Humber/Ontario Real Estate Course 1 Exam Practice

Which term is used interchangeably when referring to a mortgage document in Ontario?

1. Charge/Mortgage of Land.

2. Deed of Trust.

3. Land Transfer Form.

4. Mortgage Application Form.

5. Ownership Certificate.

6. Property Title Deed.

The correct answer is: Charge/Mortgage of Land.

The correct term that is used interchangeably when referring to a mortgage document in Ontario is "Charge/Mortgage of Land." This term specifically describes the legal instrument that creates a security interest in the property, whereas a mortgage typically refers to the right to a loan secured by that property. In Ontario, the term "charge" is often used to describe the same concept, making it an appropriate interchangeable term with "mortgage." The other options provide different roles or purposes in real estate transactions but do not serve as interchangeable terms for a mortgage document. For instance, a Deed of Trust is not commonly used in Ontario and often pertains to a different financial arrangement involving a third party. The Land Transfer Form relates to the conveyance of property and registration, rather than the mortgage itself. The Mortgage Application Form is used for applying for a mortgage but is not the actual mortgage document. An Ownership Certificate refers to proof of ownership rather than the security interest of the property. Lastly, the Property Title Deed serves to indicate ownership of property but is distinct from the mortgage documentation. Therefore, "Charge/Mortgage of Land" is the term that best fits the criteria of being interchangeable with mortgage documentation in Ontario.