Ontario Real Estate Licensing Exam Practice · Question
A lender initiates a Power of Sale on a residential property in Barrie due to unpaid mortgage payments. What is a key step the lender must undertake before selling the property under Power of Sale in Ontario?
Under the Mortgages Act (Ontario), a lender exercising Power of Sale must first serve the borrower with a Notice of Sale, allowing the borrower a redemption per
Start free practice for Ontario Real Estate Licensing Exam Practice
363 questions · no signup required · 40 free questions per day
Question: A lender initiates a Power of Sale on a residential property in Barrie due to unpaid mortgage payments. What is a key step the lender must undertake before selling the property under Power of Sale in Ontario?
Answer options: ✅ Serve the homeowner with a Notice of Sale Under Mortgage, giving them a specified period to remedy the default.
- Obtain a court order for foreclosure before any sale can occur.
- Offer the property back to the original homeowner at a discounted rate.
- Renovate the property extensively to maximize sale proceeds before listing.
Correct answer: Serve the homeowner with a Notice of Sale Under Mortgage, giving them a specified period to remedy the default.
Explanation: Under the Mortgages Act (Ontario), a lender exercising Power of Sale must first serve the borrower with a Notice of Sale, allowing the borrower a redemption period (typically 35 days for residential properties) to cure the default.
Start free practice for Ontario Real Estate Licensing Exam Practice
363 questions · no signup required · 40 free questions per day
More about Ontario Real Estate Licensing Exam Practice
Related Questions
- A buyer is considering a mortgage product that allows them to prepay a portion of their principal at any time
- A commercial property in Toronto is sold for $2,000,000. The vendor is an HST registrant. What is the buyer's
- What is the primary purpose of registering a deed under the Registry Act in Ontario?
- What is the primary role of a 'title search' in a residential real estate transaction in Ontario?
- A seller accepts a conditional offer. Before the conditions are fulfilled, the seller receives a firm, higher
- Which of the following is a common encumbrance that would be registered on title and affect a property owner's
More for Ontario Real Estate Licensing Exam Practice candidates
Study guides
Question explanations
- A buyer is considering a mortgage product that allows them to prepay a portion of their principal at any time
- A commercial property in Toronto is sold for $2,000,000. The vendor is an HST registrant. What is the buyer's
- What is the primary purpose of registering a deed under the Registry Act in Ontario?
- What is the primary role of a 'title search' in a residential real estate transaction in Ontario?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Ontario Real Estate Licensing Exam Practice Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.