REMIC course exam
This course is for students taking REMIC's Mortgage Agent Level 1 course in Ontario. It covers mortgage basics, property law, rules, calculations, applications and closing. REMIC's final exam has 50 multiple-choice questions, many based on case studies, in 3 hours, and you need 60% (30 of 50) to pass.
Official exam: REMIC Mortgage Agent Level 1 (RMAC) Final Exam, by Real Estate and Mortgage Institute of Canada (REMIC), an FSRA-accredited course provider.
| Questions | 50 multiple choice |
|---|---|
| Time | 180 minutes |
| Pass mark | 60% (30/50) (official) |
| Delivery | Online proctored, or in person at REMIC's Toronto head office |
| Fee | Course from $358 (includes first exam attempt) |
| Attempts | 2 attempts (1st included, 2nd paid). Rewrite at the next available date; failing the rewrite means re-enrolling and paying full tuition. |
| Language | English |
What the exam covers
- Market overview, mortgage concepts and mortgage insurance
- Property ownership in Ontario
- Regulation and legislation
- Calculating mortgage payments
- Client consultation, application analysis and choosing the lender
- Borrower disclosure and closing the transaction
- Contract law and mortgage remedies
- Mortgage fraud and ethics
Sample questions
In our own words, from this exam area. Try five more on the home page.
Under Ontario's Mortgage Brokerages, Lenders and Administrators Act, a mortgage agent's licence lets the agent act on behalf of how many brokerages?
- One specified brokerage
- Up to three brokerages at once
- Any brokerage in Ontario
- None; agents work only for lenders
Show the answer
A. The licence ties the agent to one named brokerage.
Which of these is exempt under the MBLAA from needing a mortgage brokerage licence?
- A bank
- A private individual who regularly arranges mortgages for others
- A mortgage investment company that is not a financial institution
- A real estate brokerage that also arranges mortgages
Show the answer
A. Banks are financial institutions, and these are exempt from the brokerage licence.
Questions about REMIC
Is this the real Real Estate and Mortgage Institute of Canada exam?
No. This is practice built to the published format of the official exam. The real exam is run by Real Estate and Mortgage Institute of Canada (REMIC), an FSRA-accredited course provider.
What is the pass mark?
60% (30/50) (official)
How long do I have access?
30 days from when your access is activated. Need more time? You can buy the course again.
When does it open?
Tap "Notify me when it opens" and we message you as soon as this course is ready.