Ontario Mortgage Agent Level 1 Free Practice Test

About the Level 1 Exam

How the Ontario Mortgage Agent Level 1 Exam Works

There is no single Ontario Mortgage Agent Level 1 exam: to be licensed you must pass the final exam of an FSRA-approved Level 1 course, and at Mortgage Professionals Canada that exam has 50 multiple-choice questions and a 60% pass mark.

FSRA licenses mortgage agents in Ontario under the Mortgage Brokerages, Lenders and Administrators Act, 2006. It does not run one exam: it lists Level 1 courses from four approved providers (Mortgage Professionals Canada, CMBA-Ontario, REMIC and Humber Polytechnic), and every approved program includes a final examination.

This question bank follows that shared curriculum, the seven core competencies of the public MBRCC Level 1 document, and says so in the table below. Competency 6 (running a practice) is mostly business skills with no free official source, so it has only a few questions. Every other question cites a section of a statute, a regulation or regulator guidance, or shows its calculation. Questions on private and syndicated lending are limited, because a Level 1 agent may deal only with financial institutions and National Housing Act approved lenders.

To get licensed you complete an approved course, get authorized by a sponsoring mortgage brokerage and apply to FSRA. The FAQ below has the steps, and your provider has the exam details.

Quick facts

Mortgage Agent Level 1 in Ontario at a glance

No single exam: every FSRA-approved Level 1 program (Mortgage Professionals Canada, CMBA-Ontario, REMIC, Humber Polytechnic) includes its own final exam.
Mortgage Professionals Canada final exam: 50 multiple-choice questions, 60% to pass, one rewrite within six months. Other providers set their own.
MPC course fee $399 to $429 and online exam booking $75, as of 5 Nov 2026; self-directed study is about 40 hours.
FSRA new application fee: $941, prorated by month of application, plus a $19.15 Triton criminal record check valid 90 days (as of 5 Nov 2026); your Principal Broker applies through Licensing Link.
To be licensed: age 18 or older, resident of Canada, Ontario mailing address (not a P.O. box), authorized by one brokerage, approved course completed within two years before you apply.
A licence expires on March 31, the end of the annual licensing cycle.
Level 1 agents may deal only with financial institutions and National Housing Act approved lenders.
This practice test: 200+ questions, a 50-question timed test mode (our own setting) and a 60% pass mark.

Exam Blueprint & Overview

Questions by Mortgage Agent Level 1 Competency

The 7 MBRCC competencies

1. Mortgage brokerage framework31 questions
2. Laws and regulations72 questions
3. Brokerage relationships and disclosure31 questions
4. Processing mortgage transactions36 questions
5. Mortgage fraud and AML22 questions
6. Managing a practice3 questions
7. Ethics and professional conduct10 questions

Exam Format & Details

Practice Questions

Sample Mortgage Agent Level 1 Practice Questions

Question 1

Under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), which regulatory body licenses and oversees mortgage brokerages and agents in Ontario?

A. Canada Mortgage and Housing Corporation (CMHC - National Housing Agency).
B. Financial Services Regulatory Authority of Ontario (FSRA).
C. Ontario Securities Commission (OSC - Provincial Securities Regulator).
D. Real Estate Council of Ontario (RECO - Provincial Real Estate Council).

Explanation: FSRA (Financial Services Regulatory Authority of Ontario) is the provincial regulator governing mortgage brokerages, brokers, agents, and administrators under the MBLAA 2006.

Question 2

How long must a mortgage brokerage in Ontario retain all client records, mortgage applications, and transaction files according to MBLAA regulations?

A. At least 1 year following the closing date of the real estate purchase transaction.
B. At least 6 years after the mortgage term expires or the transaction otherwise ends.
C. At least 3 years from the date of the formal borrower loan application.
D. At least 10 years for residential transactions and 5 years for commercial files.

Explanation: O. Reg. 188/08 s. 48 requires a brokerage to keep records about a mortgage or renewal for at least six years after the term expires (or the transaction otherwise ends), and records about a trade for at least six years after the trade completion date.

Question 3

What is the minimum Errors and Omissions (E&O) insurance coverage that a licensed Ontario mortgage brokerage must maintain?

A. $1,000,000 per occurrence and $2,000,000 annual aggregate.
B. $250,000 per occurrence and $500,000 annual aggregate.
C. $2,000,000 per occurrence and $4,000,000 annual aggregate.
D. $500,000 per occurrence and $1,000,000 annual aggregate.

Explanation: O. Reg. 188/08 s. 42 requires errors and omissions insurance (or other approved assurance) with extended coverage for fraudulent acts, sufficient to pay at least $500,000 for any one occurrence and $1 million for all occurrences in a 365-day period.

Question 4

Which individual within an Ontario mortgage brokerage is legally designated to oversee compliance and ensure agents adhere to the MBLAA?

A. The designated Principal Broker.
B. The Financial Compliance Director.
C. The President or Chief Executive Officer.
D. The Senior Managing Underwriter.

Explanation: Every licensed mortgage brokerage in Ontario must appoint a licensed Principal Broker who is legally responsible for managing and supervising the brokerage and its agents.

Question 5

Can an individual hold a mortgage agent licence and trade in mortgages on behalf of multiple brokerages at the same time in Ontario?

A. Yes, if the agent has been licensed for more than two consecutive years in Ontario.
B. Yes, provided both brokerages provide written consent directly to FSRA.
C. Yes, as long as one brokerage handles residential and the other commercial loans.
D. No, an agent or broker can only be authorized to trade for one brokerage.

