Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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Given a financial downturn, Mortgagor Mariani faces the possible loss of his home. If the mortgagee agrees, what mortgage remedy best suits releasing Mariani's interest in the home?

Foreclosure
Mortgage Release
Power of Sale
Quit Claim Deed

The correct answer is: Quit Claim Deed

In a situation where the mortgagor is facing the possible loss of their home due to a financial downturn, a Quit Claim Deed would be the best mortgage remedy to release Mariani's interest in the home. By utilizing a Quit Claim Deed, Mortgagor Mariani voluntarily gives up their claim to the property, effectively transferring ownership interest to the mortgagee without the need for a foreclosure process or a power of sale. Foreclosure involves the legal process by which the mortgagee takes possession of the property due to default by the mortgagor. Mortgage Release is not a common term in real estate transactions and may not offer the same legal protections as a Quit Claim Deed or other established remedies. Power of Sale is a remedy where the mortgagee can sell the property without court involvement in the event of default but may not necessarily suit releasing Mariani's interest in the home as effectively as a Quit Claim Deed would.