Private Mortgages Course & Challenge Exam FAQ

You must get 70% or higher to pass the final examination for the Private Mortgages Course. If you fail, you are able to re-write the exam only once at a cost of $75 + HST

The Challenge Exam is intended for licensed Brokers and Agents that have the experience and competencies reflected in the new education requirement to be a mortgage agent level 2 or mortgage broker. It requires expert knowledge on the rules and regulations governing the brokering industry when dealing in private mortgage transactions, this includes knowledge of MBLAA and the Standards of Practice.

We now write all exams online, using an automated proctoring software enhanced with AI to detect cheating. It is highly recommended that you complete the exam on a laptop or computer.

If you need accommodations, please contact the CMBA Ontario office at 416.252.4622 ext. 3 or office@cmbaontario.ca.

In-Class format: You may register for the online exam after the last day of class, and you have 3 days to complete the exam.

Online/Self-Study format: You may register for the online exam once you complete your review of all the course material, and once you register, you have 3 days to complete the exam.

For all class formats, you have 6 months to complete the course and the exam. If you need more time, you may purchase a course extension for 2 months for $75 + HST. Please contact CMBA Ontario at office@cmbaontario.ca if you need an extension past 6 months.

For both the Challenge Exam and the Private Mortgages Course, your exam results will be posted in your online account within 5 to 7 business days. You will be alerted by email when the results are ready.

You will be required to take the Private Mortgages Course if you fail the Challenge Exam.

You will be allowed only one (1) re-write if you fail the Private Mortgages Course.

If you fail the re-write for the Private Mortgages Course, you will need to take the course again and pay the full course fee.

It is generally required to have a laptop or computer to complete the required tasks as a licensed mortgage agent or broker. However, we understand that there are unique situations that require accommodations.

If you need accommodations, please contact the CMBA Ontario office at 416.252.4622 ext. 3 or office@cmbaontario.ca.

No. You must complete either the Challenge Exam if you have had your licence for the last 5 years or more, or you must complete the Private Mortgages Course.

Otherwise, on April 1, 2024, your licence will be converted to the mortgage agent level 1 licence.

You are eligible for the Mortgage Agent Level 1 licence.

In order to be eligible for the Mortgage Agent Level 2 licence, you need to work as a Level 1 Agent for at least 1 year, and successfully pass the Private Mortgages Course.

There is no minimum requirement for experience to be able to take the course. However, to obtain your mortgage agent level 2 licence, you will need at least 1 year of licensing experience as a mortgage agent level 1.