Humber/Ontario Real Estate Course 4 Exam Practice

What action describes an owner's right to redeem their property?

1. Discharging an equitable mortgage on the title

2. Paying off debts and penalties to reclaim title

3. Obtaining a mortgagee-signed discharge

4. Securing clear title with no registered debts

5. Avoiding property foreclosure through partial payments

6. Engaging in prolonged payment negotiations

The correct answer is: Discharging an equitable mortgage on the title

Discharging an equitable mortgage on the title is the correct answer because this action involves an owner settling their debt with the mortgage holder, thereby redeeming their property. A property owner typically has the right to redeem their property by paying off their debts and any penalties to regain complete ownership. This process allows the owner to reclaim title and clear any existing mortgage on the property. Obtaining a mortgagee-signed discharge, securing clear title with no registered debts, avoiding foreclosure through partial payments, and engaging in prolonged negotiations are not direct actions that describe an owner's right to redeem their property.