Humber/Ontario Real Estate Course 2 Exam Practice

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In appraisals, form reports are often used for which purpose?

  1. Obtaining mortgage financing

  2. Completing renovations

  3. Filing tax returns

  4. Property management

  5. Tenant screening

  6. Legal disputes

The correct answer is: Obtaining mortgage financing

In appraisals, form reports are often used for obtaining mortgage financing. These reports provide comprehensive information about the property being appraised, including details about the property's value, condition, and comparable sales in the area. Lenders rely on these reports to assess the value of the property and determine the amount of mortgage financing that can be provided to the borrower. Form reports play a crucial role in the mortgage financing process by helping lenders make informed decisions based on the property's market value.

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