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 is a leasehold estate defined in real estate?

Leasehold estate offers permanent ownership
Leasehold estate involves shared property rights
Leasehold estate exists for a specific time period
Leasehold estate provides unlimited property use

The correct answer is: Leasehold estate exists for a specific time period

A leasehold estate in real estate refers to the right to occupy and use a property for a specific period of time, usually through a rental agreement or lease. This means that the ownership of the property is not permanent, unlike a freehold estate. Option A is incorrect because a leasehold estate does not offer permanent ownership. Option B is incorrect because a leasehold estate does not involve shared property rights, but rather the exclusive right to use the property within the terms of the lease. Option D is incorrect because a leasehold estate does not provide unlimited use of the property, as it is limited to the lease term agreed upon. So the correct answer is option C.