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!

Practice this question and more.

What does a building scheme refer to?

Individual property ownership
Co-ownership of real property
A group of restrictive covenants in a development plan
A property receiving benefit

The correct answer is: A group of restrictive covenants in a development plan

A building scheme is a set of restrictive covenants that govern the use and development of a particular property or development. These covenants may include restrictions on the type of structures that can be built, the types of activities that can take place on the property, and other regulations that help maintain the overall aesthetic and function of the development. Option A is incorrect because individual property ownership refers to the legal right to possess and use property. Option B is incorrect because co-ownership refers to the joint ownership of a property between two or more individuals. Option D is incorrect because receiving a benefit does not necessarily relate to a building scheme. The correct answer, C, clearly distinguishes what a building scheme refers to in relation to the other options.