Use the fact situation in Q1 to answer the related question that follows. The term or phrase used to describe the position or rank of the Royal Bank and TD Canada Trust mortgages on title based on the time of registration is

Question

Quizplus · Accepted Answer

The term used to describe the position or rank of mortgages on title based on the time of registration is priority. This means that the mortgage that was registered first will have higher priority than the one registered later. In the given fact situation, Royal Bank has a first mortgage, meaning it has higher priority than TD Canada Trust's second mortgage.

Use the Fact Situation in Q1 to Answer the Related