Ontario Mortgage Agent L2 Practice Questions - Ontario Mortgage Agent Level 2 Licensing Exam

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What is the primary characteristic that distinguishes a Mortgage Investment Corporation (MIC) from a private individual lender?

A MIC only lends on first mortgages, while individual lenders specialize in second mortgages. A MIC pools funds from multiple investors to provide mortgages and is regulated as an investment vehicle. A MIC is federally regulated, whereas individual lenders are provincially regulated. A MIC primarily focuses on commercial properties, while individual lenders focus on residential.

Correct Answer:

A MIC pools funds from multiple investors to provide mortgages and is regulated as an investment vehicle.

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