Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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In appraisals, form reports are often used for which purpose?

Obtaining mortgage financing
Completing renovations
Filing tax returns
Property management
Tenant screening
Legal disputes

The correct answer is: Obtaining mortgage financing

In appraisals, form reports are often used for obtaining mortgage financing. These reports provide comprehensive information about the property being appraised, including details about the property's value, condition, and comparable sales in the area. Lenders rely on these reports to assess the value of the property and determine the amount of mortgage financing that can be provided to the borrower. Form reports play a crucial role in the mortgage financing process by helping lenders make informed decisions based on the property's market value.