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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When involving a mortgage specialist in a condominium purchase, which cost is typical?

Appraisal fees for assessing market value.
Application fees or specialist fees for processing the mortgage.
Insurance premium payments for hazard insurance.
Title insurance premium payments.
Penalties for early mortgage payments.
None of these costs are typical in mortgage processes.

The correct answer is: Application fees or specialist fees for processing the mortgage.

When involving a mortgage specialist in a condominium purchase, it is typical to incur application fees or specialist fees for processing the mortgage. Mortgage specialists provide valuable services in helping individuals secure financing for their real estate transactions. These professionals are responsible for reviewing the borrower's financial situation, preparing and submitting the mortgage application, and guiding the borrower through the approval process. As such, it is common for borrowers to pay application fees or specialist fees to compensate the mortgage specialist for their expertise and assistance in securing the mortgage. The other options listed are not directly related to the role of a mortgage specialist in a condominium purchase. While they may be costs associated with real estate transactions in general, they are not specifically tied to the services provided by a mortgage specialist in the context of a condominium purchase.