Key takeaways
- →REMIC publishes exam question-counts and pass marks across all three of its courses; MPC does not publish this detail for its standard Ontario Level 1 or Level 2 courses.
- →REMIC's pass mark climbs from 60% at Level 1 to 70% at Level 2, then drops back to 60% for the mortgage broker exam — on double the questions.
- →REMIC publishes the same basic retake structure across its courses: two attempts, with the first included in the course fee.
- →REMIC's Level 1 and Level 2 exams both include case-study-based questions, not just recall questions — studying definitions alone won't be enough.
Ontario's licensing exams aren't administered by FSRA directly — they're built into the approved course you take, and the format, length, and pass mark change depending on both the provider and the licence level.
Here's what's actually published about each exam — format, timing, pass mark, and retake rules — plus generic study advice for the pieces every version of the exam shares: multiple-choice format and a hard time limit.
01 · What does each Ontario licensing exam actually look like?
Published exam details currently come from REMIC and, for out-of-province applicants, MPC's equivalency course. REMIC is the only provider that publishes exam question-counts and pass marks across all three of its courses — see REMIC vs. MPC for how those figures compare to MPC's published pricing and formats:
| Course | Length | Format | Pass mark | Retakes |
|---|---|---|---|---|
| REMIC Level 1 (RMAC) | 3 hours | In-person or online proctored; 50 multiple-choice questions (case-study based) | 60% (30/50) | 2 attempts — 1st free, 2nd paid (online or in-person) |
| REMIC Level 2 (Private Mortgage Course) | 3 hours | In-person (when reinstated) or online proctored; 50 multiple-choice questions (case-study based) | 70% (35/50) | 2 attempts — 1st free, 2nd paid online or free in-person |
| REMIC Mortgage Broker Course | 3-hour time limit | In-person or online proctored; 100 multiple-choice questions | 60% (60/100) | 2 attempts — 1st free, 2nd via paid online or free in-person; $25 rewrite fee on the second attempt |
| MPC Ontario Mortgage Licensing Equivalency Course (out-of-province applicants) | 2-hour course + 30-minute final exam | 20 multiple-choice questions | 70% | Not published |
MPC's standard Ontario Level 1 and Level 2 course pages don't publish exam question-count or pass-mark figures for either level — that detail simply isn't published on those pages, so treat it as unconfirmed rather than assuming it mirrors REMIC's.
02 · Why do the pass marks differ between Level 1, Level 2, and the broker exam?
REMIC's published pass marks step up from Level 1 to Level 2: 60% (30 of 50) for Level 1, rising to 70% (35 of 50) for the Level 2 Private Mortgages Course. The broker exam returns to a 60% pass mark, but on double the questions — 60 of 100 — and the same 3-hour time limit.
None of REMIC's published figures explain why the Level 2 pass mark is higher — only that it is. Applicants moving from Level 1 to Level 2 shouldn't assume the exam experience will feel identical to their first exam.
03 · What happens if I fail one of these exams?
REMIC publishes the same basic retake structure across all three of its courses: two attempts, with the first attempt included in the course fee and the second available as a paid attempt (online or in-person, depending on the course). For the mortgage broker course specifically, REMIC's FAQ notes a $25 rewrite fee applies to that second attempt.
What happens after a second failed attempt isn't published on REMIC's pages, and MPC doesn't publish retake figures for its standard Ontario courses at all — contact the provider or FSRA directly if you're in that position.
04 · How should you actually study for a case-study-based multiple-choice exam?
REMIC's Level 1 and Level 2 exams both note their multiple-choice questions include case-study-based scenarios, not just recall questions — so studying definitions alone won't be enough. Practising applying rules to a scenario, the way a real file would present them, tends to matter more than memorizing a glossary.
Time management matters too: a 3-hour exam with 50 or 100 questions leaves roughly 3–3.5 minutes per question at most. Treat practice sessions as timed dry runs, not untimed review. Once licensed, Treadstone's Canadian Mortgage Underwriting Course builds the same case-study judgment further, and our work with Canadian mortgage professionals is built for agents ready to put a passed exam to work.
Passing the exam is the floor
The case-study skill the exam only samples.
A licensing exam tests a sample of scenarios in a few hours. Treadstone's Canadian Mortgage Underwriting Course builds that same case-study judgment across real Canadian files, at a depth no licensing exam is designed to cover.
Frequently asked questions
This article is general information to help you scale — not a substitute for tailored advice on your specific business, licensing, or compliance obligations. All figures are illustrative examples for planning purposes; actual costs vary by province, market, and brokerage.