Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

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A couple receives a notification that their mortgage has been assigned to another lender. What is the appropriate response?

Seek legal advice, as mortgage assignment requires mortgagor consent.
Understand that assignment is not allowed if stipulated in the covenants.
Realize that assignment is a legal right of the mortgagee, and cannot be contested.
Stop making payments, believing a breach of mortgage covenants has occurred.
Contact the originating lender to object to the assignment.
File a complaint with the regulatory body overseeing mortgages.

The correct answer is: Realize that assignment is a legal right of the mortgagee, and cannot be contested.

When a mortgage is assigned to another lender, it is important to understand that mortgage assignment is a legal right of the mortgagee and cannot be contested. The lender has the legal ability to transfer the rights and obligations of the mortgage to another party. Seeking legal advice or objecting to the assignment is unlikely to change the situation, as the mortgagee has the legal authority to make the assignment. Therefore, the appropriate response in this scenario is to realize that assignment is a legal right of the mortgagee and cannot be contested.