Humber/Ontario Real Estate Course 2 Exam Practice

Which statement about mutually waiving mortgage conditions is correct?

1. Waiving one condition removes all related conditions

2. All conditions should be grouped under one for simplicity

3. Separate conditions should allow altering one without affecting others

4. Conditions cannot be waived once agreed upon

5. A mutual release form isn't necessary unless specified

6. Mortgage conditions must be addressed individually

The correct answer is: Separate conditions should allow altering one without affecting others

In a real estate transaction involving a mortgage, it is important to understand how conditions can be waived. Option C is correct because having separate conditions allows for the flexibility of altering or waiving one condition without impacting the others. This flexibility is essential in real estate transactions to accommodate any changes or specific circumstances that may arise during the process. Options A, B, D, E, and F are not correct because they do not accurately reflect how mutually waiving mortgage conditions work. It's important to remember that in real estate transactions, parties need the ability to make changes and adjustments as needed, which is why having separate conditions for a mortgage and being able to waive or alter them individually is beneficial.