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!

Practice this question and more.

What market should a person with a low credit score and trouble obtaining a mortgage consider?

Money market.
Prime market.
Secondary mortgage market.
Sub-prime market.
Tertiary market.
Unsecured loan market.

The correct answer is: Sub-prime market.

A person with a low credit score and difficulty obtaining a mortgage should consider the sub-prime market. The sub-prime market caters to individuals who may not qualify for traditional mortgages due to their credit history or financial situation. This market typically offers higher interest rates and more flexible qualification criteria compared to prime markets. It provides an opportunity for individuals with credit challenges to still access financing for homeownership. The other options are incorrect: - Money market refers to the financial market for short-term borrowing and lending, not specifically for individuals seeking mortgage financing. - Prime market represents the best qualified borrowers with strong credit profiles. - Secondary mortgage market involves the buying and selling of existing mortgages, not directly related to individuals seeking mortgages. - Tertiary market is not a common term used in real estate or mortgage financing. - Unsecured loan market is a separate market for loans not secured by collateral, which is not tailored for individuals seeking mortgage options.