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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What happens if a fee simple owner dies without a will and heirs?

The property escheats back to the Crown
The property goes to the local government
The property is sold at auction
The property is divided among neighboring landowners

The correct answer is: The property escheats back to the Crown

If a fee simple owner dies without a will and heirs, the legal term for this is known as dying "intestate." In this case, the property will escheat, or revert back, to the government (either state or Crown depending on the country). Option B is incorrect as the property does not automatically go to the local government. Option C is incorrect as the property would only be sold at auction if there were outstanding debts or taxes owed on the property. Option D is incorrect as neighboring landowners do not have a right to inherit the property unless specified by the owner's will.