Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

In the context of real estate law, what does the term "mortgagee" refer to?

The person providing the property for loan security.
The party receiving the mortgage funds.
The individual or entity lending the mortgage funds.
The legal body that approves mortgage rates.
The party responsible for insuring the mortgage.
The surveyor assessing the property value for mortgage purposes.

The correct answer is: The individual or entity lending the mortgage funds.

In the context of real estate law, the term "mortgagee" refers to the individual or entity that lends the mortgage funds. The mortgagee is the party that provides the loan to the borrower in exchange for the property being used as security for the loan. It is important to distinguish the mortgagee from the mortgagor, who is the borrower that pledges the property as security for the loan.选项A中的“The person providing the property for loan security”不正确，因为提供贷款担保的是借款方，即抵押人，而不是贷款方。选项B中的“The party receiving the mortgage funds”也不正确，因为接收抵押贷款资金的是借款方，即抵押人，而不是贷款方。选项D中的“The legal body that approves mortgage rates”也不正确，因为贷款利率批准机构在此情况下不被称为贷款方。选项E中的“The party responsible for insuring the mortgage”也不正确，因为