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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If a last-minute payment is made to clear a mortgage on a property at risk of foreclosure, what right is the owner exercising?

Right to refinance
Right to redeem the property
Right to discharge the equitable mortgage
Right to an extension
Right to modify the mortgage terms
Right to retain equity

The correct answer is: Right to redeem the property

When a last-minute payment is made to clear a mortgage on a property at risk of foreclosure, the owner is exercising the right to redeem the property. This right allows the owner to pay off the outstanding debt and reclaim the property before it is taken away due to foreclosure. This option is the correct answer because it directly relates to the situation described in the question. The other options can be explained as follows: A. The right to refinance would involve obtaining a new loan to replace the existing mortgage. C. The right to discharge the equitable mortgage refers to the legal process of releasing a mortgage lien. D. The right to an extension would involve requesting additional time to make mortgage payments. E. The right to modify the mortgage terms would involve renegotiating the terms of the existing mortgage. F. The right to retain equity refers to the owner's ability to keep any remaining value in the property after the mortgage is paid off.