Humber/Ontario Real Estate Course 2 Exam Practice

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What describes a clause conditional on the approval to assume a mortgage?

  1. Condition precedent

  2. Condition subsequent

  3. True condition precedent

  4. True condition subsequent

  5. Contingent condition

  6. Non-contingent condition

The correct answer is: True condition precedent

A true condition precedent is a clause that is conditional on the approval to assume a mortgage. In this scenario, the approval to assume a mortgage is a necessary condition that must be met before the clause takes effect. This type of condition is common in real estate transactions where certain actions or events must occur before other obligations are triggered. The other options are incorrect because they do not specifically relate to a condition that is dependent on the approval to assume a mortgage. The terms "condition subsequent," "contingent condition," and "non-contingent condition" do not accurately describe a clause that is dependent on this specific approval.

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