Mortgage Agent Licensing Practice Exam · Question
Which document legally registers the lender's interest in the property as security for the loan?
The Mortgage Deed, also known as a Charge in some provinces, is the legal document that registers the lender's security interest (lien) against the property's t
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Question: Which document legally registers the lender's interest in the property as security for the loan?
Answer options:
- Agreement of Purchase and Sale ✅ Mortgage Deed (Charge)
- Title Insurance Policy
- Property Survey
Correct answer: Mortgage Deed (Charge)
Explanation: The Mortgage Deed, also known as a Charge in some provinces, is the legal document that registers the lender's security interest (lien) against the property's title, allowing them to take possession if the borrower defaults.
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Question explanations
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
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