Mortgage Agent Level 1
New mortgage agents in Ontario must pass a Level 1 course from a school approved by FSRA. It covers mortgage basics, Ontario property law and rules, payment and ratio calculations, and taking a deal from application to closing. Each school sets its own exam; two schools publish 50 multiple-choice questions with 60% to pass.
Official exam: Ontario Mortgage Agent Level 1 Course Exam, by Financial Services Regulatory Authority of Ontario (FSRA).
The real exam
What the exam body publishes. Checked 2026-10-17.
| Questions | 50 multiple choice |
|---|---|
| Time | 180 minutes |
| Pass mark | 60% (not published by the exam body; practice target) |
| Delivery | Set by provider: e.g. REMIC: online proctored or in person (Toronto); MPC: online ($75 booking) or in person at MPC head office |
| Fee | Set by provider (course fee includes first exam): e.g. REMIC from $358; MPC $399–$429 |
| Attempts | Provider rule. REMIC and MPC both allow one rewrite, then re-enrolment in the course (MPC: rewrite within 6 months). |
| Language | English |
What the exam covers
- Mortgage market overview and basic/advanced mortgage concepts
- Property ownership and real estate law in Ontario
- Regulation: MBLAA, FSRA and the code of conduct
- Mortgage calculations (payments, ratios GDS/TDS, LTV)
- Client intake, application analysis and choosing a lender
- Borrower disclosure and closing the transaction
- Contract law, mortgage remedies and default
- 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 MORTGAGE-L1
Is this the real Financial Services Regulatory Authority of Ontario exam?
No. This is practice built to the published format of the official exam. The real exam is run by Financial Services Regulatory Authority of Ontario (FSRA).
What is the pass mark?
60% (not published by the exam body; practice target)
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.