A Mortgage Covering the Loan Arranged by Kryhalla Spa Inc.
A mortgage covering the loan arranged by Kryhalla Spa Inc. has been forwarded to the land titles system. What is the most likely result once the document has been registered?
A) Registration gives the owner an occupier's right to the land.
B) Registration transfers ownership to the lender for the duration of the loan.
C) Registration creates a right to have ownership restored.
D) Registration creates a charge on land until repayment is complete.
Which of the following is synonymous with equity of redemption with respect to real property law?
A) the right to have legal ownership restored upon the repayment of the mortgage
B) damages based on the value of the property on the date of equity redemption
C) the right of owners to exclusively control land during the term of a lease
D) damages substituted for the court's decree of a right to equity redemption
A bank took immediate possession of real property for the non-payment of a mortgage installment on its due date. It is taking steps to have the property sold. The bank is aware that, due to poor market conditions, the amount of the mortgage is higher than the value of the property. What are the most likely legal matters that will come before the courts?
A) distress and equity redemption
B) default and deficiency
C) foreclosure and deficiency
D) foreclosure and court-supervised sale
In which of the following circumstances will an original mortgagor, who has allowed its mortgage to be assumed by a new buyer, be held liable under the assumed mortgage?
A) if there is a deficiency in assigned insurance proceeds
B) if the original mortgagor agrees to pay a penalty for lost interest
C) if the new buyer defaults under the terms of the mortgage
D) if the lending bank assigned the mortgage to another financial entity