevant to disclosing information about lenders.

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