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 the primary difference between real and personal property?

Their permanence and fixed location
Their use by the current owner
Their transferability between owners
Their value in the real estate market

The correct answer is: Their permanence and fixed location

Real property refers to land, buildings, and other structures permanently attached to the land. Personal property, on the other hand, includes movable items such as furniture, vehicles, and personal possessions. The primary difference between these two types of property is their permanence and fixed location. Real property cannot be easily moved from one location to another, while personal property can be easily transported. This distinguishes the two types of property in terms of value, use, and transferability between owners. While personal property can be bought and sold more frequently, real property is typically a more permanent and valuable asset. Options B, C, and D are all incorrect because they do not capture the essential difference between real and personal property.