Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our comprehensive quiz. Dive into engaging practice questions that will enhance your understanding and readiness for the test. Elevate your confidence and get ready to ace your exam!

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Which statement is correct concerning mortgage fraud?

It has little impact on the residential market
Forged documents are never accepted in Ontario
It is not related to identity theft
It can arise from falsified mortgage documents

The correct answer is: It can arise from falsified mortgage documents

Mortgage fraud can have serious consequences and is a significant concern in the real estate industry. Option D is the correct answer because mortgage fraud can indeed arise from falsified mortgage documents. This can involve individuals providing false information about their financial situation or employment, altering documents to misrepresent the property's value or the buyer's qualifications, or engaging in other deceptive practices to secure a mortgage. Mortgage fraud can lead to financial losses for lenders, impact the stability of the housing market, and result in legal consequences for those involved.