Ontario Mortgage Agent Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Describe the key characteristic of a leasehold estate.

Leasehold estates have no time limits
Leasehold estates grant permanent ownership
Leasehold estates have exclusive property use rights
Leasehold estates exist for a fixed period of time

The correct answer is: Leasehold estates exist for a fixed period of time

A leasehold estate is a type of property ownership where the property is held for a specific, fixed period of time. This means that the ownership of the property will expire after a certain amount of time, unlike a freehold estate where the owner has permanent ownership rights. Options A and B are incorrect because they do not accurately describe this key characteristic of a leasehold estate. Option C is also incorrect as it does not specifically mention the limited time period of a leasehold estate.