Question 1

Who does the equity of redemption benefit,and how does it do so?

Accepted Answer

The equity of redemption benefits the mortgagor by permitting him or her to rectify a breach of his or her obligation of covenants under a mortgage.

Question 2

A defect not readily apparent to an ordinary purchaser during an ordinary inspection is referred to as a patent defect.

Accepted Answer

A) True 
 B)False  False

Question 3

The rules regarding assignments continue in respect of mortgages that are assigned.

Accepted Answer

A) True 
 B)False  True

Question 4

On default of a mortgage,the full amount of the balance outstanding becomes due.

Accepted Answer

A) True 
 B)False

Question 5

A mortgage that permits repayment of the debt at any time without notice or penalty is called

Accepted Answer

A) a partial mortgage. 
B) a closed mortgage. 
C) a conventional mortgage. 
D) an open mortgage. 
E) an insured mortgage. 
A) a partial mortgage. 
B) a closed mortgage. 
C) a conventional mortgage. 
D) an open mortgage. 
E) an insured mortgage.

Question 6

A third mortgage is a mortgage of the equity of redemption.

Accepted Answer

A) True 
 B)False

Question 7

Upon a sale of property,the document that sets out the debits and credits that must be adjusted to arrive at the proper amount to be paid on closing is called the

Accepted Answer

A) requisitions. 
B) draft deed. 
C) statement of adjustments. 
D) charge. 
E) charge/mortgage. 
A) requisitions. 
B) draft deed. 
C) statement of adjustments. 
D) charge. 
E) charge/mortgage.

Question 8

In a foreclosure,even after the final day for redemption,the mortgagee may successfully sue the mortgagor for the debt

Accepted Answer

A) until the six-month period has expired. 
B) until the one-month period has expired. 
C) until the period prescribed in the Statute of Limitations runs out. 
D) after the property has been sold to another party. 
E) only if the mortgagor has sufficient funds to pay the debt. 
A) until the six-month period has expired. 
B) until the one-month period has expired. 
C) until the period prescribed in the Statute of Limitations runs out. 
D) after the property has been sold to another party. 
E) only if the mortgagor has sufficient funds to pay the debt.

Question 9

Partial discharges of a mortgage act to reconvey all of the land that is mortgaged.

Accepted Answer

A) True 
 B)False

Question 10

Where the vendor accepts an offer to purchase his or her property,what are five of the matters that the purchaser will have to investigate before closing?

Accepted Answer

When an offer to purchase property is ac

Question 11

A mortgage that can be paid off before its maturity date without penalty or bonus is a closed mortgage.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is NOT a covenant of the mortgagor?

Accepted Answer

A) to pay the debt and accrued interest,at the stipulated times 
B) to pay the taxes on the land the buildings 
C) to execute the necessary discharge of the mortgage upon payment in full 
D) to keep the premises in a reasonable repair 
E) to keep the property adequately insured in the name of the mortgagee 
A) to pay the debt and accrued interest,at the stipulated times 
B) to pay the taxes on the land the buildings 
C) to execute the necessary discharge of the mortgage upon payment in full 
D) to keep the premises in a reasonable repair 
E) to keep the property adequately insured in the name of the mortgagee

Question 13

A lender who accepts an interest in land as security for a loan is called

Accepted Answer

A) a mortgagor. 
B) a insured. 
C) a mortgagee. 
D) a pledgor. 
E) a lender. 
A) a mortgagor. 
B) a insured. 
C) a mortgagee. 
D) a pledgor. 
E) a lender.

Question 14

Explain why,in difficult economic times,it might be wiser for a mortgagee to foreclose rather than to sell the property.

Accepted Answer

In difficult economic times,not only doe

Question 15

Which of the following is NOT a typical stage in a real estate transaction?

Accepted Answer

A) cleaning the premises 
B) acceptance of the offer 
C) submission of an offer to purchase 
D) preparation of documents,including a statement of adjustments,by the seller 
E) the submission of requisitions by the purchaser's solicitor 
A) cleaning the premises 
B) acceptance of the offer 
C) submission of an offer to purchase 
D) preparation of documents,including a statement of adjustments,by the seller 
E) the submission of requisitions by the purchaser's solicitor

Question 16

When faced with a mortgagor's default,a mortgagee has options available to collect on the outstanding mortgage indebtedness.Briefly describe the options available to a mortgagee and what factors may influence a mortgagee's decision on how to proceed.

