Test your Might - Part1 | Take the Quiz

A mortgage is a document used to register the Bank's interest in a property at the land registry/land titles office.

True

False

Interest rate blending applies to fixed rate closed mortgages being renewed to a new fixed rate term before the maturity date.

True

False

Check all that apply. Indicate which of the following statements are true for an Appraisal Report.

The appraisal must be ordered by the Bank from a qualified approved appraiser who has no direct or indirect interest in the property.

A rental Schedule A must be obtained in addition to the Full Appraisal for rental properties containing 4 or less units.

All three types of appraisals (Full, Drive By and Desk Top) are required under specific circumstances.

The estimated vacant land value in the Cost Approach section of the Full Appraisal cannot be greater than 25% of the final (including building) value estimate.

A customer may prepay some or the entire mortgage early regardless of their mortgage type at anytime without prepayment costs.

True

False

Which of the following prepayment options are applicable to a fixed rate closed mortgage?

Paying an extra regular mortgage payment

Paying up to 15% of the original principal amount of the mortgage

Increasing the regular monthly mortgage payment by up to 15% of the principal and interest and payment set for the term of the mortgage

No prepayment fees

Property tax rebate for up to one year

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