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 is a leasehold estate?

An interest in land created by a landlord and tenant
A security against a property
A type of co-ownership of real property
A restriction of use placed on title of the servient tenement

The correct answer is: An interest in land created by a landlord and tenant

A leasehold estate is a type of interest in land that is created by a landlord and tenant, where the tenant has the right to possess and use the property for a specific period of time as outlined in the lease agreement. Option B, a security against a property, refers to a lien which is a type of encumbrance against the property and not a type of estate. Option C, co-ownership of real property, refers to a joint tenancy or tenancy in common where two or more parties share ownership of the property. Option D, a restriction of use placed on the servient tenement, refers to an easement which is a right of use over someone else's land and not a type of estate. Therefore, the correct answer is A.