100+ Free AMPC Designation Practice Questions

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Key Facts: AMPC Designation Exam

100

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Pass Score

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3.0 hours

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Accredited Mortgage Professional of Canada Designation Exam prep course featuring 100 high-quality practice questions and detailed explanations.

Sample AMPC Designation Practice Questions

Try these sample questions to test your AMPC Designation exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1A borrower has an annual gross income of $75,000. Their monthly mortgage payment (P&I) is $1,600, property taxes are $300/month, and heating costs are $100/month. What is their Gross Debt Service (GDS) ratio?

A.40%

B.35%

C.32%

D.25.6%

Explanation: The Gross Debt Service (GDS) ratio is calculated as (Principal & Interest + Property Taxes + Heating Costs) / Gross Monthly Income. In this case, ($1,600 + $300 + $100) / ($75,000 / 12) = $2,000 / $6,250 = 0.32 or 32%. This ratio is a key indicator of housing affordability.

2Following from the previous question, the borrower also has a car loan payment of $400/month and a credit card minimum payment of $50/month. What is their Total Debt Service (TDS) ratio?

A.44%

B.35%

C.39.2%

D.32%

Explanation: The Total Debt Service (TDS) ratio includes the GDS components plus all other monthly debt payments. So, ($1,600 P&I + $300 Taxes + $100 Heating + $400 Car Loan + $50 Credit Card) / ($75,000 / 12) = $2,450 / $6,250 = 0.392 or 39.2%. This ratio assesses the borrower's overall debt burden.

3For a conventional uninsured mortgage application, what is the current OSFI qualifying rate (stress test) used by federally regulated financial institutions?

A.The contract rate itself.

B.The greater of the mortgage contract rate plus 2% or 4.79%.

C.The greater of the Bank of Canada overnight rate plus 2% or 5.25%.

D.The greater of the mortgage contract rate plus 2% or 5.25%.

Explanation: Under OSFI's B-20/B-21 guidelines for uninsured mortgages, borrowers must qualify at the higher of their mortgage contract rate plus two percentage points, or 5.25% (as of current guidelines, subject to change by the Minister of Finance). This ensures borrowers can still afford payments if interest rates rise. This specific rule applies to federally regulated financial institutions.

4Which of the following is an *unacceptable* source for a down payment for a high-ratio insured mortgage in Canada?

A.Gift from an immediate family member.

B.Funds from the sale of another property.

C.RRSP Home Buyers' Plan withdrawal.

D.Unsecured personal loan.

Explanation: Unsecured personal loans are generally unacceptable as a down payment source because they represent additional debt. This increases the borrower's overall debt servicing, undermining the equity requirement for the mortgage. Mortgage insurers require genuine equity.

5What is the minimum down payment required for an owner-occupied residential property with a purchase price of $450,000 in Canada?

A.35%

B.10%

C.20%

D.5%

Explanation: For owner-occupied residential properties in Canada, the minimum down payment is 5% for purchase prices up to $500,000. This threshold ensures accessibility for many homebuyers while requiring mortgage default insurance.

6What is the minimum down payment required for an owner-occupied residential property with a purchase price of $700,000 in Canada?

A.$35,000

B.$70,000

C.$140,000

D.$45,000

Explanation: For properties between $500,000 and $999,999, a tiered down payment applies. It's 5% on the first $500,000 ($25,000) and 10% on the portion of the purchase price above $500,000. For a $700,000 property, this means 5% of $500,000 ($25,000) + 10% of $200,000 ($20,000), totaling $45,000.

7What is the primary purpose of mortgage default insurance in Canada?

A.To cover the cost of property damage.

B.To protect the borrower from unforeseen financial hardship.

C.To reduce the borrower's interest rate.

D.To protect the lender in case of borrower default.

Explanation: Mortgage default insurance, mandatory for high-ratio mortgages (less than 20% down payment), serves to protect the lender from financial loss if the borrower defaults on their mortgage. This reduces the risk for lenders, allowing them to offer mortgages with lower down payments. The premium for this insurance is paid by the borrower.

8For a self-employed borrower applying for an insured mortgage, which of the following is typically required for income verification?

A.One year of bank statements showing business deposits.

B.A current business license and a signed declaration of income.

C.A minimum of two years' Notice of Assessments (NOA) and T1 Generals.

D.A projected income statement from their accountant.

Explanation: Lenders and insurers require a consistent and verifiable history of income for self-employed individuals. This is typically demonstrated through a minimum of two years of Notice of Assessments (NOAs) and T1 General forms, which provide an official record of declared income after deductions. This helps assess the stability and sustainability of their income.

9What is the generally accepted minimum Beacon credit score for a borrower to qualify for a high-ratio insured mortgage through a major insurer (e.g., CMHC)?

A.500

B.720

C.600

D.680

Explanation: While higher credit scores are always beneficial, a Beacon credit score of 600 is often cited as the minimum acceptable threshold for at least one borrower to qualify for a high-ratio insured mortgage through major insurers like CMHC. Lenders may have higher internal minimums or require mitigating factors for scores at the lower end.

10What is the maximum Loan-to-Value (LTV) typically allowed for a conventional mortgage refinance in Canada?

A.90%

B.95%

C.80%

D.65%

Explanation: For conventional mortgage refinances in Canada, the maximum Loan-to-Value (LTV) is typically limited to 80%. This means the borrower must retain at least 20% equity in their home after the refinance. Refinances with higher LTVs are generally not permitted or require specialized products.

About the AMPC Designation Exam

The AMPC designation exam evaluates a mortgage broker's competency across four mandatory courses: real estate transactions, residential underwriting, commercial/specialized lending, and professional ethics.

Assessment

Multiple-choice computerised exam administered by Mortgage Professionals Canada (MPC).

Time Limit

3.0 hours

Passing Score

70%

Exam Fee

$200 - $350 CAD (Mortgage Professionals Canada (MPC))

AMPC Designation Exam Content Outline

25%

National Mortgage Underwriting Standards

Practice questions covering the domain: national mortgage underwriting standards.

25%

Canadian Real Estate Transaction Rules

Practice questions covering the domain: canadian real estate transaction rules.

25%

Commercial And Specialized Lending

Practice questions covering the domain: commercial and specialized lending.

25%

Professional Ethics And Client Relations

Practice questions covering the domain: professional ethics and client relations.

How to Pass the AMPC Designation Exam

What You Need to Know

Passing score: 70%
Assessment: Multiple-choice computerised exam administered by Mortgage Professionals Canada (MPC).
Time limit: 3.0 hours
Exam fee: $200 - $350 CAD

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

AMPC Designation Study Tips from Top Performers

1Carefully study all regulatory and legislative requirements.

2Practice sample calculations and review real-world scenario items.

3Review the explanations for all incorrect practice questions to build core conceptual clarity.

Frequently Asked Questions

What is the passing score for AMPC Designation?

The passing score is 70%.

Who administers the AMPC Designation exam?

The exam is administered by the Mortgage Professionals Canada (MPC).