Humber/Ontario Real Estate Course 4 Exam Practice

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Which of the following would NOT be a potential cost for Buyer Serrano acquiring a condominium, in relation to a mortgage?

Application fee for a mortgage specialist
Appraisal fees when establishing market value
Land transfer tax based on the principal amount of the mortgage
Legal fees for preparing and registering the mortgage documents

The correct answer is: Land transfer tax based on the principal amount of the mortgage

Land transfer tax is not directly related to obtaining a mortgage for a condominium. This tax is typically paid by the buyer upon acquiring a property and is calculated based on the purchase price of the property, not the principal amount of the mortgage. The other options, such as application fees for a mortgage specialist, appraisal fees for determining the market value, and legal fees for preparing and registering mortgage documents, are common costs associated with securing a mortgage for a property.