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.

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What should a buyer aware of before viewing homes in terms of obtaining a mortgage?

A credit check must be completed before viewing any property.
A downpayment must be at least 25% of the final selling price.
Complete a mortgage application before viewing any property.
The maximum mortgage amount can be influenced by the property's location, type, and value.

The correct answer is: The maximum mortgage amount can be influenced by the property's location, type, and value.

Before viewing homes, a buyer should be aware that the maximum mortgage amount they can obtain may be influenced by factors such as the property's location, type, and value. This is important information to consider as it can impact the buyer's ability to afford a particular property. Conducting a credit check or completing a mortgage application before viewing properties is not typically required at this early stage in the home-buying process. Additionally, while a downpayment is a crucial aspect of obtaining a mortgage, stating that it must be at least 25% of the final selling price is not accurate as downpayment requirements can vary depending on the type of mortgage and other factors.