Ontario Mortgage Agent Practice Exam

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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!

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How do encumbrances affect property ownership?

Encumbrances provide full property ownership
Encumbrances have no impact on property rights
Encumbrances limit fee simple ownership rights
Encumbrances grant exclusive property use rights

The correct answer is: Encumbrances limit fee simple ownership rights

Encumbrances are legal limitations or restrictions on property ownership, typically in the form of liens, mortgages, easements, or encroachments. These can affect the rights of the property owner, including the ability to transfer or sell the property. Options A and D are incorrect because encumbrances do not provide full property ownership or grant exclusive use rights. Option B is also incorrect because encumbrances do have an impact on property rights, limiting them in certain ways. Option C is the most accurate because it recognizes that encumbrances can limit the owner's fee simple ownership rights to the property.