Unless a buyer is able to purchase a home with cash, he or she will need to borrow the money. Some people are lucky enough to be able to borrow the money directly from a relative or friend. Others must borrow the money from a third party. If one obtains a loan from a third party that loan will be secured. This means that the loan will be registered against the property. A loan which is secured against the property is referred to as a mortgage. Mortgages are heavily regulated in Ontario and other jurisdictions. As a real estate agent you will need to help your client understand mortgages and obtain mortgage financing. As a result, your knowledge of mortgages will be tested as part of the OREA licensing process.

All students in the OREA prgram will be tested on “mortgages” as part of the first course. In Course 1, the math portion is covered in Chapters 7, 8, and 9 of the book. Chapter 8 deals exclusively with the “Mathematics of Mortgages”.

During your articling period you will be required to take an “elective”. Mortgages is an optional elective. We highly recommend that you take the mortgages course be your elective.

We offer a “Mortgage Math” seminar in preparation for your course 1 exam. The goal is to help you understand and be able to apply mortgage concepts and the mathematics of mortgages on your course 1 exam. This will also include

**What**: OREA Course 1 – Mortgage Math Seminar

**Who:** John Richardson: Test prep teacher, lawyer and broker

**When:** Sunday November 25, 2012 – 2:00 p.m. – 6:00 p.m.

**Where:** University of Toronto – St. Michael’s College – Carr Hall – 100 St. Joseph St. – Room TBA

**Course fee**: $95 payable at the door

**Pre-registration Required**:

** Email**: realestatemath+mortgages@gmail.com (Include: name, address, phone number, and exam date)

**Note:** Time permitting this course will also review cap rates, taxation of real estate and other aspects of chapter 9.

Those who are interested in the basic principles of real estate math (most of real estate math involves the application of percentages) should consider our general OREA course and and OREA admissions test course.