Humber/Ontario Real Estate Course 1 Exam Practice

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What is a Discharge of Charge/Mortgage?

Completed and registered by the mortgagor.
Executed by the mortgagee.
Limited to usage within the land titles system.
Not registered on title unless a dispute arises.

The correct answer is: Not registered on title unless a dispute arises.

A Discharge of Charge/Mortgage typically refers to the document that confirms the mortgage has been paid off in full, releasing the property from the mortgage debt. It is important to note that a Discharge of Charge/Mortgage is not registered on title unless a dispute arises. This ensures that the property's title remains clear and free of any encumbrances once the mortgage has been completely satisfied.