Explanation: A mortgage agent's licence authorizes dealing or trading in mortgages on behalf of one specified brokerage (MBLAA s. 9(2)), and a brokerage may not authorize an individual who is already authorized by another brokerage (O. Reg. 188/08 s. 43(2)).

FAQ

Frequently Asked Questions

Is there one official Ontario Mortgage Agent Level 1 exam?

No. Ontario has no single government-set Level 1 exam: to be licensed you must complete an FSRA-approved Level 1 education program, and the final exam is part of that course. FSRA lists four approved providers: Mortgage Professionals Canada, CMBA-Ontario, REMIC and Humber Polytechnic, and every approved program includes a final examination. Each provider sets its own tuition, so ask yours what its final exam looks like. Sources: FSRA (fsrao.ca/licensing/mortgage-agent-level-1/become-mortgage-agent-level-1) and O. Reg. 409/07, s. 5.0.1 (ontario.ca/laws/regulation/070409), checked 5 Nov 2026.

How many questions are on the Mortgage Agent Level 1 final exam, and what is the pass mark?

At Mortgage Professionals Canada the final exam has 50 multiple-choice questions and the passing grade is 60%. Other providers may set a different length or pass mark, so confirm with yours. ExamHub's test mode is our own setting (50 questions, 90 minutes, 60% to pass), not an official exam. Source: mortgageproscan.ca/education/licensing/ontario/mortgage-agent-course, checked 5 Nov 2026.

What happens if I fail the Mortgage Agent Level 1 final exam?

At Mortgage Professionals Canada you get one rewrite, and it must be completed within six months of receiving your result by email; if you fail the rewrite you must re-enrol in the course. Results are emailed within five business days of the exam date. Other providers set their own retake rules, so check before you book. Source: mortgageproscan.ca/education/licensing/ontario/mortgage-agent-course, checked 5 Nov 2026.

How much does the Ontario Mortgage Agent Level 1 course cost?

At Mortgage Professionals Canada the course costs $399 for self-directed online study with an e-text and $429 for printed text, in-class or virtual formats, as of 5 Nov 2026. Self-directed study takes about 40 hours with six months of access, and online exam booking costs $75 (in person at its head office is free). Fees are set by each provider and can change, so check before you register. Source: mortgageproscan.ca/education/licensing/ontario/mortgage-agent-course.

How do I become a Mortgage Agent Level 1 in Ontario?

Complete an FSRA-approved Level 1 course, get authorized by one mortgage brokerage, and apply for the licence within two years of finishing the course. You must also be at least 18, a resident of Canada, have an Ontario mailing address that is not a post office box and a valid email address, and be suitable for a licence (good character and the required disclosures). FSRA says the new application fee is $941, prorated by the month you apply in the fiscal year, and a criminal record check through Triton costs $19.15 and is valid for 90 days. The application is made through FSRA's Licensing Link and is started and submitted by your brokerage's Principal Broker. FSRA says French-language courses and exams are available; ask contactcentre@fsrao.ca. Fees are as of 5 Nov 2026 and can change. Sources: FSRA (fsrao.ca/licensing/mortgage-agent-level-1/become-mortgage-agent-level-1) and O. Reg. 409/07, ss. 5.0.1 and 10 (ontario.ca/laws/regulation/070409), checked 5 Nov 2026.

Can a mortgage agent work for more than one brokerage in Ontario?

No. A mortgage agent's licence authorizes you to deal or trade in mortgages on behalf of one specified brokerage, and only under the supervision of a mortgage broker. Source: Mortgage Brokerages, Lenders and Administrators Act, 2006, s. 9(2) and (5) (ontario.ca/laws/statute/06m29), checked 5 Nov 2026.

How long does a Level 1 licence last, and when must it be renewed?

A mortgage agent licence expires at the end of the annual licensing cycle, which runs from April 1 to March 31, so it expires on March 31. To renew you must still be a resident of Canada with an Ontario mailing address, be authorized by a brokerage, and have completed any approved continuing education required. FSRA sets the renewal steps and education hours, so confirm them on fsrao.ca. Source: O. Reg. 409/07, ss. 1, 8.1 and 9 (ontario.ca/laws/regulation/070409), checked 5 Nov 2026.

What is the difference between a Mortgage Agent Level 1 and Level 2 in Ontario?

A Level 1 agent may deal or trade in mortgages only with lenders that are financial institutions or approved lenders under the National Housing Act (Canada), with a narrow exception for agents of a finance-company brokerage whose brokerage is the lender or an affiliate. A Level 2 licence lets you deal with mortgage lenders generally; it requires the Level 1 program, the approved Level 2 program within two years before applying, and at least 12 of the last 24 months licensed as Level 1. Source: O. Reg. 409/07, ss. 5.0.1 and 5.0.2 (ontario.ca/laws/regulation/070409), checked 5 Nov 2026.

What does this practice test cover?

200+ questions with explanations, organised by the seven competencies of the public MBRCC Level 1 curriculum: the mortgage brokerage framework, laws and regulations (MBLAA, O. Reg. 187/08, 188/08, 189/08, 191/08, 407/07 and 409/07, the Mortgages Act, the Interest Act, FINTRAC rules), brokerage relationships and disclosure, processing mortgage transactions, mortgage fraud and money laundering, practice management and ethics. Each question names its source: a statute, a regulation or regulator guidance, or the arithmetic for calculation questions. It is written for Level 1 and does not cover the extra Level 2 material, and business-practice topics such as marketing and business plans are covered only lightly. Sources: the MBRCC curriculum (mbrcc.ca) and FINTRAC's mortgage-sector guidance (fintrac-canafe.canada.ca).

Sources