Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Course 2 Exam with our comprehensive practice tests. Study with flashcards, multiple choice questions, and detailed explanations to ensure you are ready for exam day!

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What terms are most often related to owner policy and loan policy?

A Commission Trust Account
Fire Insurance Policies
Mortgage Insurance
Title Insurance Policies

The correct answer is: Title Insurance Policies

Title insurance policies are most often related to owner policy and loan policy. Title insurance is a type of insurance that protects the insured from financial losses related to the ownership of a property. Owner's policy protects the buyer, while loan policy protects the lender. Title insurance ensures that the property has a clear title with no outstanding liens or ownership disputes. This is crucial for both the owner and the lender to have peace of mind and financial protection in case any issues arise with the title of the property. The other options are not directly related to owner policy and loan policy. Fire insurance policies are related to protecting against property damage from fires, mortgage insurance is designed to protect the lender in case the borrower defaults on the loan, and a Commission Trust Account is related to trust accounting for real estate transactions.