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!

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What should be filed to remove a mortgage charge from property title when the debt is cleared?

A Certificate of Payment
A Discharge of Charge/Mortgage
An Acknowledgement Receipt
A Discharge Summary

The correct answer is: A Discharge of Charge/Mortgage

A Discharge of Charge/Mortgage should be filed to remove a mortgage charge from the property title when the debt is cleared. This document serves as proof that the mortgage has been fully paid off, and it allows the property owner to have the mortgage removed from the property title. Option A, a Certificate of Payment, is not the correct choice because it does not specifically address the removal of the mortgage charge from the property title. Option C, an Acknowledgement Receipt, is not the correct choice as it is simply a paperwork to acknowledge that a payment has been made, but it does not serve the purpose of removing a mortgage charge from the property title. Option D, a Discharge Summary, is also incorrect as it is not a standard real estate document used to remove a mortgage charge from a property title.