Humber/Ontario Real Estate Course 1 Exam Practice

What does a mortgagor typically receive from the mortgagee when the mortgage has been paid off?

1. A Document General (Form 4)

2. A Discharge of Charge/Mortgage

3. A receipt of payment

4. A repayment schedule

The correct answer is: A Document General (Form 4)

When a mortgage has been paid off, the mortgagor typically receives a Document General (Form 4) from the mortgagee. This document serves as proof that the mortgage has been satisfied and the property is no longer encumbered by the mortgage. It is an important legal document that signifies the completion of the mortgage agreement. In the context of the other options: - A Discharge of Charge/Mortgage is not typically provided to the mortgagor as it is more of an internal document that the mortgagee files to release the security interest in the property. - A receipt of payment is a common document issued upon making a payment but is not specific to the completion of a mortgage. - A repayment schedule is a plan outlining the payment amounts and dates throughout the term of the mortgage, but it is not provided to the mortgagor upon full payment of the mortgage.