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.

Which of the following is a common mortgage term in Ontario?

Fixed-Rate Mortgage
Adjustable Reverse Mortgage
Equity-indexed Mortgage
Graduated Payment Mortgage
Reverse Payment Mortgage
Interest-Only Graduated Mortgage

The correct answer is: Fixed-Rate Mortgage

A Fixed-Rate Mortgage is a common mortgage term in Ontario. This type of mortgage has an interest rate that remains the same for the entire term of the loan, providing predictable monthly payments for the borrower. This stability can be attractive to homebuyers who prefer to know exactly how much their mortgage payments will be each month. Adjustable Reverse Mortgage, Equity-indexed Mortgage, Graduated Payment Mortgage, Reverse Payment Mortgage, and Interest-Only Graduated Mortgage are not common mortgage terms in Ontario, making them incorrect choices.