Accepted Answer

When a mortgagor defaults,the most signi

Question 17

The land titles system has changed the legal nature of a mortgagee's interest in land.Under the land titles system,a mortgage is called

Accepted Answer

A) a transfer of legal title. 
B) a foreclosure. 
C) a charge. 
D) a real registration. 
E) an acceleration clause. 
A) a transfer of legal title. 
B) a foreclosure. 
C) a charge. 
D) a real registration. 
E) an acceleration clause.

Question 18

Explain why a mortgage is good protection for the mortgagee in circumstances where the mortgagor may be insolvent or goes bankrupt.

Accepted Answer

A mortgage makes the mortgagee a secured

Question 19

On receipt of an agreement of purchase and sale from a purchaser of property,the first thing a prudent lawyer should do is

Accepted Answer

A) conduct a search of title of the purchased property. 
B) conduct a search of taxes for the purchased property. 
C) conduct a search of the zoning by-laws affecting the purchased property. 
D) ensure that the purchaser has sufficient money to purchase the property and pay all costs related to the purchase. 
E) all of the above 
A) conduct a search of title of the purchased property. 
B) conduct a search of taxes for the purchased property. 
C) conduct a search of the zoning by-laws affecting the purchased property. 
D) ensure that the purchaser has sufficient money to purchase the property and pay all costs related to the purchase. 
E) all of the above

Question 20

A mortgage need not require registration of a discharge to cancel the mortgage debt.

Accepted Answer

A) True 
 B)False

Exam 23: Mortgages of Land and Real Estate Transactions

Who does the equity of redemption benefit,and how does it do so?

A defect not readily apparent to an ordinary purchaser during an ordinary inspection is referred to as a patent defect.

The rules regarding assignments continue in respect of mortgages that are assigned.

On default of a mortgage,the full amount of the balance outstanding becomes due.

A mortgage that permits repayment of the debt at any time without notice or penalty is called

A third mortgage is a mortgage of the equity of redemption.

Upon a sale of property,the document that sets out the debits and credits that must be adjusted to arrive at the proper amount to be paid on closing is called the

In a foreclosure,even after the final day for redemption,the mortgagee may successfully sue the mortgagor for the debt

Partial discharges of a mortgage act to reconvey all of the land that is mortgaged.

Where the vendor accepts an offer to purchase his or her property,what are five of the matters that the purchaser will have to investigate before closing?

A mortgage that can be paid off before its maturity date without penalty or bonus is a closed mortgage.

Which of the following is NOT a covenant of the mortgagor?

A lender who accepts an interest in land as security for a loan is called

Explain why,in difficult economic times,it might be wiser for a mortgagee to foreclose rather than to sell the property.

Which of the following is NOT a typical stage in a real estate transaction?

When faced with a mortgagor's default,a mortgagee has options available to collect on the outstanding mortgage indebtedness.Briefly describe the options available to a mortgagee and what factors may influence a mortgagee's decision on how to proceed.

The land titles system has changed the legal nature of a mortgagee's interest in land.Under the land titles system,a mortgage is called

Explain why a mortgage is good protection for the mortgagee in circumstances where the mortgagor may be insolvent or goes bankrupt.

On receipt of an agreement of purchase and sale from a purchaser of property,the first thing a prudent lawyer should do is

A mortgage need not require registration of a discharge to cancel the mortgage debt.

Law, society, and Business

The Machinery of Justice

Government Regulation of Business

The Law of Torts

Professional Liability: the Legal Challenges

Formation of a Contract: Offer and Acceptance

Formation of a Contract: Consideration and Intention

Formation of a Contract: Capacity to Contract and Legality of Object

Grounds Upon Which a Contract May Be Set Aside: Mistake and Misrepresentation

Writing and Interpretation

Privity of Contract and the Assignment of Contractual Rights

The Discharge of Contracts

Breach of Contract and Its Remedies

Sale of Goods and Consumer Contracts

Bailment and Leasing

Insurance and Guarantee

Agency and Franchising

The Contract of Employment

Negotiable Instruments

Intellectual Property

Interests in Land and Their Transfer

Landlord and Tenant

Sole Proprietorships and Partnerships

The Nature of a Corporation and Its Formation

Corporate Governance: the Internal Affairs of Corporations

Corporate Governance: External Responsibilities

Secured Transactions

Creditors Rights

International Business Transactions

Electronic Commerce

Privacy

Filters