RECA Residential Unit 6 Questions and Answers Solved 100% Correct!!

"Equity" meaning - The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property 2 reporting agencies in Canada that keep credit history data - Equifax Canada and TransUnion of Canada 2 rights of a lender (for mortgages) - Right to 1. assign the mortgage 2. be paid under the terms of the mortgage 2 ways to calculate interest (related to interest rates) - simple interest and compound interest 3 criteria/questions to establish if dower rights exists - 1. Is the owner of the property the only name on the certificate of title? 2. Is the owner of the property legally married? 3. Has either spouse lived in the property since the time of the the marriage? 3 lender obligations under lender covenants - 1. To discharge the mortgage upon repayment in full 2. To leave the borrower in quiet possession and not interfere with their use and enjoyment of the mortgaged property 3. To provide an annual mortgage statement to the borrower which includes information about a. the opening and closing balance of principal b. the interest paid and accrued c. the payment of municipal property taxes, if included, including payments received and paid on behalf of the owner 3 mortgage loan insurance providers in Canada - CMHC (Canada Mortgage and Housing Corporation), Genworth, Canada Guaranty Mortgage Insurance Company (Canada Guaranty) 3 rights of a borrower - Right to 1. quiet possession of the property. 2. redeem or further mortgage the property 3. receive a discharge of the mortgage 3 types of mortgage rates - Fixed, variable and adjustable5 basic steps of a foreclosure process - 1. Borrower defaults 2. Lender issues Demand Letter. 3. Lender files Statement of Claim 4. Borrower responds to Statement of Claim 5. Lender files a Motion for Foreclosure Relief 5a. Lender applies for Redemption Order b. Lender applies for Order for Sale to Plaintiff c. Lender applies for Order for Foreclosure 5 covenants under Borrower's Obligation - Covenant to 1. repay the mortgage loan and accrued interest. 2. pay all taxes levied upon the property 3. keep the property adequately insured 4. maintain the condition of the property 5. pay any other charges against the title of the property